Multivariate SVR Demand Forecasting for Beauty Products Based on Online Reviews

Yanliang Wang and Yanzhuo Zhang ()
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Yanliang Wang: School of Economics and Management, Yanshan University, Qinhuangdao 066000, China
Yanzhuo Zhang: School of Economics and Management, Yanshan University, Qinhuangdao 066000, China

Mathematics, 2023, vol. 11, issue 21, 1-16

Abstract: Owing to changes in consumer attitudes, the beauty consumer population is growing rapidly and the demands of beauty consumers are variable. With a wide range of beauty products and exaggerated product promotions, consumers rely more on online reviews to perceive product information. In this paper, we propose a demand forecasting model that takes into account both product features and product emotional needs based on online reviews to help companies better develop production and sales plans. Firstly, a Word2vec model and sentiment analysis method based on a sentiment dictionary are used to extract product features and factors influencing product sentiment; secondly, a multivariate Support Vector Regression (SVR) demand prediction model is constructed and the model parameters are optimized using particle swarm optimization; and finally, an example analysis is conducted with beauty product Z. The results show that compared with the univariate SVR model and the multivariate SVR model with only product feature demand as the influencing factor, the multivariate SVR model with both product feature and product sentiment demand as influencing factors has a smaller prediction error, which can enable beauty retail enterprises to better grasp consumer demand dynamics, make flexible production and sales plans, and effectively reduce production costs.

Keywords: multivariate SVR; demand forecasting; beauty products; online reviews (search for similar items in EconPapers)
JEL-codes: C (search for similar items in EconPapers)
Date: 2023
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