How Deep Learning Solves Retail Forecasting Challenges

We've all seen the impact of being data-obsessed in the retail industry. While Amazon shapes the future of its business and the industry at large using insights gleaned from troves of data, many retailers are struggling to implement a data-driven mindset across the organization. Artificial intelligence is the key to unleashing value from retail datasets, particularly those used to forecast future demand. Accurate forecasts are critical for retailers (and the industries that rely on them for distribution, like consumer packaged goods) as they depend on these predictions for revenue and operational management. Forecast too much demand and you'll be left with excess inventory, while a short-sided forecast can leave the consumer empty-handed.