Restoring confidence in retail with Sales Forecasting
Written by Jaime Laulhé ·
Today marks an important milestone in the evolution of our Location Intelligence product. I am pleased to present our new Sales Forecast feature that predicts the sales of potential retail locations. “Sales Forecast” was designed to help retail professionals find the ideal sites to open future establishments by understanding how they will perform in different areas. This functionality has been launched at a crucial time as the need for precise data to support expansion strategies grows in this ever-evolving retail landscape.
Predicting the sales of new establishments with Artificial Intelligence
Each sales forecast model is custom-built for Geoblink’s clients to fit the realities of their businesses. Using advanced predictive modelling and Artificial Intelligence techniques, the Sales Forecast feature calculates a monetary prediction (in £) of a retail site being evaluated. The sales predictions are then instantly displayed on a simple and sleek interface. The new Sales Forecast functionality allows our clients to perform the following tasks:
- Instant and unlimited sales forecasts: The sales predictions can be run for an unlimited number of potential retail sites under consideration and the results are displayed automatically.
- Deep analysis of points of sale: The Sales Forecast feature pinpoints which factors influence the behaviour for each establishment in the network by taking into account the unique market dynamics around each point of sale.
- Site comparison within the retail network: The retail location is benchmarked against other existing stores owned by the retailer to determine the resources necessary to reach operational excellence and accelerate the time it takes to open the establishment.
The launch of the Sales Forecast feature is proof of our team’s steadfast mission to help retailers to sustainably develop their businesses. In today’s hyper-competitive market, successful expansion plans all come down to choosing the right locations. The Sales Forecast functionality has been specifically designed with this in mind, so our retail clients can instantly obtain the reliable data they need to continue growing their businesses confidently.