Forecasting Volume for a Promotion
First Claim
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1. A method of forecasting target volume of a target product of a target promotion in a store comprising the steps:
- (a) defining target promotion attributes of the target promotion, wherein the target promotion attributes comprise the target product, a target product promotion price, a target promotion time period, or combinations thereof;
(b) assessing purchase data of a store,wherein the purchase data comprises data about a historical promotion,wherein the historical promotion comprises historical promotion attributes;
wherein the historical promotion attributes comprise;
a historical product, a historical productpromotion price, a historical promotion time period, and combinations thereof;
(c) identifying one or more historical promotion(s) from the assessed purchase data that matches the target promotion based on the respective target promotion attributes and historical promotion attributes;
(d) identifying a single highest selling historical promotion from the one or more identified historical promotion(s);
(e) determining a historical volume of the historical product of the identified single highest selling historical promotion; and
(f) forecasting the target volume of the target product of the target promotion based upon the determined volume of the historical product.
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Abstract
Forecasting the volume of a product as part of a promotion provides for better resource allocation by the retailer and manufacturer to support the promotion.
60 Citations
20 Claims
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1. A method of forecasting target volume of a target product of a target promotion in a store comprising the steps:
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(a) defining target promotion attributes of the target promotion, wherein the target promotion attributes comprise the target product, a target product promotion price, a target promotion time period, or combinations thereof; (b) assessing purchase data of a store, wherein the purchase data comprises data about a historical promotion, wherein the historical promotion comprises historical promotion attributes; wherein the historical promotion attributes comprise;
a historical product, a historical productpromotion price, a historical promotion time period, and combinations thereof; (c) identifying one or more historical promotion(s) from the assessed purchase data that matches the target promotion based on the respective target promotion attributes and historical promotion attributes; (d) identifying a single highest selling historical promotion from the one or more identified historical promotion(s); (e) determining a historical volume of the historical product of the identified single highest selling historical promotion; and (f) forecasting the target volume of the target product of the target promotion based upon the determined volume of the historical product. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A method of forecasting volume of a target product of a target promotion in a store comprising the steps:
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(a) defining target promotion attributes of the target promotion; (b) assessing purchase data of a store, wherein the purchase data comprises data about a historical promotion, wherein the historical promotion comprises historical promotion attributes; (c) identifying one or more historical promotion(s) from the assessed purchase data that matches the target promotion based on the respective target promotion attributes and historical promotion attributes, wherein the historical promotion attributes or target promotion attributes are matched by statistical analysis by their degree of influence on forecasting the volume of the target product; (d) identifying a single highest selling historical promotion from the one or more identified historical promotions); (e) determining a volume of the historical product of the identified single highest selling historical promotion; and (f) forecasting the volume of the target product of the target promotion based upon the determined volume of the historical product. - View Dependent Claims (11, 12, 13)
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14. A method of optimizing a mix of products, on an individual store basis for a target promotion promoting products across a plurality of stores, wherein the optimized mix of products maximizes the overall number of products that are sold during the target promotion, wherein the method comprises the steps:
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(a) assessing historical purchase data on an individual store basis to identify the single highest selling historical promotion, wherein the historical promotion and the target promotion comprise substantially the same products on a Stock Keeping Unit (SKU) basis and substantially the same price for each SKU; (b) determining a historical volume of each product of the identified single highest selling historical promotion; (c) forecasting a target volume of each product of the target promotion based upon the determined volume for the respective product of the identified single highest selling historical promotion; (d) optimizing the mix of products for each store for the target promotion based on the forecasted volume of each product to maximize the number of stores that can sell through the products of the target promotion; (e) shipping the optimized mix of products for each store. - View Dependent Claims (15, 16, 17, 18, 19, 20)
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Specification