Demand Forecasting for e-Commerce Platform
With customers’ increasing dependence on online shopping in recent years, consumers are increasingly demanding on timely services provided by e-commerce platforms. In order to efficiently meet the needs of consumers, the e-commerce platform needs to implement a 4R model: to send the right products to the right customers at the right place and at the right time. This includes meeting the various needs of different consumers, providing a buffer to stock inventory to avoid shortages during holidays or other special time periods; and better solve the supply chain issues to ensure that all suppliers and consumers work smoothly.
Based on the above requirements, our goal is to establish a product demand forecasting system based on a comprehensive online purchasing record. Our solution is to utilize the historical data set provided by JD.com to make a sales forecasting system where we can realize the demand prediction of various products in the next half month, help the operation department arrange inventory reasonably, allocate resources appropriately, and what’s more we can design better promotion and advertising activities.
Project by: Tianyuan Cao, Tianyue Chen, Haojun Huang, Hao Zhang, Yongming Zhu