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2645. Assortment Optimization for Fashion Products in Omnichannel Retail
Invited abstract in session WD-61: Online, Omnichannel, and Pricing, stream Retail Operations.
Wednesday, 14:30-16:00Room: S10 (building: 101)
Authors (first author is the speaker)
| 1. | Kritika Swaminathan
|
| Operations Management, Indian Institute of Management Lucknow | |
| 2. | Rakesh Venkitasubramony
|
| Operations Management, Indian Institute of Management Lucknow |
Abstract
Forecasting and assortment planning for fashion products have been a challenging area in Operations Research due to different factors, particularly the high percentage of new products that lack any historical sales data. This problem gets more interesting when we incorporate the possibility that products can be ordered and fulfilled in different channels – what we commonly call as Omnichannel. Our study focuses on assortment optimization for products in fashion retail across multiple channels in omnichannel retail. The demand for a combination of attributes is predicted from the existing sales data. Then, from a universe of feasible attribute combinations available across channels - both online and offline - under asymmetric integration, we identify the right mix of products for each channel. We model this decision as a profit maximization function considering predicted sales revenue and the fulfilment cost for different products across multiple channels.
Keywords
- Supply Chain Management
Status: accepted
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