Predicting sales is one of the most important business problems for any retail entity. If a business can predict the how much of eachitemitwillsellineachmonth, it can manage its inventory better. Sales predictions also help in directing the marketing efforts in right direction to increase the chances of sale. Objective To forecast item-wise sales for an online retail store.
The client in thiscaseisaUK-basedandregisterednon-storeonlineretail.The company mainly sells unique all-occasion gifts. Many customers of the company are wholesalers. This modelcanbereplicatedtoanysimilaronlineorphysicalstoresellingany kind of product.
The dataset has been taken from UCI Machine Learning Repository at: https://archive.ics.uci.edu/ml/datasets/Online%20Retail