The central function of a retailer is to offer products that consumers desire. For Walmart, this involves a multifaceted process that integrates data analysis, trend forecasting, supplier relationships, and local market assessments. The ultimate goal is to stock shelves with items that will attract customers, generate sales, and maintain profitability.
The ability to accurately predict and meet consumer demand is critical for Walmart’s success. Efficient inventory management reduces storage costs, minimizes waste from unsold goods, and maximizes revenue. Historically, this process relied heavily on intuition and past performance. However, advancements in technology have enabled more sophisticated methods of predicting consumer behavior and identifying emerging trends, leading to a more data-driven approach.
