Statistics Papers

Document Type

Journal Article

Date of this Version

2010

Publication Source

Journal of Research in Interactive Marketing

Volume

4

Issue

1

Start Page

30

Last Page

45

DOI

10.1108/17505931011033542

Abstract

Retail buyers' forecasts, decisions, and subsequent purchases result in billions of dollars of merchandise being purchased and offered for sale by retailers around the world. However, academic research examining this decision process has been limited, and recommendations for improvement almost nonexistent. In the present study, we begin to address this issue by introducing a new approach that compares retail buyers' consensus forecasts with those from a sample of “ordinary” consumers. The potential for incorporating forecasts from ordinary consumers suggests an opportunity to create what are termed retail prediction markets, which offer significant potential to improve the accuracy of buyers’ forecasts. We conclude with limitations and areas for future research.

Keywords

Forecasting, Retailing, Buyers, Consumer behavior

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Date Posted: 27 November 2017

This document has been peer reviewed.