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Key challenges in running a retail business include how to select products to present to consumers (the assortment problem), and how to price products (the pricing problem) to maximize revenue or profit. Instead of considering these problems in isolation, we propose a joint approach to assortment-pricing based on contextual bandits. Our model is doubly high-dimensional, in that both context vectors and actions are allowed to take values in high-dimensional spaces. In order to circumvent the curse of dimensionality, we propose a simple yet flexible model that captures the interactions between covariates and actions via a (near) low-rank representation matrix. The resulting class of models is reasonably expressive while remaining interpretable through latent factors, and includes various structured linear bandit and pricing models as particular cases. We propose a computationally tractable procedure that combines an exploration/exploitation protocol with an efficient low-rank matrix estimator, and we prove bounds on its regret. Simulation results show that this method has lower regret than state-of-the-art methods applied to various standard bandit and pricing models. Real-world case studies on the assortment-pricing problem, from an industry-leading instant noodles company to an emerging beauty start-up, underscore the gains achievable using our method. In each case, we show at least three-fold gains in revenue or profit by our bandit method, as well as the interpretability of the latent factor models that are learned.

Understanding customer behavior in retail stores plays a crucial role in improving customer satisfaction by adding personalized value to services. Behavior analysis reveals both general and detailed patterns in the interaction of customers with a store items and other people, providing store managers with insight into customer preferences. Several solutions aim to utilize this data by recognizing specific behaviors through statistical visualization. However, current approaches are limited to the analysis of small customer behavior sets, utilizing conventional methods to detect behaviors. They do not use deep learning techniques such as deep neural networks, which are powerful methods in the field of computer vision. Furthermore, these methods provide limited figures when visualizing the behavioral data acquired by the system. In this study, we propose a framework that includes three primary parts: mathematical modeling of customer behaviors, behavior analysis using an efficient deep learning based system, and individual and group behavior visualization. Each module and the entire system were validated using data from actual situations in a retail store.

Current time-series forecasting problems use short-term weather attributes as exogenous inputs. However, in specific time-series forecasting solutions (e.g., demand prediction in the supply chain), seasonal climate predictions are crucial to improve its resilience. Representing mid to long-term seasonal climate forecasts is challenging as seasonal climate predictions are uncertain, and encoding spatio-temporal relationship of climate forecasts with demand is complex. We propose a novel modeling framework that efficiently encodes seasonal climate predictions to provide robust and reliable time-series forecasting for supply chain functions. The encoding framework enables effective learning of latent representations -- be it uncertain seasonal climate prediction or other time-series data (e.g., buyer patterns) -- via a modular neural network architecture. Our extensive experiments indicate that learning such representations to model seasonal climate forecast results in an error reduction of approximately 13\% to 17\% across multiple real-world data sets compared to existing demand forecasting methods.

Retail sales forecasting presents a significant challenge for large retailers such as Walmart and Amazon, due to the vast assortment of products, geographical location heterogeneity, seasonality, and external factors including weather, local economic conditions, and geopolitical events. Various methods have been employed to tackle this challenge, including traditional time series models, machine learning models, and neural network mechanisms, but the difficulty persists. Categorizing data into relevant groups has been shown to improve sales forecast accuracy as time series from different categories may exhibit distinct patterns. In this paper, we propose a new measure to indicate the unique impacts of the trend and seasonality components on a time series and suggest grouping time series based on this measure. We apply this approach to Walmart sales data from 01/29/2011 to 05/22/2016 and generate sales forecasts from 05/23/2016 to 06/19/2016. Our experiments show that the proposed strategy can achieve improved accuracy. Furthermore, we present a robust pipeline for conducting retail sales forecasting.

Wing, Alphabet's aviation subsidiary, is partnering with Walmart to kick off drone deliveries from the retail chain in the Dallas-Fort Worth (DFW) metro area. The flights will begin taking off "in the coming weeks" from a Walmart Supercenter in Frisco, TX, and the companies plan to expand to a second DFW location before the end of the year. The companies say the coverage area from both stores will cover 60,000 homes. The service will be available to homes within about six miles of the supported stores. Residents in those areas can order things like quick meals, groceries, essentials and over-the-counter medicines. The drones can fly up to 65 mph, and Wing says you'll get your items in under 30 minutes.

Accurate demand forecasting in the retail industry is a critical determinant of financial performance and supply chain efficiency. As global markets become increasingly interconnected, businesses are turning towards advanced prediction models to gain a competitive edge. However, existing literature mostly focuses on historical sales data and ignores the vital influence of macroeconomic conditions on consumer spending behavior. In this study, we bridge this gap by enriching time series data of customer demand with macroeconomic variables, such as the Consumer Price Index (CPI), Index of Consumer Sentiment (ICS), and unemployment rates. Leveraging this comprehensive dataset, we develop and compare various regression and machine learning models to predict retail demand accurately.

Summer is Fading away, and school is almost back in session (for some, it's already started!). Be sure to check out our Best Dorm Gear guide for additional recommendations and gift ideas, plus the Best Student Discounts and Best Teacher Discounts. Updated August 18, 2023: We've crossed out deals and added new discounts on tech accessories, school supplies, and other gear. Special offer for Gear readers: Get WIRED for just $5 ($25 off). This includes unlimited access to WIRED.com, full Gear coverage, and subscriber-only newsletters. Subscriptions help fund the work we do every day. If you buy something using links in our stories, we may earn a commission. This helps support our journalism. This is the best MacBook for most people (7/10, WIRED Recommends). It has a bright and sharp LCD screen, slim borders for a sleek look, and enough power for everyday tasks.

Recent developments of multi-modal large language models have demonstrated its strong ability in solving vision-language tasks. In this paper, we focus on the product understanding task, which plays an essential role in enhancing online shopping experience. Product understanding task includes a variety of sub-tasks, which require models to respond diverse queries based on multi-modal product information. Traditional methods design distinct model architectures for each sub-task. On the contrary, we present PUMGPT, a large vision-language model aims at unifying all product understanding tasks under a singular model structure. To bridge the gap between vision and text representations, we propose Layer-wise Adapters (LA), an approach that provides enhanced alignment with fewer visual tokens and enables parameter-efficient fine-tuning. Moreover, the inherent parameter-efficient fine-tuning ability allows PUMGPT to be readily adapted to new product understanding tasks and emerging products. We design instruction templates to generate diverse product instruction datasets. Simultaneously, we utilize open-domain datasets during training to improve the performance of PUMGPT and its generalization ability. Through extensive evaluations, PUMGPT demonstrates its superior performance across multiple product understanding tasks, including product captioning, category question-answering, attribute extraction, attribute question-answering, and even free-form question-answering about products.

Amazon announced a new generative AI feature today that summarizes product reviews. Available initially to "a subset of mobile shoppers in the U.S. across a broad selection of products," the artificial intelligence tool creates a recap paragraph highlighting common themes from customer feedback. The company first confirmed in June it was testing an AI-powered summarization tool, but it now begins its official rollout. CEO Andy Jassy said earlier this month that AI is "at the heart of what we do." The idea behind the ML-generated summary is to let shoppers get the gist of their peers' impressions without having to file through a swath of reviews manually.