, TRL4864 ASSIGNMENT 1 | UNIQUE NUMBER: 821507 | DUE DATE: 22 MAY 2023
Table of Contents
Forecasting in a time of uncertainty for online retailers .............................................. 1
Necessity of forecast in online retailing................................................................... 4
Effective forecast management process requirements............................................... 6
Collaborative Planning ............................................................................................ 6
Requirements Planning .......................................................................................... 6
Resource Management .......................................................................................... 7
Forecasting components ........................................................................................ 7
Forecasting techniques in time of uncertainty ......................................................... 9
Supply chain service outputs for online retailing ...................................................... 10
Spatial Convenience ............................................................................................. 10
Lot Size................................................................................................................. 11
Waiting Time ......................................................................................................... 11
Product Variety and Assortment ........................................................................... 12
Procurement strategy in online retailing................................................................ 13
Insourcing versus Outsourcing ............................................................................. 14
Other sources that can be used include: .................................................................. 15
User Buy ............................................................................................................... 15
Volume Consolidation ........................................................................................... 15
References ............................................................................................................... 16
Forecasting in a time of uncertainty for online retailers
Forecasting plays a crucial role in the operations of online retailers, especially in the
context of supply chain management. It helps retailers anticipate customer demand
and plan their inventory, resources, and operational activities accordingly. However,
in times of uncertainty, such as the one we're currently facing, forecasting becomes
more challenging yet even more essential. Since there are many logistics and supply
chain activities that must be completed in anticipation of a sale, forecasting is a
critical capability (Pantano & Pizzi, 2020). Here are some considerations for online
retailers when it comes to forecasting in uncertain times:
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