High Utility Item-Set Mining From Retail Market Data Stream With Various Discount Strategies

Abstract

High Utility Item-set Mining (HUIM) is the futuristic remodel version of Frequent Item Mining (FIM). It has the ability to discover customer purchase trends in the retail market. By using that knowledge, retailers can incorporate innovative schemes (discounts, cross-marketing, seasonal sales offers,... etc) to enhance profit. Even though many HUIM algorithms are proposed to detect profitable patterns, most of them cannot be applied to all kinds of retail market data sets due to certain assumptions. The first assumption is that the items always produce a positive profit. But in reality, even though overall profit could be positive, some of the items make negative profit. The second one is they are developed for static transactional data. Those are useful to take decisions at some intervals like quarterly, half-yearly, yearly. But, to take decisions at any time by analyzing the present sales trend, it is required to process the data stream.