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Mathematical Problems in Engineering
Volume 2013 (2013), Article ID 738675, 9 pages
http://dx.doi.org/10.1155/2013/738675
Review Article

Sales Forecasting for Fashion Retailing Service Industry: A Review

Institute of Textiles and Clothing, Faculty of Applied Science and Textiles, The Hong Kong Polytechnic University, Hung Hom, Kowloon, Hong Kong

Received 16 August 2013; Revised 5 October 2013; Accepted 5 October 2013

Academic Editor: Kannan Govindan

Copyright © 2013 Na Liu et al. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

Abstract

Sales forecasting is crucial for many retail operations. It is especially critical for the fashion retailing service industry in which product demand is very volatile and product’s life cycle is short. This paper conducts a comprehensive literature review and selects a set of papers in the literature on fashion retail sales forecasting. The advantages and the drawbacks of different kinds of analytical methods for fashion retail sales forecasting are examined. The evolution of the respective forecasting methods over the past 15 years is revealed. Issues related to real-world applications of the fashion retail sales forecasting models and important future research directions are discussed.