Authors :
Sashwat Desai
Volume/Issue :
Volume 8 - 2023, Issue 9 - September
Google Scholar :
https://bit.ly/3TmGbDi
Scribd :
https://tinyurl.com/2b67trrm
DOI :
https://doi.org/10.5281/zenodo.8397926
Abstract :
In today’s times, retail is soaring with the advent of e-commerce and a majority of sellers are
coming online to sell their products. This has resulted in an increased competition. Newer vendors
are finding it difficult to compete with the bigger companies who have already established a foothold
in the market. Hence winning over a customer requires top level customer satisfaction, but at the
same time expenditure should be kept such that there is a considerable profit margin.
The main reason behind the selection of this topic is to provide not only the customers but also
the vendors with the most cost-effective solution. In many cases, it is observed that the prices listed
for products may not be the best ones. To tackle this issue, this topic has been chosen.
This topic is relevant to the current world, with respect to the fact that majority of the population
has shifted to online shopping. This is due to the fact that the market giants are using a lot of money
to please the customers, thereby providing and spoiling them with a number of products and delivery
options to choose from. To compete in the market, the vendors need to achieve highest levels of
customer satisfaction while optimizing their expenditure.
Since 2017, the percentage of online sales has risen from 34.5% to 53.9% in 2021, in the US alone.
This upward trend along with the current scenario suggests that there is not going to be a lowering
in the percentages of online sales anytime soon. This project makes use of the well-established
Differential Evolution algorithm and realworld data.
In today’s times, retail is soaring with the advent of e-commerce and a majority of sellers are
coming online to sell their products. This has resulted in an increased competition. Newer vendors
are finding it difficult to compete with the bigger companies who have already established a foothold
in the market. Hence winning over a customer requires top level customer satisfaction, but at the
same time expenditure should be kept such that there is a considerable profit margin.
The main reason behind the selection of this topic is to provide not only the customers but also
the vendors with the most cost-effective solution. In many cases, it is observed that the prices listed
for products may not be the best ones. To tackle this issue, this topic has been chosen.
This topic is relevant to the current world, with respect to the fact that majority of the population
has shifted to online shopping. This is due to the fact that the market giants are using a lot of money
to please the customers, thereby providing and spoiling them with a number of products and delivery
options to choose from. To compete in the market, the vendors need to achieve highest levels of
customer satisfaction while optimizing their expenditure.
Since 2017, the percentage of online sales has risen from 34.5% to 53.9% in 2021, in the US alone.
This upward trend along with the current scenario suggests that there is not going to be a lowering
in the percentages of online sales anytime soon. This project makes use of the well-established
Differential Evolution algorithm and realworld data.
