Kavikulguru Institute of Technology and

Science,Ramtek
Project Preliminary Investigation Report

Name of Department:
Computer Technology

Name of Project Guide:

Mr. Bhushan A. Deshpande

Name of Project Co - Guide (if any):

Students Details :

Roll Name of Student Email ID Mobile No.

No.
Saurabh Ghute [email protected] 7350963234
01
Shreyash Kumbhare shreyashkumbhare483@gmail. 7387116166
02 com
Yeshwari Bhure [email protected] 9665591938
03
[email protected]
04 Ravikant Chandewar 8530259527

Title of the Project:

Predictive Analysis of Retail Sales using Machine Learning
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Area of Project Work:

Machine Learning

Problem Statement:
Predictive analysis using machine learning offers a powerful tool to forecast
future sales based on historical data, trends, and various influencing factors.
Accurate sales predictions can help retailers make informed decisions about stock
levels, pricing strategies, and marketing campaigns.

Prior Art (Patent Search):

Patent Title of Patent Existing Solutions
Applicati (Abstract of Patent)
on No.
US SALES PREDICTION In today's competitive market, accurately
SYSTEMS AND forecasting sales is crucial for businesses to
9.202,227 METHODS optimize inventory, allocate resources efficiently,
B2 and enhance customer satisfaction. This study
presents an advanced Sales Prediction System
leveraging Cloud Computing and Machine
Learning techniques to deliver precise and
actionable sales forecasts.
US PREDICTIVE AND The contemporary business landscape, leveraging
PROFILE LEARNING predictive analytics and machine learning for sales
2014/00674 SALES AUTOMATION automation is essential for maintaining competitive
70 A1 ANALYTICS SYSTEM advantage. This study introduces a comprehensive
AND METHOD Predictive and Profile Learning Sales Automation
Analytics System designed to enhance sales
strategies through data-driven insights and
automated decision-making.
US SYSTEM FOR Accurately predicting sales lift and profit is critical
PREDICTING SALES for strategic decision-making in product
7.689,456 LIFT AND PROFIT OF A management and marketing. This study introduces
B2 PRODUCT BASED ON a novel system designed to predict the sales lift and
HISTORICAL SALES profit of a product using historical sales
INFORMATION information. Leveraging advanced machine
learning algorithms and cloud computing
infrastructure, the system aims to provide precise
forecasts that can guide pricing strategies,
promotional activities, and inventory management.
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Literature Review:

Title of Paper Details of Literature Identified for

Publication with Project
Date and Year
Predictive February 2023 In this paper we performed predictive
analysis of retail sales of Citadel POS
Analysis of Retail dataset, using different machine learning
Sales Forecasting techniques. We implemented different
using Machine regression (Linear regression, Random
Forest Regression, Gradient Boosting
Learning Regression) and time series models (ARIMA
Techniques LSTM), models for sale forecasting, and
provided detailed predictive analysis and
evaluation. The dataset used in this research
work is obtained from Citadel POS (Point Of
Sale) from 2013 to 2018 that is a cloud base
application and facilitates retail store to
carryout transactions, manage inventories,
customers, vendors, view reports, manage
sales, and tender data locally
Benchmarking of January 2019 Predicting the sales amount as close as to the
actual sales amount can provide many
Regression and benefits to companies. Since the fashion
Time Series industry is not easily predictable, it is not
Analysis straightforward to make an accurate
prediction of sales. In this study, we applied
Techniques for not only regression methods in machine
Sales Forecasting learning but also time series analysis
techniques to forecast the sales amount based
on several features.
Forecasting June 2004 The paper provides a systematic
development of the forecasting expressions
seasonals and for exponential weighted moving averages.
trends by Methods for series with no trend, or additive
exponentially or multiplicative trend are examined.
Similarly, the methods cover non-seasonal,
weighted moving and seasonal series with additive or
averages multiplicative error structures
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Sales Prediction of September 2020 Sales prediction system investigate how big
data is, and can be used in retail operations.
Market using Based on state-of-the-art literature review,
Machine Learning this system identify four themes for big data
applications in retail logistics: availability,
assortment, pricing, and layout planning
Market Basket July 2016 Market Basket Analysis(MBA) also known
as association rule learning or affinity
Analysis: Identify analysis, is a data mining technique that can
the changing be used in various fields, such as marketing,
trends of market bioinformatics, education field, nuclear
science etc. The main aim of MBA in
data using marketing is to provide the information to
association rule the retailer to understand the purchase
mining behavior of the buyer, which can help the
retailer in correct decision making.

Current Limitations
• Incomplete Data: Inconsistent or missing data can significantly impact model accuracy.
Retail data often have gaps due to incomplete transactions or system errors.
• Market Competition: Competitors' actions, such as pricing strategies or marketing
campaigns, can affect sales in ways that are difficult to predict.

Proposed Solution

• Data Cleaning and Preprocessing: Implement robust data cleaning and preprocessing
techniques to handle missing values, inconsistencies, and outliers. Automated data
quality checks can ensure continuous data integrity.

• API Integration: Develop APIs to integrate machine learning models with existing
retail systems, ensuring seamless data flow and real-time predictions.

• Automated Model Management: Implement automated model monitoring and

management systems that regularly evaluate model performance, trigger retraining
when necessary, and ensure models remain up-to-date.
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Objectives and Scope of Work

• The objective of this project is to develop a machine learning model that can accurately
predict retail sales for a given time period. This model will leverage historical sales data
and other relevant features to forecast future sales, helping retail businesses to plan and
strategize more effectively

• This project aims to develop a machine learning model for predicting future retail sales.
By accurately forecasting sales, the project seeks to improve various aspects of retail
operations, leading to increased efficiency and profitability.

Feasibility Assessment:

I. Expected Outcomes of the Project

- Accurate Sales Forecasting

- Enhanced Decision-Making

- Optimized Inventory Management

-Increased Revenue and Profitability

II. Innovation Potential

- Advanced Machine Learning Techniques

- Real-Time Analytics and Insights

III. Task Involved

- Project Planning and Management

- Data Collection and Integration

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IV. Expertise Required

1. Inhouse Expertise
- Online Resources.

2. External Expertise
- HTML, CSS, BOOTSTRAP
- PYTHON(NumPY,Pandas)
- MYSQL
- AWS
- EXCEL, GOOGLE SHEET
- API’S

V. Facilities Required

1. Inhouse Facilities
- Team workspace

2. External Facilities
- Computer (Windows 10)
- 8GB RAM or Above.
- 512GB ROM or Above.
- Internet Connection.
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Milestones and Time Plan

Task JUL AUG SEP

2024 2024 2024

Conceptual Design
✓
Design
Detailed design
✓
Design Modifications
✓
Final Design
✓
Procurement (If any)
✓
Develop Prototyping
✓
Modifications
✓
Testing and Validation
✓
Final Modifications
✓
Deliver
IPR / patent draft
✓
Thesis and Poster
✓

Name and Signature of Project Guide Signature of HOD

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