Demand modeling and prediction in a retail category
US8386285B2 · kind B2 · utility
Assignee
Inventors
Key dates
| Filing date | May 25, 2011 |
| Grant date | Feb 26, 2013 |
| Priority date | — |
| Expiry date | May 25, 2031 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q30/02
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
System, method and computer program product for demand modeling and prediction in retail categories. The method uses time-series data comprising of unit prices and unit sales for a designated choice set of related products, with the time-series data obtained over a given sequence of sales reporting periods, and over a collection of stores in a market geography. Other relevant data sets from participating retail entities that include additional product attribute data such as market and consumer factors that affect retail demand are further used. A demand model for improved accuracy is achieved by individual sub-modeling method steps of: estimating a model for price movements and price dynamics from the time series data of unit-prices in the aggregated sales data; estimating a model for market share of each product in the retail category using the aggregated sales data and integrated additional product attribute data; and, estimating generating a model for an overall market demand in the retail category from the aggregated sales data.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.