Improved Forecasting and Purchasing of Fashion Products based on the Use of Big Data Techniques

Abstract

Ordering proper amount of products, taking into account the demand of market, in fashion retail industries is one of the core challenges. Essentially due to the fact that the ordering is typically performed once in the each season, it is absolutely required to carry out precise orders. To make a precise ordering as well as to prevent overstocks and stock-out, there is a need for reliable forecasting methods. A reliable forecasting requires to consider proper predictive models which can consider all deciding factors. Specifically in the case of fashion forecasting since each product is associated with several factors, e.g. price, style, color and even human factors, learn a suitable predictive model is not an easy task. In fact, the challenge here boils down to learn a powerful model, which can cover all these information. To this end, big data techniques, namely data mining and machine learning methods serve the ability to accomplish the challenge. In this paper, we exploit unsupervised learning methods for a goal fitting the data, particularly w.r.t simple models although with higher gain. In essence, our innovative model is able to modify simple regression model, and hence, provide more promising results. In this regard, we apply big data analyses and techniques specifically in fashion field to analyze and make the salesprediction.