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Markdown optimization for an apparel retailer under cross-price and initial inventory effects

机译：交叉价格和初始库存影响下的服装零售商降价优化

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Apparel Retailers have been using markdowns as a means of revenue maximization with an increased frequency. Parallel to this increase, several authors have studied single product markdown optimization problem under various settings or assumed that the products are independent in case of multi -products. In this paper, we address the simultaneous determination of markdown prices and optimal initial inventory levels under the cross-price effects in a random demand setting for multi-product groups for an apparel retailer chain in Turkey. First, we formulate the problem as a Markov Decision Process that considers price-based substitution and complementary effects among products and maximizes the expected total profit over a finite horizon. Then, we find the approximate markdown policies of each product by using Approximate Dynamic Programming algorithm. We investigate how cross-price elasticity affects the markdown policies of each product by considering several relationships among them, such as the products are all substitute or all are complement or some are substitute and some are complement. In addition to this, we provide insights on how they affect the expected revenues when non-optimal and optimal initial inventory levels are considered. When cross-price effects are considered in case of non-optimal initial inventory levels, average revenue increases about 32% while it increases to 50% when optimal initial inventory levels are in case. (C) 2017 Elsevier B.V. All rights reserved.
机译：服装零售商一直在使用降价促销，以增加收入的频率来最大化收益。与此并行的是，几位作者研究了在各种设置下的单个产品降价优化问题，或者假设在多产品的情况下产品是独立的。在本文中，我们解决了在土耳其服装零售商链的多产品组的随机需求设置下，在交叉价格效应下同时确定降价价格和最佳初始库存水平的问题。首先，我们将问题表述为马尔可夫决策过程，该过程考虑了基于价格的替代和产品之间的互补效应，并在有限的范围内使预期的总利润最大化。然后，我们使用近似动态规划算法找到每种产品的近似降价策略。我们通过考虑交叉价格弹性如何影响每种产品的降价政策来研究它们之间的几种关系，例如产品全部是替代品，或者全部是互补品，有些是替代品，有些是互补品。除此之外，当考虑非最佳和最佳初始库存水平时，我们将提供有关它们如何影响预期收益的见解。如果在非最佳初始库存水平的情况下考虑交叉价格影响，则平均收入将增加约32％，而在最佳初始库存水平的情况下，平均收入将增加至50％。 （C）2017 Elsevier B.V.保留所有权利。

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