SYSTEM AND METHOD FOR PRICE OPTIMIZATION FOR FASHION APPARELS RETURNED IN ONLINE RETAILING

This disclosure relates to a system and method to optimize price of products with varying length of life cycle that are returned in online retailing. Sets of information pertaining to a SKU group is collected and integrated at an individual transaction level. The integrated data is processed to crea...

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Bibliographische Detailangaben
Hauptverfasser:	KARUNAKARAN, ARUN RASIKA, THIRUNAVUKKARASU, JEISOBERS
Format:	Patent
Sprache:	eng
Schlagworte:	CALCULATING COMPUTER SYSTEMS BASED ON SPECIFIC COMPUTATIONAL MODELS COMPUTING COUNTING DATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FORADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORYOR FORECASTING PURPOSES PHYSICS SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE,COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTINGPURPOSES, NOT OTHERWISE PROVIDED FOR
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Beschreibung
Zusammenfassung:	This disclosure relates to a system and method to optimize price of products with varying length of life cycle that are returned in online retailing. Sets of information pertaining to a SKU group is collected and integrated at an individual transaction level. The integrated data is processed to create an attribute repository matrix followed by attribute component matrix. In addition, time interval between introductory date of fashion apparel and its date of transaction is noted for each transaction. Effect of price and attribute components on time interval are trained using machine-learning model. Length of life cycle is estimated at an attribute component level. Price of a return product is optimized based on effect of price, its attribute components and their length of life cycle, presence of promotion, presence of number of new attribute values, product cost, additional cost involved in returning process and time of return.