Bayesian method refers to the application of Bayesian statistics and inference techniques to analyze and make decisions based on data collected from retail operations. Bayesian methods incorporate prior knowledge or beliefs about a problem and update them with observed data to make probabilistic predictions or inferences.
The Bayesian method is widely used in various fields, such as machine learning, statistical modeling,data analysis and decision-making. These techniques provide a framework for data-driven decision-making, allowing retailers to adapt and respond to changing market conditions and customer preferences more effectively.
