Application and Analysis of Retail Inventory Using Data Mining Techniques

Abstract

Data mining is one of the most essential tools for gathering information from different datasets in almost all recent industries. In this 21-century, data mining gained attention because of its significance in decision making, and it has become a key component in various industries such as retail. Inventory management requires pre-planned goals and attention to detail, and prioritizing items that require less attention can be a waste of time and resources. Learning indications about customers’ shopping patterns by showing associations among various provides significant value in managing retail inventory. In the present research paper, popular data mining techniques have been applied and analyzed for multi-item inventory management in retail sales stores to show how data mining techniques can optimize and organize the retail inventory.