The analytics models and data that could be used to make good recommendations to the retailer as well as the shelf space is given below.
<h3>The The analytics models and data analysis?</h3>
Step 1: To determine the typical number of units of a product sold each week after removing seasonality and random fluctuation.
Info on:
- Time series information
- The quantity of a product sold
- The application of exponential smoothing
Step 2: Make the best use of the limited shelf space for each product in the store:
The use of: Information about the product's price, surface area per unit, total amount of shelf space in the store, name, and profit per unit sold. Data analysis using optimization models
Step 3: Determine complementary goods to bundle in order to boost sales of both goods. Information on: Products offered, products previously acquired, and the application of K means clustering.
The company need to have a large shelf space so that they can be able to maximize their sales or their profit.
Therefore, The placement of a product in a store can have a significant impact on how well it sells. The success of its retail operation heavily depends on how much room is allotted to different product categories and products. Given the significance of shelf space locations, it is crucial from a retailer's perspective to make sure that retail space is maximizing value for the shop.
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