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Store Sales Prediction Project

This project develops a predictive model for estimating store sales using historical data and machine learning techniques. It evaluates various models, with XGBoost achieving the best performance in forecasting accuracy. Future work may involve deep learning and integrating external data for enhanced predictions.

Uploaded by

Cliff Boogië
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd

Topics covered

  • XGBoost,
  • model performance,
  • external data integration,
  • retail operations,
  • appendix,
  • data preprocessing,
  • sales trends,
  • statistical methods,
  • business strategy,
  • inventory management
146 views13 pages

Store Sales Prediction Project

This project develops a predictive model for estimating store sales using historical data and machine learning techniques. It evaluates various models, with XGBoost achieving the best performance in forecasting accuracy. Future work may involve deep learning and integrating external data for enhanced predictions.

Uploaded by

Cliff Boogië
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Topics covered

  • XGBoost,
  • model performance,
  • external data integration,
  • retail operations,
  • appendix,
  • data preprocessing,
  • sales trends,
  • statistical methods,
  • business strategy,
  • inventory management

Predicting Store Sales

Predicting Store Sales

Abstract

This project aims to develop a predictive model to estimate store sales using historical sales data.

We apply data science and machine learning techniques to achieve accurate forecasts.
Predicting Store Sales

Introduction

Retail businesses rely heavily on accurate sales forecasts for inventory management and financial

planning. This project focuses on developing a data-driven approach to forecast sales using

machine learning.
Predicting Store Sales

Literature Review

Various forecasting methods have been used in retail, including ARIMA, Random Forest, and

XGBoost. Recent advancements show machine learning models outperform traditional methods in

handling nonlinear patterns.


Predicting Store Sales

Problem Statement

To develop a reliable sales prediction model that can assist store managers in decision-making by

forecasting daily sales based on various factors.


Predicting Store Sales

Objectives

- Collect and preprocess store sales data

- Perform exploratory data analysis

- Apply machine learning models to predict sales

- Evaluate model performance


Predicting Store Sales

Methodology

We used the Rossmann Store Sales dataset. Preprocessing included handling missing values and

categorical encoding. Models applied: Linear Regression, Random Forest, and XGBoost.
Predicting Store Sales

Implementation

Python was used with libraries like pandas, scikit-learn, and XGBoost. The dataset was split into

training and test sets. Hyperparameter tuning was done for optimal results.
Predicting Store Sales

Results and Analysis

XGBoost outperformed other models with the lowest RMSE. Visualizations demonstrated that it

captured trends effectively. Feature importance revealed key drivers of sales.


Predicting Store Sales

Conclusion

The project successfully developed a robust model to predict store sales with high accuracy. It can

support strategic decisions in retail operations.


Predicting Store Sales

Future Work

Future improvements can include deep learning approaches, integration of external data (e.g.,

weather, holidays), and real-time model updates.


Predicting Store Sales

References

- Kaggle Rossmann Store Sales Dataset

- Scikit-learn documentation

- XGBoost documentation
Predicting Store Sales

Appendix

Appendix includes full Python code and additional plots.

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