Demand forecasting for Retail Stock Using Machine Learning

Project Title

Demand forecasting for Retail Stock Using Machine Learning

Project Area of Specialization Artificial IntelligenceProject Summary

This project is about demand forecasting of retail (medical products) by using machine learning, it will predict about the availability and need of medical products. It is a web application to predict the demand as well as price of medical products it will be beneficial for the patients and the regular users as well as companies can analyze and be aware about the shortage of medical products. Supply always comes on the heels of demand and this application will fulfill all the requirements from market to individuals.

Project Objectives

1. To forecast weekly the retail stock (medical store).
2. To forecast weekly the price of retail stock (medical store).
3. To show the forecasts graphically.
4. To develop a low-cost web application for long-term companies or retailer use.

Project Implementation Method

Point of sale data is collected and it starts data preprocessing, and a data set for prediction is developed on which Machine Learning Algorithm is applied for further development of Forecasting Model. It will build a API (Web Service) after that Web app UI and in the end it will display forecasting result and Visuals.

Benefits of the Project

It aimed to optimize stocks, reduce costs, and increase sales, profit, and customer loyalty.

Technical Details of Final Deliverable

The aim of this project is to build web application that forecast/predict reatail stock and price weekly.

Final Deliverable of the Project Software SystemCore Industry OthersOther IndustriesCore Technology Artificial Intelligence(AI)Other Technologies OthersSustainable Development Goals Responsible Consumption and ProductionRequired Resources

Item Name	Type	No. of Units	Per Unit Cost (in Rs)	Total (in Rs)
			Total in (Rs)	16500
Barcode Reader	Equipment	1	15000	15000
Website Domain	Miscellaneous	1	1500	1500