Neural networks refer to the application of artificial neural networks, a type of machine learning model inspired by the human brain, in the retail industry. These networks are designed to analyze and interpret vast amounts of data, such as customer behavior, purchase history, market trends, and inventory levels, to make informed decisions and predictions.
By utilizing neural networks, retailers can improve various aspects of their operations, including demand forecasting, inventory management, pricing optimization, customer segmentation, and personalized recommendations. These networks learn patterns and relationships from the data, allowing retailers to make data-driven decisions, enhance customer experiences, optimize supply chains, and ultimately drive sales and profitability. Neural networks in retail have the potential to revolutionize the industry by enabling retailers to harness the power of data and gain a competitive edge.