“How much I’m gonna sell of it?” is the question that every retailer has in mind when they are thinking about adding a new material into their stores and e-commerce.
We usually have a lot of techniques to help us with forecasting and prevision, but when we talk about new products we face a little big problem that is the fact if we don’t have sales data for the new product to use in regression or in a time series algorithm.
So… how can we forecast it?
One way to work around this lack of data is finding a product that is similar to the new one and copying a percentage of its historical sales data, and with it, you can now apply your preferred forecasting technique. …