Generating a sales volume forecast
View Patent ↗A method for generating a sales volume forecast includes receiving user input specifying a hypothetical asking price and a future date and accessing, for each of multiple past time periods, historical data reflecting a sales volume for an item over the past time period and a corresponding price difference between an asking price and a coinciding market price for the item, the price difference also being associated with the past time period. The method also includes determining a historical correlation for the item between sales volume and price difference between asking price and coinciding market price, accessing market data reflecting a future market price for the item associated with the specified future date, determining a price difference between the specified hypothetical asking price and the future market price for the item, applying the determined historical correlation to the determined price difference to generate a sales volume forecast, and providing the generated sales volume forecast for access by a user.
1. A system for generating a sales volume forecast, the system comprising:
one or more computer systems comprising a processor and a memory, each of the one or more computer systems configured to:
access historical data reflecting a sales volume for one or more items and a first price difference between an asking price and a market price for the one or more items;
determine a historical correlation for each of the one or more items between the sales volume and the first price difference;
access a second price difference between an asking price and a market price for each of the one or more items;
apply the determined historical correlation to the second price difference to generate a sales volume forecast for each of the one or more items; and
store the generated sales volume forecast for each of the one or more items, wherein an asking price comprises at least one of an average asking price over a period of time, an average asking price across a number of different markets or a price asked for one or more items by an enterprise.
2. The system of claim 1 , wherein the market price is a market price selected from the group consisting of:
a market price associated with a particular market;
a futures contract price;
an expiration price for futures contract;
an average market price over periods of time; and
an average market price across a number of different markets.
3. The system of claim 1 , wherein the one or more computer systems is further configured to:
access a future date;
access market data reflecting a future market price for the one or more items, the future market price being associated with the accessed future date;
determine a third price difference between an asking price and the future market price for each of the one or more items;
apply the determined historical correlation to the determined third price difference to generate a corresponding sales volume forecast for each of the one or more items; and
store the generated corresponding sales volume forecast for each of the one or more items.
4. The system of claim 1 , wherein the one or more computer systems is further configured to use a mathematical regression technique to determine the historical correlation for each of the one or more items between the sales volume and the first price difference.
5. The system of claim 1 , wherein the first price difference between an asking price and a market price is either actual or proportional to either the asking price or the market price.
6. The system of claim 1 , wherein the second price difference between an asking price and a market price is either actual or proportional to either the asking price or the market price.
7. A method of generating a sales volume forecast, comprising:
accessing, by a computer, historical data reflecting a sales volume for one or more items and a first price difference between an asking price and a market price for the one or more items;
determining, by the computer, a historical correlation for each of the one or more items between the sales volume and the first price difference;
accessing, by the computer, a second price difference between an asking price and a market price for each of the one or more items;
applying, by the computer, the determined historical correlation to the second price difference to generate a sales volume forecast for each of the one or more items; and
storing, by the computer, the generated sales volume forecast for each of the one or more items, wherein an asking price comprises at least one of an average asking price over a period of time, an average asking price across a number of different markets or a price asked for one or more items by an enterprise.
8. The method of claim 7 , wherein the market price is a market price selected from the group consisting of:
a market price associated with a particular market;
a futures contract price;
an expiration price for futures contract;
an average market price over periods of time; and
an average market price across a number of different markets.
9. The method of claim 7 , further comprising:
accessing a future date;
accessing market data reflecting a future market price for the one or more items, the future market price being associated with the accessed future date;
determining a third price difference between an asking price and the future market price for each of the one or more items;
applying the determined historical correlation to the determined third price difference to generate a corresponding sales volume forecast for each of the one or more items; and
storing the generated corresponding sales volume forecast for each of the one or more items.
10. The method of claim 7 , wherein a mathematical regression technique is used to determine the historical correlation for each of the one or more items between the sales volume and the first price difference.
11. The method of claim 7 , wherein the first price difference between an asking price and a market price is either actual or proportional to either the asking price or the market price.
12. The method of claim 7 , wherein the second price difference between an asking price and a market price is either actual or proportional to either the asking price or the market price.
13. A non-transitory computer-readable media embodied with software for generating a sales volume forecast, the software when executed is configured to:
access historical data reflecting a sales volume for one or more items and a first price difference between an asking price and a market price for the one or more items;
determine a historical correlation for each of the one or more items between the sales volume and the first price difference;
access a second price difference between an asking price and a market price for each of the one or more items;
apply the determined historical correlation to the second price difference to generate a sales volume forecast for each of the one or more items; and
store the generated sales volume forecast for each of the one or more items, wherein an asking price comprises at least one of an average asking price over a period of time, an average asking price across a number of different markets or a price asked for one or more items by an enterprise.
14. The computer-readable media of claim 13 , wherein the market price is a market price selected from the group consisting of:
a market price associated with a particular market;
a futures contract price;
an expiration price for futures contract;
an average market price over periods of time; and
an average market price across a number of different markets.
15. The computer-readable media of claim 13 , wherein the software is further configured to:
access a future date;
access market data reflecting a future market price for the one or more items, the future market price being associated with the accessed future date;
determine a third price difference between an asking price and the future market price for each of the one or more items;
apply the determined historical correlation to the determined third price difference to generate a corresponding sales volume forecast for each of the one or more items; and
store the generated corresponding sales volume forecast for each of the one or more items.
16. The computer-readable media of claim 13 , wherein the software is further configured to use a mathematical regression technique to determine the historical correlation for each of the one or more items between the sales volume and the first price difference.
17. The computer-readable media of claim 13 , wherein the first price difference between an asking price and a market price is either actual or proportional to either the asking price or the market price.
18. The computer-readable media of claim 13 , wherein the second price difference between an asking price and a market price is either actual or proportional to either the asking price or the market price.