Data Mining based Prediction of Demand in Indian Market for Refurbished Electronics

Abstract

There has been an increasing demand in the e-commerce market for refurbished products across India during the last decade. Despite these demands, there has been very little research done in this domain. The real-world business environment, market factors and varying customer behavior of the online market are often ignored in the conventional statistical models evaluated by existing research work. In this paper, we do an extensive analysis of the Indian e-commerce market using data-mining approach for prediction of demand of refurbished electronics. The impact of the real-world factors on the demand and the variables are also analyzed. Real-world datasets from three random e-commerce websites are considered for analysis. Data accumulation, processing and validation is carried out by means of efficient algorithms. Based on the results of this analysis, it is evident that highly accurate prediction can be made with the proposed approach despite the impacts of varying customer behavior and market factors. The results of analysis are represented graphically and can be used for further analysis of the market and launch of new products.