DESIGN AND IMPLEMENTATION OF PRODUCT PRICE FORECASTING SYSTEM; A CASE STUDY OF JUMIA ONLINE STORE
Price: 2000 Naira (BSC, MSC)
Forecasting is the process of making predictions of the future based on past and present data and analysis of trends. Sales forecasting is the ability to forecast future sales base on past months sales.Sales forecasting system uses several proven models such as qualitative versus quantitative model, average approach model, casual /econometrics forecasting model, linear regression model etc., these model are proven models use over the years by different financial institutes.
Effective planning, in short and long term, depends on demand forecasts for the company products (Heizer, J. (2009).Good forecasts are crucial to all business aspects: Demand forecast is the only useful data until the actual demand isknown. Therefore, demand forecasts guide decisions in many areas: human resources, capacity management andsupply chain.
Forecasting is fundamental in any planning effort (Chase, R. (2014). In the short term, forecast is needed to predict thematerial, products, services or other resources to respond to changes in demand. A forecast allows adjusting schedules and varying labor and materials. In the long run, it is required to predict the basis for strategic changes, such as thedevelopment of new markets, new products or services and expand or build new facilities.
Sales and operations planning is a process that helps to provide better customer service, handling of lower inventories,offer shorter delivery time to customers, stabilize production rates and facilitate management business. It does notmatter that, owing to changing markets, the chemicals supplying enterprises have troubles with operations schedulingand inventories management; they are a fundamental component in the national economy.
The chemicals supplying enterprises demands are highly variable in volume and presentation; their customers varyfrom a small hardware store, up to an auto assembler factory, passing through: pharmaceutical, chemical,petrochemical and polymer companies, paints and varnishes manufacturers, etc. In some companies, they handled upto 500 different materials and have up to 1000 clients; all of this complicates their operations planning.
Because of the above chemicals supplying enterprises problems, a system to forecast their sales with the best possibleaccuracy is proposed. The system, (algorithm and software) for the yearly or monthly sales prediction, calculates apossible sales number for each product using five techniques, evaluates the error of each of them and selects the lowesterror technique; from which the sales forecast for each product is proposed. The goal is to make effective plans in orderto properly satisfy the customer demands.
According to Thompson, (2014) the key to a most efficient Supply Chain is forecast, which very much depends onpeople, process, and technology. In order to gain participation from Sales, we need to
1) Educate Sales people so that they understand why forecasting is essential,
2) Developing a well-structured forecasting process,
3) Clearly define roles and responsibilities, and
4) Make access to systems easy to use to facilitate their participation
The business-to- consumer aspect of an online shopping is the most visible business use of the World Wide Web. The primary goal of an online shopping site is to sell goods and services online. This project deals with developing an e- commerce website for online shopping. It provides the user with a catalogue of different goods and services available for purchase in the store. In order to facilitate online purchase a shopping cart is provided to the user. The system is implemented using a 3- tier approach, with a backend database, a middle tier of Microsoft Internet Information Services (MIIS) or local server and PHP, and a web browser as the front end client. In order to develop an e- commerce website for online shopping, a number of Technologies must be studied and understood. This is a project with the objective to develop a basic website where a consumer is provided with a shopping cart application and also to know about the technologies used to develop such an application. This document will discuss each of the underlying technologies to create and implement an e-commerce website for online shopping.
AnE-commerce is the trading in products or services using computer networks, such as the Internet(Wikipedia, 2015). Electronic commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems. Modern electronic commerce typically uses the World Wide Web for at least one part of the transaction’s life cycle, although it may also use other technologies such as e-mail. Every business that want to shoot online, irrespective of ittypes need an e-commerce software product that fits your online store’s unique needs and requirements. For the past years e-commerce has been the trend for most business spanning across different cities and countries. Where product and service can be deliver through their web service and delivery is done using different transport medium like ship,car or through post office.
This work is an attempt at delivering an online shopping cart system capable of delivering goods and services on demand, using a small Mobile outlet as a case study.
E-commerce is fast gaining ground as an accepted and used business paradigm. More and more business houses are implementing web sites providing functionality for performing commercial transactions over the web. It is reasonable to say that the process of shopping on the web is becoming common place.
The objective of this project is to develop a general purpose e-commerce store where any product (such as books, CDs, computers, mobile phones, electronic items, home appliances and any kind of goods) can be bought from the comfort of home through the Internet. However, for implementation purposes, this paper will deal with an online book store.
An online store is a virtual store on the Internet where customers can browse the catalogue and select products of interest. The selected items may be collected in a shopping cart. At checkout time, the items in the shopping cart will be presented as an order. At that time, more information will be needed to complete the transaction. Usually, the customer will be asked to fill or select a billing address, a shipping address, a shipping option, and payment information such as credit card number. An e- mail notification is sent to the customer as soon as the order is placed.
Business conducted through the use of computers, telephones, fax machines, barcode readers, credit cards, automated teller machines (ATM) or other electronic appliances (whether or not using the internet) without the exchange of paper-based documents. It includes activities such as procurement, order entry, transaction processing, payment, authentication and non-repudiation, inventory control, order fulfilment, and customer support. When a buyer pays with a bank card swiped through a magnetic-stripe-reader, he or she is participating in e-commerce.
With popular trends and demands the concept of the Internet as the way forward to increase profit margins, companies new and old are creating websites here and there. The significance for retailers to having a web site is that a web site is informational and transactional in nature (Murphy, 1998). As the web site can be used for advertising, direct marketing, sales, customer support and public relations.
Significantly according to a study by McKinsey & Company and Salomon Smith Barney, retailers who sell to their customers through catalogues; stores, and online significantly emerge victorious amid the e-tail shake out (Pastore, M. 2000).
With seasonal events and holidays, the Internet has become a tool for a quick and stress free method of shopping. Allowing retailers to cash in the profit from another useful shopping channel. Jupiter Research expects 2003’s online holiday sales to be led by new shoppers, resulting in a 21 percent increase over 2002 figures (Greenspan, R 2003). The growth in holiday sales is driven by factors such as, online bargains; time saving; avoiding holiday crowds and much more.
The top categories of Online Sales according to comScore Networks are:
• Computer Hardware and Software
• Apparel and Accessories
• Office Supplies
• Books, Music and Movies
• Consumer Electronics
• Home and Garden
• Health and Beauty
• Sporting Goods
• Toys and Games
Freedman argues that as more consumers are able to connect to faster Internet connections categories such as Apparel may experience growth (Nancy May Kay Leung, 2003).
1.2 Statement of the Problem
This research work was undertaken to solve the various challenges encounter in showcasing and delivering goods and services to different client around the globe.Where every business transaction involve an on presence for transaction to be successfully executed. Most shops are experienced some draw back in their operation due to the current shopping system (manual shopping) which are:
Lack of accuracy in customer’s record
Slow in processing customer’s records
Lack of proper accountability
It does not give a customer the incredible convenience to shop at any time of the day due to the limited working hours.
There is a need to change from manual way of shopping to a computerized way, where customers can browse through the
Internet and the system administrator to approve requests shoppers can buy products anywhere and a database that will maintain the products detail information.
1.3 Objective of the Study
In view of the problems mentioned above, this project is aimed and objective at implementing of product price forecasting system; a case study of Jumia online store and will exclusively:
• Display goods and services in the store
• Automate every sales effectively without mixing product prizes
• Store product detail using a secure database.
1.4 Significance of the Study
Many people nowadays are using the web to shop for a wide variety of items, the significance of online shopping system include the followings:
• Online Shopping System is incredible convenience.
• It is always easy when it comes to accessing of customers review
• The choice of Online Shopping is infinite.
• It price is always comparison
1.5 Scope of the Study
This research work scope is to develop a system capable of handling product price display and recommendation from other online store and vendor and sales by automating in itself a cart system that stores all sales details prior to when the user request close the sales service.
- The system will also incorporate in its design a billing system that will display the total sales and product at the close of each transaction.
- The system will not incorporate in its development all the functions of a functionalbusiness activities system but will focus only on the aforementioned functionalities. The system will not be responsible for any loss of data if its environment (network/system installed on) is corrupt.
1.6 Limitation of the Study
Usually, every work has some limitations and this study is not exempted.
The two major limitations of this study are the high programming technique as well as financial constraints. The high programming technique constraint in PHP, JQUERY and MYSQL prevents the researcher to have an in depth study and analysis on the subject matter. While the issue of financial constraint limits the frequency of investigation to/from the institution toward gathering the necessary information relevant for the study.
1.7 Definition of the Study
ONLINE: An online is a condition of connected to a network of computers of other devices. The term is frequently used to describe someone who is currently connected to the internet.
INTERNET: this is a global connection of computer network co-operating with each other to exchange data using common software standard protocols
DATA: These are raw fact that to proposed into meaningful information
MANUAL SYSTEM: Any system that does not involve the use of electronic computer.
COMPUTERIZED SYSTEM: This is process of operation of integrated with a computer system.
SHOPPING: Is the processing of browsing and purchasing items in exchange of money
USERS: An agent either human agent, (en 0 user) or software agent who uses a computer or network services.
SECURITY: Its objective are to establish rules and measures to against attacks over the internet
SHOPPING CHART: A chart supplied by a shop, especially supermarket, to use by customers inside the shop for transport of merchandise to the check- out counter during shopping
ACCESSIBILITY: A general term used to describe the degree to which a product, device, or environment is accessible by as many people as possible.
DATABASE: A systematized collection of data that can be access immediately and manipulated by a data processing system for a specific purpose
E-COMMERCE: Electronic commerce refers to the process of marketing, buying and selling of product and services online.
ROBUSTINESS: The ability of a compute to cope with errors during execution or the ability of an algorithm to continue to operate despite abnormalities in input calculation etc.
HTML CODE: – HTML stands for Hyper Text Markup Language. It is a type of computer language that is primarily used for files that are posted on the internet and viewed by web browsers. HTML files can also be sent via email.
Markup language: – A markup language is a combination of words and symbols which give instructions on how a document should appear. For example, a tag may indicate that words are written in italics or bold type.
Web browser: -A Web browser is a software program that interprets the coding language of the World Wide Web in graphic form, displaying the translation rather than the coding. This allows anyone to “browse the Web” by simple point and click navigation, bypassing the need to know commands used in software languages.
File extension: – A file extension is the suffix at the end of a filename that tells a computer, and the computer user, which program is needed to open the file. Also called a filename extension, this suffix preceded by at least one period, is generally one to five characters long but the norm is usually three characters in length.
Email: – Email, also sometimes written as e-mail, is simply the shortened form of electronic mail, a protocol for receiving, sending, and storing electronic messages. Email has gained popularity with the spread of the Internet. In many cases, email has become the preferred method of communication.
TCP/IP: – This often used but little understood set of operations stands for Transmission Control Protocol/Internet Protocol. TCP/IP is the combination of the two and describes the set of protocols that allows hosts to connect to the Internet. In actuality, TCP/IP is a combination of “more than those two protocols, but the TCP and IP parts of TCP/IP are the main ones and the only ones to become part of the acronymthat describes the operations involved.
TEXT FILE: – A text file is a computerfile that stores a typed document as a series of alphanumeric characters, usually without visual formatting information. The content may be a personal note or list, a journal or newspaper article, a book, or any other text that can be rendered accurately in typewritten form.
Hyper Link:-A hyperlink is a graphic or a piece of text in an Internet document that can connect readers to another webpage, or another portion of a document. Web users will usually find at least one hyperlink on every webpage. The simplest form of these is called embedded text or an embedded link.
WWW: – acronym for World Wide Web.
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