The retail industry has always thrived on data. Understanding customer behaviour, predicting trends and optimising store performance is crucial for retailers to remain competitive. But, how do you forecast something as dynamic as footfall? Enter neural networks
What are Neural Networks?
Neural Networks are a subset of machine learning, inspired by the structure and functional aspects of the human brain. They comprise layers of interconnected nodes or “neurons” that learn from data by adjusting the connections between these nodes.
How Can Neural Networks Predict Footfall?
By considering all these parameters and more, a neural network can provide a holistic time series prediction, fine-tuned to the specificities of a location and time.
Three benefits of using neural networks to predict footfall
1. Staff Allocation
Retailers can allocate staff efficiently, ensuring maximum coverage during peak times and reducing overheads during predicted lulls.
2. Inventory Management
Predicting footfall allows retailers to manage their inventory better, ensuring they neither overstock nor run out of popular items.
3. Marketing Campaigns
Stores can time their marketing campaigns to coincide with predicted high footfall periods.
Interested in Harnessing the Power of Neural Networks?
At Retail Sensing, we’re at the forefront of integrating neural networks into footfall prediction. Our advanced solutions are tailored to meet the unique needs of every retailer, ensuring accurate, actionable insights. Whether you’re a small boutique or a large chain, we have the expertise to elevate your retail strategy to the next level.
For further information or to explore how we can collaborate, get in touch with us at Retail Sensing today.
Real World Footfall Predictions and Results
Download the pdf presentation: Predicting Future Footfall with Neural Networks: The Next Big Leap for Retail