Abstract: An integrated system and method for aisle inventory management and for locating inventory item is disclosed. The system includes a mat with sensors, which is laid on the shelf before placing products. The sensor mat registers inventory data on the shelf which includes area covered by the products and their collective weight. A unique identifier of the sensor mat and inventory data from the sensor mat are sent to a connected wireless router, which in turn will relay the sensor data to a central computer. The central computer system triggers an alert at a user interface unit associated with the worker when inventory on the shelf requires re-stocking of products. Further, a built-in bluetooth beacon installed in the sensor mat aids to locate the position of a user and transmits navigation instruction from the central computer system to the user interface unit associated with the user through a wireless network.

Abstract: Estimating price elasticity of product demand assists an understanding of total demand for a product and a forecast of how the level of demand for that product will change based on a change in the price of the product. A multi-level hierarchical regression methodology can be used to forecast product demand, and thereby calculate price elasticity. The methodology accepts historical product sales, product prices, and revenue management controls of a company and predicts the estimated demand at the product level. This methodology can also accept the historical product sales, product prices for the company and its competitors, revenue management controls of a company, and an estimate of the revenue management controls of its competitors to predict the estimated demand at the product level.