This paper is published in Volume-5, Issue-2, 2019
Area
Retail Management
Author
Vinosha B., Nithyaprakash V.
Org/Univ
Bannari Amman Institute of Technology, Sathyamangalam, Tamil Nadu, India
Keywords
Forecast quantity, End of month stock, Actual sales quantity, Absolute deviation
Citations
IEEE
Vinosha B., Nithyaprakash V.. Optimization of generation-specific buying plan for premium lingerie brand, International Journal of Advance Research, Ideas and Innovations in Technology, www.IJARIIT.com.
APA
Vinosha B., Nithyaprakash V. (2019). Optimization of generation-specific buying plan for premium lingerie brand. International Journal of Advance Research, Ideas and Innovations in Technology, 5(2) www.IJARIIT.com.
MLA
Vinosha B., Nithyaprakash V.. "Optimization of generation-specific buying plan for premium lingerie brand." International Journal of Advance Research, Ideas and Innovations in Technology 5.2 (2019). www.IJARIIT.com.
Vinosha B., Nithyaprakash V.. Optimization of generation-specific buying plan for premium lingerie brand, International Journal of Advance Research, Ideas and Innovations in Technology, www.IJARIIT.com.
APA
Vinosha B., Nithyaprakash V. (2019). Optimization of generation-specific buying plan for premium lingerie brand. International Journal of Advance Research, Ideas and Innovations in Technology, 5(2) www.IJARIIT.com.
MLA
Vinosha B., Nithyaprakash V.. "Optimization of generation-specific buying plan for premium lingerie brand." International Journal of Advance Research, Ideas and Innovations in Technology 5.2 (2019). www.IJARIIT.com.
Abstract
Buying a plan is the most important aspect of a profitable retail business. Retail buying plan includes sales forecast process by analyzing the factors affecting it namely aggregation of sales and exogenous variables. The conventional buying plan is centered around a common customer profile. However, in the future, we need a generation specific buying plan catering to their specific design expectations. In this study propose a new replenishment strategy formulated for Gen Z customers. The new buying plan strategy weighs the recent trends and prevailing sales scenarios to forecast the replenishment quantity and re-order point. The evolved strategy carries its references to sales history data, trends, aggregation of data for the product topology, especially for Gen Z customers.