Market Simulation nodes by Scientific Strategy for KNIME - Community Edition version 4.3.1.v202102181051 by Decision Ready, LLC
The Geographic Feature node calculates the 'Lost Value' of each Product due to shipping costs, waiting time, pickup hassle, and whether the Product is even available. This 'Lost Value' is calculated from the perspective of each Virtual Customer. The node considers the Location of each Virtual Customer and the Location of each Product, then uses the shipping cost between the two locations to calculate 'Lost Value'.
The node first places each Virtual Customer in a geographic 'Location' according to its 'Population'. Customers can be located in different cities across the country, or in different districts within a city. Customers can be systematically located in blocks, or can be randomly scattered across all locations according to the relative populations at each. The node then compares the Location of each Customer against the Location of each Product.
A lookup table is used to determine the shipping cost from all Origins to all Destinations. The lookup table can be rate card that has been uploaded from a third-party shipping company. Or the lookup table can be generated upstream by calculating the physical distance or travel time between all Locations.
The node creates a 'Lost Value' Customer Distribution for each Product. If a Customer can get a Product from many Locations, then the node automatically selects the Location that is most convenient for the Customer. That is, the Location which causes the Customer to suffer the least 'Lost Value'. If it is impossible for the Customer to receive the Product because no shipping options are available, then the 'Lost Value' is infinity. These 'Lost Value' Customer Distributions can be integrated with the Features of each Product by a downstream 'Product Generator' node.
'Lost Value' is subjective and will vary by Customer. Some Customers have an urgent need for rapid delivery, while others place a higher value on minimizing the cost of shipping. Customers may also have varying opinions about the reliability of each Product shipper. And Customers who are able to buy a Product directly from within a nearby store enjoy instant gratification and suffer no such 'Lost Value'. Hence the weight of the 'Lost Value' suffered by each Virtual Customer can be varied by the node.
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