A Diversification-Aware Itemset Placement Framework for Long-Term Sustainability of Retail Businesses

Abstract

In addition to maximizing the revenue, retailers also aim at diversifying product offerings for facilitating sustainable revenue generation in the long run. Thus, it becomes a necessity for retailers to place appropriate itemsets in a limited k number of premium slots in retail stores for achieving the goals of revenue maximization and itemset diversification. In this regard, research efforts are being made to extract itemsets with high utility for maximizing the revenue, but they do not consider itemset diversification i.e., there could be duplicate (repetitive) items in the selected top-utility itemsets. Furthermore, given utility and support thresholds, the number of candidate itemsets of all sizes generated by existing utility mining approaches typically explodes. This leads to issues of memory and itemset retrieval times. In this paper, we present a framework and schemes for efficiently retrieving the top-utility itemsets of any given itemset size based on both revenue as well as the degree of diversification. Here, higher degree of diversification implies less duplicate items in the selected top-utility itemsets. The proposed schemes are based on efficiently determining and indexing the top-λ high-utility and diversified itemsets. Experiments with a real dataset show the overall effectiveness and scalability of the proposed schemes in terms of execution time, revenue and degree of diversification w.r.t. a recent existing scheme.