Item Price

Analyzer
Group No. 29
 Introduction
With the growth of the world wide web, we have seen a massive rise in e-
commerce. Often we end up purchasing a product at a price higher than the market
rate. It can be solved easily with the help of machine learning. This web
application aims to predict the price of an item considering the previous year's
market rates throughout the year and analyzes current factors which might impact
the price of such commodities. Price prediction or forecasting can help one stay in
sync with the market and save both time and money as the software can automate
most pricing tasks.
 Why to use this?
In recent years, the ecommerce market has grown significantly and continues to grow
at a very steady pace in most countries. People are finding it more convenient to sit at
home and order products ranging from electronics to groceries .
The E-commerce market in India is also set to grow at a CAGR of 30% for gross
merchandise value to reach 200 bn dollars by 2026, and have a market penetration of
12% compared to 2% currently. This growth in online marketplaces has also invoked
interest in building machine learning systems that help in predicting product prices of
both new and used products , forecasting sales,etc.
The goal of machine learning is to build systems capable of finding patterns in data
and learning from it without human intervention and explicit reprogramming.
Technical analysis looks at historical prices, economic growth rates, and other
related factors, formulating an approximate price. Then, the process turns to
fundamental analysis to get a more accurate picture of the market. In mathematical
terms, these processes are known as regression analysis.

Benefits of using an ML-based prediction system:

ML can cope with price volatility.
ML models can analyze multiple data sources at once.
ML improves the accuracy of price predictions.
ML can help to improve profit margins.
 How it Works?
The below diagram will help us to understand the working of the model

The diagram below shows how are going to process our data each and every time through our model
which keeps this model always updated and will increase its accuracy
The below Data Flow Diagram determines how the data is going to move throughout the model and
represents each and every step of development and how we are going to proceed step-by-step .

Level 1 Data Flow Diagram

Level 2 Data Flow Diagram
Pictorial Representation of how it's going to Work

USER INTERFACE

Present Price Future Price

FEATURES TO BE USED FOR TRAINING THE
CLASSIFIER

checkout_price

USER base_price

emails_for _promotion

number_of_orders
avaliablity
location
PRODUCT
Weather
 After training and testing the model we will be finally be
able to predict the future price of the product
FUTURE PRICE

TRAINING THE MODEL USING REGRESSION

ALGORITHMS

Pass the data base through the model for training

DATABASE FUTURE PRICE = FIXED PRICE

(INFLATION EVERY YEAR) +
PREDICTED PRICE
Train the dataset where the product will consist of the above
features
 Why It's Different
We are trying to predict the time of the lowest price of any commodity.
If anyone wants to know when they can buy a product at the lowest price and
at which time of the year.

Our system can show the lowest price of the product in the market. With
this buyers can get an idea of how low the price of that product can go. They
can also decide if they want to wait till the price of the product goes low.
Why It's Different

We can predict the approximate price of an item in

the future to a certain time limit. Suppose anyone want
to know what will be the price of sugar or fruits will be in
2 months. We can calculate the price from current trend,
general demand of them on that time, transportation cost
and other factors
Market Scenario
Currently organizations wants an edge over competition as
current process is time consuming
People will often connect price with quality. That said, those on
modest incomes still need good yet affordable products. So
individuals can use automated price prediction to reach the right
decision of buying a product.
Forget hiring a team of data analysts to manage your products
pricing strategy: integrate a price prediction tool and let machine
learning tackle the task.
 Future Improvements
Considering more factors influencing the prices
Adding account feature to preserve the privacy of user
Adding more wide range of products to make a robust system
Sort out interdependencies between the factors that influence other factors on
different product categories
Add features like comparing different product prices at a given time.
Improve performance and time complexity.
 THANK YOU !!
Sayan Ghosh 10900119079 65
Sayantan Bakshi 10900119056 42
Shubham Kundu 10900119076 62
Ashanko Das 10900119109 95

Supervisor: Riya Majumder