Systems and methods of utilizing multiple forecast models in forecasting customer demands for products at retail facilities

US10740773B2 · kind B2 · utility

Assignee

• Walmart Apollo, LLC · US

Inventors

• Ming-Shuan Li · Singapore, SG
• Rahul Tripathi · Bentonville, US
• Anindya S. Dey · Bengaluru, IN
• Mainak Mitra · Sherghati, IN
• Manish Kumar Barnwal · Ranchi, IN
• Mariana Pop · Bentonville, US
• Nikesh K. Srivasatava · Bengaluru, IN
• Stephen Steel · Bentonville, US
• Yashas Bharadwaj · Bentonville, US
• Aaron M. Ryan · Los Angeles, US
• Paul J. Schaefer · Berryville, US
• Lakshmi Bhaswanth Ramireddy · Bentonville, US

Key dates

• Filing date: Dec 2, 2016
• Grant date: Aug 11, 2020
• Expiry date: Oct 22, 2038

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q10/087
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

In some embodiments, apparatuses and methods are provided herein useful to forecasting product demand. In some embodiments, a system comprise a forecasting control circuit to: apply each of a plurality of different models to forecast demand of a first product over a first historic period generating historic forecasted demands of the first product, wherein at least a first model uses selected one or more variables that are predicted to have an uncharacteristic effect on predicted demand; select one of the models and apply the model in generating a forecasted future demand, wherein the selection of the model is based on a difference between each of the generated historic forecasted demands and actual sales; and identify actions to modify inventory of the first product at the first shopping facility based on the forecasted future demand.