EVENT-BASED SALES PREDICTION

• US 20170278053A1
• Filed: 03/22/2017
• Published: 09/28/2017
• Est. Priority Date: 03/22/2016
• Status: Abandoned Application

• Current Assignee: Walmart Apollo, LLC (WalMart Inc.)
• Original Assignee: Wal Mart Stores Inc (WalMart Inc.)
• Inventors: High, Donald, Atchley, Michael Dean, Sampara, Henry
• Application Number:
  US15/465,698
• Publication Number:
  US 20170278053A1
• Time in Patent Office: Days
• CPC Class Codes: G06Q 10/087 Inventory or stock management, e.g. order filling, procurement or balancing against orders
• CPC Class Codes: G06Q 30/0202 Market predictions or forecasting for commercial activities

Abstract

A system identifies statistically significant variation in sales volume in response to occurrence of an event as well as attendant factors relating to the event. Past events of the same type are identified that fit into one or more categories. The sales data for these past events are aggregated and any statistically significant variation due to the one or more selection criteria can be identified. A forecasting model is then updated to include the one or more categories as factors impacting sales volume. Examples of events include planned events such as holidays and sporting events and unplanned events such as extreme weather or other natural disasters.

Claims

1. A method for monitoring real-time data to manage inventory, the method comprising:

simultaneously monitoring a plurality of real-time data sources to detect an upcoming event;

matching the detected upcoming event to one or more categories;

retrieving, from a database, static data corresponding to each of the one or more categories that matches the detected upcoming event, the static data based upon sales data related to at least one past event;

stacking the retrieved static data from each of the matched categories to generate a forecast for the detected upcoming event; and

comparing the forecast and an existing inventory to generate a task with an inventory management module.

2. The method of claim 1, wherein stacking the retrieved static data to generate a forecast comprises:

identifying a first set of dates for which the static data corresponds to a first one of the one or more categories;

identifying a second set of N dates among the first set of dates for which the static data corresponds to a second one of the one or more categories that is different from the first one of the one ore more categories;

for each date d(i), i=1 to N, in the second set of N dates, defining a date window of M dates W(i,j), j=1 to M, including the date d(i);

for each position j=1 to M in the date window W(i,j), calculating an aggregate value A(j) as a function of sales data for at least one product on all dates W(i,j), i=1 to N; and

identifying a statistically significant sales trend in the aggregate values A(j), j=1 to M.

3. The method of claim 2, wherein the first one of the one or more categories is a holiday and the second one of the one or more categories is a particular day of the week.

4. The method of claim 2, wherein one of the first or second ones of the one or more categories is a weather condition.

5. The method of claim 2, wherein the first one of the one or more categories is a sporting event.

6. The method of claim 1, wherein the task comprises an instruction to modify a level of inventory of a product based upon an expected demand change caused by the detected event.

7. The method of claim 1, wherein the upcoming event is detected based upon both both real-time data monitoring and manual data entry.

8. The method of claim 1, wherein the task comprises reallocating inventory within a store.

9. The method of claim 1, wherein the one or more categories are each selected from the group consisting of:

a global event,

a national event,

a regional event,

a local event,

a regional condition,

a local condition,

a store event, and

a trend.

10. The method of claim 2, wherein the dates of the window W(i,j), j=1 to M corresponding to the date d(i) extends both before and after the date d(i).

11. The method of claim 2, wherein calculating an aggregate value A(j) as the function of the sales data for the at least one product on all dates W(i,j), i=1 to N comprises summing the sales data for the at least one product for all dates W(i,j), i=1 to N.

12. The method of claim 1, further comprising selecting the sales date for the at least one product comprises filtering the sales date according to a filtering criterion.

13. The method of claim 12, wherein the filtering criterion is a geographic criterion.

14. The method of claim 12, wherein the filtering criterion is a demographic criterion.

15. The method of claim 2, further comprising:

predicting sales for a future date according to the forecast; and

managing inventory for the at least one product in advance of the future date.

16. A system for monitoring real-time data to manage inventory comprising one or more processors and one or more memory devices coupled to the one or more processors, the one or more memory devices storing executable code effective to cause the one or more processors to:

simultaneously monitor a plurality of real-time data sources to detect an upcoming event;

match the detected event to one or more categories;

retrieve, from a database, static data corresponding to each of the one or more categories that matches the detected upcoming event, the static data based upon sales data related to at least one past event;

stack the retrieved static data from each of the matched categories to generate a forecast for the detected upcoming event; and

compare the forecast and an existing inventory to generate a task with an inventory management module.

17. The system of claim 16, wherein the system is configured to detect an upcoming event by:

identifying a first set of dates for which the static data corresponds to a first one of the one or more categories;

identifying a second set of N dates among the first set of dates for which the static data corresponds to a second one of the one or more categories that is different from the first one of the one ore more categories;

for each date d(i), i=1 to N, in the second set of N dates, defining a date window of M dates W(i,j), j=1 to M, including the date d(i);

for each position j=1 to M in the date window W(i,j), calculating an aggregate value A(j) as a function of sales data for at least one product on all dates W(i,j), i=1 to N; and

identifying a statistically significant sales trend in the aggregate values A(j), j=1 to M.

18. The method of claim 16, wherein the first one of the one or more categories is a sporting event and the second one of the one or more categories is a weather condition.

19. The system of claim 17, wherein the executable code is effective to cause the one or more processors to calculate an aggregate value A(j) as the function of the sales data for the at least one product on all dates W(i,j), i=1 to N by summing the sales data for the at least one product for all dates W(i,j), i=1 to N.

20. The system of claim 19, wherein the executable code is effective to cause the one or more processors to:

predict sales for a future date according to the statistically significant sales trend; and

manage inventory for the at least one product in advance of the future date.