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Estimating Lost Sales

Created by : Raghu Kastury, Principal Consultant & Head of Strategic Business Unit - Retail & Distribution, Sundaram Infotech Solutions Limited  | 06 17 2011 04:43:43 +0000
Keywords : estimating lost sales
Activity:  268 views;  last activity : 06 17 2011 10:21:24 +0000
 
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realistic Vs Notional
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Realistic albeit metrics to ascertain are complex and not trivial...
By akshaya bhatia, HEAD IT, Mega Cabs-GROUP MEGA Co., In a transit mode now  | 06 17 2011 05:50:56 +0000
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In retail, a lot of times customers want to buy but for some reason they don't. Reasons could be un availability of a product, too much waiting at the cash counter, change of mind etc. All this happens, before a transaction is booked in the system. In such a scenarion how do we estimate what is the lost sale? What kind of assumptions & approximations should we make? Are they realistic or just notional.
By Raghu Kastury, Principal Consultant & Head of Strategic Business Unit - Retail & Distribution, Sundaram Infotech Solutions Limited  | 06 17 2011 04:43:43 +0000
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This can be taken as "Presumptive Lost Sales" and not sales lost in real terms! Reversing of sales can be done even after billing. You can only psychologically assess buyer's intention to buy a product, his needs and wants can be assessed, but I do not think we have any prescribed metrics to suggest the estimation of lost sales from the behaviour of customers. What one can assess and analyse, after all, reason for predictive sale not happening - was it due to inefficiency of the sales person, product display, bar coding missing the packets, discounts not getting reflected in the system while billing, system not supporting the billing clerk to handle the customers, inordinate delay in billing, etc.
By S. Muralidharan, Executive Director, Knowledge Foundation & Campus Around the Corner  | 06 17 2011 10:21:23 +0000
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