AI-Driven Demand Forecasting for the Retail Sector
Sumedha Sen
Machine learning algorithms analyze vast amounts of historical sales data, customer behavior, and external factors such as economic indicators and weather patterns.
Neural networks, particularly deep learning models, are used to enhance the accuracy of demand forecasts.
Natural Language Processing (NLP) is another AI technique that aids demand forecasting by analyzing textual data from various sources such as social media, and customer reviews.
Time series analysis involves using statistical methods to analyze time-ordered data points.
Reinforcement learning is an advanced AI technique where models learn to make decisions by interacting with their environment.