System and method for data-driven insight into stocking out-of-stock shelves

Abstract

Systems, methods, and non-transitory computer-readable storage media for generating rate-of-sales models for products based on historical data of when products are being sold, then generating, in real-time, schedules for restocking items on store shelfs such that the amount of items on the shelf maintain desired rates of sales per the prediction models. This is accomplished used historical data in combination with real-time data regarding the current shelf inventory, as well as updating machine-learning models to improve estimates over time.

Description

BACKGROUND1. Technical Field[0001]The present disclosure relates to identifying when to restock shelves, and more specifically to using cameras, sensors, and sales transactions to identify when sales are made and maximize the rate of sales.2. Introduction[0002]The rate at which products are sold is a critical element for any business. In general terms, gross income for sales of a product can be written as gross income=sales price per unit*total units sold (* being a symbol of multiplication). The total units sold equation can be further broken down to total units sold=average units sold per unit of time*time. Under certain conditions, the average units sold per unit of time, or sales rate for the product, can change. For example, if there are not products in stock, or not sufficient units on a shelf, the rate of sales will decrease or stop. To maximize profits, businesses will seek to maintain the sales rate as high as possible.SUMMARY[0003]An exemplary method for practicing the con...

AI Technical Summary

Benefits of technology

The patent describes a system and method for restocking products on a shelf in a store using a rate of sales model and a real-time notification system. The system receives a current shelf inventory of a product and generates a schedule for restocking the product based on the inventory and rate of sales model. The system also receives a real-time notification when the product is removed from the shelf and modifies the inventory and rate of sales model accordingly. The technical effect of the patent is to provide a more efficient and effective way to restock products on a shelf in a store.

Problems solved by technology

For example, if there are not products in stock, or not sufficient units on a shelf, the rate of sales will decrease or stop.

The system may also identify when sales of the item are negatively impacted because there is too much inventory available on the shelf, and subsequently withhold restocking of an item so that the available shelf inventory eventually reaches level with a higher rate of sales.

For example, if a product is moved from eye-level on a shelf to the bottom of a shelf, the rate of sales of the product may decrease.

However, in some instances, the rate of sales might increase if customers detect a threshold level of scarcity.

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