Approximation of weekly sales data from audit data for use in analytical marketing models

Abstract

A system and method for estimating scanner-like sales figures based on audit data. Audit data collected at retail locations is associated with multiple purchases. For each purchase, determine the date of purchase and the number of pieces purchased in relation to the purchased item. For each purchase date, a decay rate is determined that causes the number of units purchased to decrease when the next consecutive purchase date occurs. The decay rate is the estimated daily sales volume between two consecutive purchase dates. Causal data can also be collected at the retail point, which is considered valid during a causal audit. The total estimated sales that occurred during the causal audit period can be determined by summing the estimated daily sales for each purchase date during the causal audit period. During a causal audit, the relationship between causal data and total estimated sales can be determined. If a relationship between causal data and total estimated sales is determined, one or more marketing strategies can be developed using the determined relationship. By analyzing market strategies using one or more analytical market models, it is possible to determine whether these market strategies are viable. Any proven marketing strategy can be implemented in a retail environment. Later, updated audit data and causal data can be collected and analyzed in the manner described above in order to monitor the performance of one or more implemented marketing strategies.

Description

technical field [0001] The present invention relates to determining the relationship between sales data and causal data in the retail industry. In particular, the present invention relates to estimating scanner-like sales data from purchase data to determine the relationship between sales data and causal data in an audit-based retail industry. Background technique [0002] Scanner technology has liberated sales tracking in retail. Scanners, such as barcode scanners, are used in conjunction with electronic cash registers, point-of-sale terminals, and other auditing devices to collect and record data related to sales by retailers to customers. This sales data can be used to track the exact date and time when an item in stock is sold. Thus, the scanner enables retailers and / or suppliers to determine the number of sales for a given period of time without using traditional auditing methods. As is known to those skilled in the art, the traditional audit method of counting the n...

AI Technical Summary

Problems solved by technology

Due to the time-consuming traditional inventory audit process, it is not performed more frequently than once a month, or once every two months

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