Statistical model refers to a mathematical framework used to analyze and predict various aspects of the retail industry. It involves collecting and analyzing data to gain insights into consumer behavior, market trends, and sales patterns. These models employ statistical techniques to identify relationships, correlations, and patterns in the data, enabling retailers to make informed decisions.
Statistical models can be used for demand forecasting, inventory management, pricing optimization, customer segmentation, and targeted marketing strategies. By leveraging historical and real-time data, these models help retailers optimize their operations, improve sales, enhance customer experience, and maximize profitability. Ultimately, statistical models in retail provide valuable insights and aid decision-making by utilizing the power of data analysis and statistical methodologies to drive business success.