A Comprehensive Study of Data Analytic Techniques for Sales Forecasting

Abstract

Predicting the sales of a product or demand for a service is an utmost need in any industry. With the changes and increase in the channels and modes through which the products are sold, the prediction of sales in the future becomes tedious. The number of features that would help in predicting sales differs and increases. This leads to the usage of Machine Learning and Deep Learning Models in sales forecasting. A deep survey of various works that employ machine learning and Deep learning approaches for sales prediction is done and inferences are made. Every work studied has a list of models which are used as baseline models for comparison and the same is listed for better inferences. Works that address the problem of predicting the sales of new products are also discussed. A list of publicly available sales forecasting datasets is also given.