How do you utilize purchase data to predict future sales? Need some alternate approaches maybe.

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One approach to utilizing purchase data to predict future sales is to use predictive analytics to identify trends in customer purchasing patterns. If a business notices that customers often purchase a certain item in combination with another item, they can use that data to anticipate future sales.

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Do you have repeat customers vs. one time purchase data? Analyze the repeat customers, maybe ask them to fill out a survey of what they want/what they would like.

We use a light gbm model in Python for forecasting. There are many examples of how to do this online. If we had access to purchased data, we would likely add it into the model as a new feature the model can learn from to make better predictions. For example, if you purchased data on competitor’s prices for the same products you sell, it may be useful to have a feature showing the difference between your company’s price and the avg. industry price for each item.

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