Claims:We claim:
1) The system and method for product sourcing in retail by using big data technology is comprising of the contents such as;
a. The web application for product sourcing;
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, retailers can ensure they always have the products their customers demand.
3) The system claimed in claim 1 wherein, big data analyses purchase history, marketing, lead times and other factors such as promotions and weather to create accurate demand forecasts.
, Description:
FIELD OF INVENTION
The present invention discloses the system and method for product sourcing in retail 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 product sourcing.
BACKGROUND OF INVENTION
Product sourcing is finding the products retailer want to sell in their store, buying them from a supplier, and then reselling them.
Product sourcing is the process by which a business attains a product to sell. There are a variety of methods by which sellers source their products. Most sellers use a combination of methods including drop shipping, whole sale, print on demand, and custom manufactured.
A sourcing or tender process is used to select the best product or service for a certain category of expenditure. Unfortunately, lots of these processes are not run well, resulting in loss of large saving opportunities, delivery of poor-quality products, or less favourable terms.
As a retail buyer, sourcing the consumer-packaged goods products to stock retail shelves is integral to the success of retail store. Without the right products, retailer won't have customers. It is essential that buyers understand where they are sourcing their products from, and how that ultimately affects their business.
Currently, inventory team check when there is need for restock the item and inform the higher authority for further decision. But it happens, it can waste time for decision which result out of stock for some items, which directly affects business and profit of retailer.
The present invention gives the solution to above problem.
The present invention discloses the system and method for product sourcing in retail by using big data technology. Big data enabled product sourcing analyses purchase history, marketing, lead times, and other factors such as promotions and weather, to create accurate demand forecasts. Tying this into supply chain data, retailers can ensure they always have the products their customers demand.
OBJECTS OF THE INVENTION
The main object of the invention is that, product sourcing in retail by using big data technology.
Another object of the invention is that, big data analyses purchase history, marketing, lead times and other factors such as promotions and weather to create accurate demand forecasts.
Other object of the invention is that, retailers can ensure they always have the products their customers demand.
SUMMARY OF THE INVENTION
The present invention discloses the system and method for product sourcing in retail by using big data technology. The web application for product sourcing is created. Retail team member open the web application. Big data analyses product sourcing with back-ordered items in the past. Big data enabled product sourcing analyses purchase history, marketing, lead times, and other factors such as promotions and weather to create accurate demand forecasts. Tying this into supply chain data, retailers can ensure they always have the products their customers demand.
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 product sourcing in retail 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 product sourcing in retail.
The system and method for product sourcing in retail by using big data technology is comprising of the contents such as;
Any high definition computing device
The web application of product sourcing
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 product sourcing in retail by using big data technology is comprising of the following steps such as;
Step 1) The web application for product sourcing in retail is created
Step 2) Retail team member open the web application
Step 3) Big data analyses product sourcing with back-ordered items in the past
Step 4) Retail team member can see the information provided by big data technology
Step 5) Invention application ensure that retailer always have the products their customers demand
The role of big data technology in invention application is as follows –
Big data analyses product sourcing with back-ordered items in the past. Big data enabled product sourcing analyses purchase history, marketing, lead times, and other factors such as promotions and weather to create accurate demand forecasts. Tying this into supply chain data, retailers can ensure they always have the products their customers demand.
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;
Due to product sourcing in retail, retailer can ensure that they always have the products which their customers demand.
Big data analytics data such as information related to back-ordered items, so it is possible to track back order easily.
Invention application helps in getting information related to accurate demand of customers.
Invention application helps in getting information related to inventory which prevent losses in revenue due to out-of-stock situations.