Unlocking Your Sales Insights: Advanced XGBoost Forecasting Models for Amazon Products
This is an incremental improvement for e-commerce businesses needing better sales forecasting to inform operations and decision-making.
The study tackled the problem of predicting sales for consumer electronics on Amazon by using an XGBoost model, achieving satisfactory accuracy by replacing sales volume data with sales range values and showing superior performance compared to traditional models.
One of the important factors of profitability is the volume of transactions. An accurate prediction of the future transaction volume becomes a pivotal factor in shaping corporate operations and decision-making processes. E-commerce has presented manufacturers with convenient sales channels to, with which the sales can increase dramatically. In this study, we introduce a solution that leverages the XGBoost model to tackle the challenge of predict-ing sales for consumer electronics products on the Amazon platform. Initial-ly, our attempts to solely predict sales volume yielded unsatisfactory results. However, by replacing the sales volume data with sales range values, we achieved satisfactory accuracy with our model. Furthermore, our results in-dicate that XGBoost exhibits superior predictive performance compared to traditional models.