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Title:
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FORECASTING OPTIMAL RE-ORDERING STRATEGIES FOR APPAREL RETAILERS WITH MULTI-AGENTS |
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Author(s):
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Roberto Okada , Kohta Makino , Tsuyoshi Otani |
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ISBN:
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972-8924-23-2 |
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Editors:
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Sandeep Krishnamurthy and Pedro Isaías |
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Year:
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2006 |
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Edition:
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Single |
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Keywords:
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Retailing, apparel market, multi-agent simulation |
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Type:
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Full Paper |
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First Page:
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215 |
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Last Page:
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222 |
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Language:
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English |
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Cover:
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Full Contents:
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click to dowload 
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Paper Abstract:
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One key factor for the optimal performance of a given retail store is the determination of the proper stock. Retailers want to be appealing and never lose a sale by being out of stock i.e. lost chances. On the other hand, they do not want to be stuck with excess merchandise, referred as dead stock. Retailers order articles to the manufacturers or wholesalers, controlling their stocks. In order to forecast the optimal re-ordering strategies for retailers - to avoid both dead stock and lost chances -, we propose a simulation model with multi-agents. We focus on the domain of apparel markets, which is dynamic, complex, where many players are involved, and thus forecasting is not an easy task. To do so, we have analyzed a real section from the apparel industry, proposed a model to represent the interactions and performed simulations. In our simulation model, customers, merchandiser and the articles themselves are regarded as agents, and their interactions are studied to explore the most appropriate strategies for re-orders. |
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