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Workshop: Time Series Workshop

Afternoon Poster Session: Robust Price Optimization in Retail

Linsey Pang


At Walmart, our core mission is to help people save money so that they can live better.We accomplish this is by applying downward pressure on our prices in order to increase traffic and sales in our stores. Prior work has developed an automated process for optimal price recommendation \cite{Prs} including Bayesian Structured Time Series demand forecasting component.In this paper, we seek to extend the previous approach by incorporating robust optimization and an improved demand forecasting scheme with time-series clustering. The improved system is called Robust Price Recommendation System, or PRS+.