Open Access
Open access
volume 16 issue 9 pages 1245

Research on Pricing and Dynamic Replenishment Planning Strategies for Perishable Vegetables Based on the RF-GWO Model

Publication typeJournal Article
Publication date2024-09-22
scimago Q2
wos Q2
SJR0.467
CiteScore5.3
Impact factor2.2
ISSN20738994
Abstract

This paper addresses the challenges of automated pricing and replenishment strategies for perishable products with time-varying deterioration rates, aiming to assist wholesalers and retailers in optimizing their production, transportation, and sales processes to meet market demand while minimizing inventory backlog and losses. The study utilizes an improved convolutional neural network–long short-term memory (CNN-LSTM) hybrid model, autoregressive moving average (ARIMA) model, and random forest–grey wolf optimization (RF-GWO) algorithm. Using fresh vegetables as an example, the cost relationship is analyzed through linear regression, sales volume is predicted using the LSTM recurrent neural network, and pricing is forecasted with a time series analysis. The RF-GWO algorithm is then employed to solve the profit maximization problem, identifying the optimal replenishment quantity, type, and most effective pricing strategy, which involves dynamically adjusting prices based on predicted sales and market conditions. The experimental results indicate a 5.4% reduction in inventory losses and a 6.15% increase in sales profits, confirming the model’s effectiveness. The proposed mathematical model offers a novel approach to automated pricing and replenishment in managing perishable goods, providing valuable insights for dynamic inventory control and profit optimization.

Found 

Are you a researcher?

Create a profile to get free access to personal recommendations for colleagues and new articles.
Metrics
0
Share
Cite this
GOST |
Cite this
GOST Copy
Pu Y. et al. Research on Pricing and Dynamic Replenishment Planning Strategies for Perishable Vegetables Based on the RF-GWO Model // Symmetry. 2024. Vol. 16. No. 9. p. 1245.
GOST all authors (up to 50) Copy
Pu Y., Huang Z., Wang Junjie, Zhang Q. Research on Pricing and Dynamic Replenishment Planning Strategies for Perishable Vegetables Based on the RF-GWO Model // Symmetry. 2024. Vol. 16. No. 9. p. 1245.
RIS |
Cite this
RIS Copy
TY - JOUR
DO - 10.3390/sym16091245
UR - https://www.mdpi.com/2073-8994/16/9/1245
TI - Research on Pricing and Dynamic Replenishment Planning Strategies for Perishable Vegetables Based on the RF-GWO Model
T2 - Symmetry
AU - Pu, Yongjun
AU - Huang, Zhonglin
AU - Wang Junjie
AU - Zhang, Qianrong
PY - 2024
DA - 2024/09/22
PB - MDPI
SP - 1245
IS - 9
VL - 16
SN - 2073-8994
ER -
BibTex |
Cite this
BibTex (up to 50 authors) Copy
@article{2024_Pu,
author = {Yongjun Pu and Zhonglin Huang and Wang Junjie and Qianrong Zhang},
title = {Research on Pricing and Dynamic Replenishment Planning Strategies for Perishable Vegetables Based on the RF-GWO Model},
journal = {Symmetry},
year = {2024},
volume = {16},
publisher = {MDPI},
month = {sep},
url = {https://www.mdpi.com/2073-8994/16/9/1245},
number = {9},
pages = {1245},
doi = {10.3390/sym16091245}
}
MLA
Cite this
MLA Copy
Pu, Yongjun, et al. “Research on Pricing and Dynamic Replenishment Planning Strategies for Perishable Vegetables Based on the RF-GWO Model.” Symmetry, vol. 16, no. 9, Sep. 2024, p. 1245. https://www.mdpi.com/2073-8994/16/9/1245.