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
Pub. Date
01 April, 2019
Paper ID
V5I2-1684
Publisher
Keywords
Forecast quantity, End of month stock, Actual sales quantity, Absolute deviation

Citationsacebook

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.

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.