Method and system for selecting a sales channel
A processor-assisted method for selecting a sales channel for a specific item ( 4900 ). The disclosed method includes analyses of variables such as expected costs ( 4600 ), sales items ( 4100 ) and market, third party and/or internal data ( 4200 ).
1. A processor-assisted method for selecting, for a specific item, a sales channel from among a plurality of sales channels, comprising the steps of:
obtaining a request for listing a specific item on one of a plurality of sales channels, the specific item having associated therewith item variables and values for the item variables, the plurality of sales channels each having associated therewith channel variables with corresponding channel values;
with a processor, analyzing real-time data and historical sales data for a set of item representing previously listed items and the plurality of sales channels using the values for the item variables of the specific item, including the steps of:
performing statistical analysis on the real-time data and the historical sales data to identify statistically significant item variables and channel variables that impact cost and/or benefit for listed items, the step of performing statistical analysis comprising the steps of using the number of occurrences of each of a set of keywords in a textual description of each item to perform a linear regression analysis for determining the impact of each keyword in the textual description of an item on a selling price of the item; and identifying each keyword that has a statistically significant correlation to selling price as corresponding to a significant item variable;
deriving optimized values for the statistically significant item variables and channel variables that result in an optimal combination of expected cost and expected benefit for the specific item when listed; and
offering the specific item for sale using the statistically significant item variables and channel variables and the corresponding optimized values, the optimized values identifying one of the plurality of sales channels.
2. The method of claim 1 , wherein at least one of the item variables include as a value a textual description, and the step of performing statistical analysis comprises the step of analyzing the textual description to derive statistical data based on occurrences of keywords.
3. The method of claim 2 , wherein the step of performing statistical analysis comprises the step of employing statistical analysis on channel values representing descriptions and/or listing characteristics to identify the one or more statistically significant channel variables associated with the set of items.
4. The method of claim 2 , wherein the step of performing statistical analysis comprises the step of employing statistical textual analysis on descriptions of each item in the set of items to identify the one or more statistically significant item variables associated with the set of items.
5. The method of claim 1 , wherein the step of analyzing comprises the step of determining a channel value from at least one keyword identified as having a statistically significant correlation to selling price.
6. The method of claim 1 , wherein the step of analyzing comprises the step of determining an item variable value from at least one keyword identified as having a statistically significant correlation to selling price.
7. The method of claim 1 , wherein the step of analyzing comprises the step of determining an item variable from at least one keyword identified as having a statistically significant correlation to selling price.
8. The method of claim 1 , wherein the step of deriving optimized values comprises the step of analyzing every combination of values for the statistically significant channel variables and item variables present in the real-time data and historical sales data.
9. The method of claim 1 , further comprising the step of generating inspection criteria for the set of items based on the identified statistically significant item variables and channel variables.
10. The method of claim 9 , further comprising the steps of:
receiving new item variable values in response to the generated inspection criteria; and
recalculating optimized values for the statistically significant item variables and channel variables based on the new item variable values received.
11. The method of claim 1 , wherein the expected benefit is automatically adjusted for one or more of sales effects, seasonal effects, product aging,
price fluctuation, and channel flooding effects.
12. The method of claim 1 , further comprising the step of statistically determining the expected cost and expected benefit of each combination of channel values and values for the item variables.
13. The method of claim 1 , wherein at least a portion of the expected cost is associated with inspecting the item.
14. The method of claim 1 , further comprising the steps of forecasting expected availability of the item, and adjusting the expected benefit to reflect expected availability of the item.
15. The method of claim 1 , wherein the step of performing statistical analysis comprises the step of using one or more probability tables to compute expected cost or expected benefit.
16. The method of claim 1 , wherein the step of performing statistical analysis comprises the steps of generating marginal or conditional probabilities related to item variable values and/or combinations thereof, and using the generated probabilities to compute expected cost or expected benefit.
17. The method of claim 1 , wherein the step of performing statistical analysis comprises the steps of:
mapping non-numeric channel values for a particular channel variable to a set of numeric values; and
performing the statistical analysis using the numeric values obtained from the mapping.
18. An apparatus using a processor for selecting a sales channel, wherein the processor uses the steps:
obtaining a request for listing a specific item on one of a plurality of sales channels, the specific item having associated therewith item variables and values for the item variables, the plurality of sales channels each having associated therewith channel variables with corresponding channel values;
with a processor, automatically analyzing real-time data and historical sales data for previously listed items and the plurality of sales channels using the values for the item variables of the specific item, including the steps of:
performing statistical analysis on the real-time data and the historical sales data to identify statistically significant item variables and channel variables that impact cost and/or benefit for listed items, the step of performing statistical analysis comprising the steps of using the number of occurrences of each of a set of keywords in a textual description of each item to perform a statistical analysis for determining the impact of each keyword in the textual description of an item on a selling price of the item; and identifying each keyword that has a statistically significant correlation to selling price as corresponding to a significant item variable;
deriving optimized values for the statistically significant item variables and channel variables that result in an optimal combination of expected cost and expected benefit for the specific item when listed; and
offering the specific item for sale using the statistically significant item variables and channel variables and the corresponding optimized values, the optimized values identifying one of the plurality of sales channels.