Claims:We claim:
1) The system and method for ensuring stock clearance with maximum margin by using big data technology is comprising of the contents such as;
a. The web application for stock clearance;
b. Any open-source framework like Hadoop for data analysis which stored data on big data; and
c. Any high definition computing device
2) The system claimed in claim 1 wherein, provide retailers the information related to customer’s data for analyse.
3) The system claimed in claim 1 wherein, is used to identify behaviour and elasticity with respect to price change.
4) The system claimed in claim 1 wherein, retailers use big data to ensure best possible revenue from inventories while ensuring their clearance in time.
, Description:FIELD OF INVENTION
The present invention discloses the system and method for ensuring stock clearance with maximum margin by using big data technology. The invention is related to retail sector, which are now well developed due to upcoming technologies. Big data is one of the best technologies which can be effectively used for stock clearance.
BACKGROUND OF INVENTION
Stock clearance is an activity by a company where ownership of products and materials move on to another legal entity. These products and materials in stock clearance will not form the basis of a company's key activities. As such they are often end of line stock, surplus stock, returned stock or bankrupt stock.
A company will often pursue a non-profit making agenda when clearing stock, seeking a wider strategic advantage. This can be in the form of releasing storage space, releasing supervision of materials and equipment, ending technical support for a product. Many companies avoid channel conflict by selling anonymously through specialized stock clearance companies. In doing so they seek preservation of the existing corporate image.
Most companies from time to time end up with surplus goods, liquidated goods and bankrupt stock. This can be a costly problem. Stock Clearance is a process by which companies free up valuable money and space. Reasons Leading to Stock Clearance Cancelled orders or late deliveries Closing Down of business Overproduction Returns Frustrated Stock (When importer or exporter decides to abandon the stock and leave it with the shipping company)
When customers are told that the reason for a price reduction is a stock clearance, they find this less attractive than other explanations such as a volume discount. This is because they suspect that the stock clearance indicates that the products are of poor quality.
There are a number of companies that specialize in stock clearance. Clients can dispose of their surplus stock discreetly through companies such as stock buyers who will then re-sell this stock to exporters, wholesalers, and smaller retailers. There are many benefits of using a stock clearance company to dispose of stock in this way. They generally have the cash available and the warehousing in place to offer a quick and efficient solution to stock disposal problems.
Currently, stock clearance does not have any system. Retailer just announce for stock clearance, but don’t have any process to follow for making profit from it.
The present invention gives the solution to above problem.
The present invention discloses the system and method for ensuring stock clearance with maximum margin by using big data technology. Big data analytics can be used to analyse customer data and identify behaviour and elasticity with respect to price change. Thus, the pricing of products can be customized for narrower markets like individual states, market segments, and even stores. Which helps retail companies to ensure best possible revenue from inventories while ensuring their clearance in time.
OBJECTS OF THE INVENTION
The main object of the invention is that, ensuring stock clearance with maximum margin by using big data technology.
Another object of the invention is that, retailers use big data to analyse customer data.
Another object of the invention is that, retailers use big data to identify behaviour and elasticity with respect to price change.
Other object of the invention is that, retailers use big data to ensure best possible revenue from inventories while ensuring their clearance in time.
SUMMARY OF THE INVENTION
The present invention discloses the system and method for ensuring stock clearance with maximum margin by using big data technology. The web application for stock clearance is created. Retail team member open the web application. Big data technology help retailer by providing information about customer’s data and helps in identify behaviour and elasticity with respect to price change. With help of this, retail team member can analyse data and fix the value of price of item. And Retailers can proceed to clearance stock with maximum margin in time.
BRIEF DESCRIPTION OF DRAWINGS
Fig 1 shows flowchart of the system and method for this invention.
DETAILED DESCRIPTION OF THE INVENTION
The present invention discloses the system and method for ensuring stock clearance with maximum margin by using big data technology.
Big data is the vast volume of structured or unstructured data that is readily available at our collective fingertips. These large data sets are analysed to reveal previously unknown patterns and provide insights into businesses, human behaviour, and more. Big data analysis is used for everything from financial services, to gauging someone’s productivity, to even monitoring the weather.
The key feature of big data is to analyse, understand and interpret it in order to give user a full a picture as possible about the ensuring stock clearance with maximum margin.
The system and method for ensuring stock clearance with maximum margin by using big data technology is comprising of the contents such as;
Any high definition computing device
The web application of stock clearance
Any open-source framework like Hadoop for data analysis which stored data on big data
Big data consists of five stages such as-
Data sources- web and social media, machines, Sensing, IoT
Content format – structured, semi-structured, unstructured data
Data stores – document oriented, column oriented, graph database, key value
Data Staging – cleaning, transform and normalization
Data processing – Batch and real time
The system and method for ensuring stock clearance with maximum margin by using big data technology is comprising of the following steps such as;
Step 1) The web application for stock clearance is created
Step 2) Retail team member open the web application
Step 3) Big data technology provides information such as customer’s data and identify behaviour and elasticity with respect to price change
Step 4) Retail team member can see the information provided by big data technology
Step 5) Retail team member analyse the data and fix the value of item
Step 6) Retail team member proceed further to ensure clearance stock with maximum margin
The role of big data technology in invention application is as follows –
Big data technology help retailer by providing information about customer’s data and helps in identify behaviour and elasticity with respect to price change. With help of this retail team member can analyse data and fix the value of price of item. Big data gives businesses an advantage when pricing products. Consistently monitoring relevant search words can enable companies to forecast trends before they happen. Retailers can prepare new products and can anticipate an effective dynamic pricing strategy. With help of this, retail team member can analyse data and fix the value of price of item. And Retailers can proceed to stock clearance with maximum margin in time.
Use of big data is looking promising in the retail field and it can become a standard in the future.
The invention application has some advantages for the invented system, such as;
By using this invention retailers can experience sales growth. They can start selling more since customers consider their prices optimal.
The predictable and scalable success of pricing decisions- when the price is managed right, retailers always know the reason behind it and will be able to repeat the success.
As the amount of varieties of data is soaring, the algorithms which process it are becoming increasingly sophisticated, while computational capacities are getting more rapid. As a result, retailers make pricing decisions quicker and change price more often.
Without waiting for stock clearance sell, retailer can start to sell stock with good prize in time. So, it makes profit to them.