Comparison Between Elementary Network Structure and Prophet Model for Time-Series Forecasting: Merchandise Sales

In order to maximize the profits of supermarkets, this article discusses different models in relation to time series prediction, based on previous time points, to help with setting the merchandise price. In detailed, we compared 2 deep learning methods(BiLSTM and Transformer) and Prophet model for predicting the future sales information. The overall dataset comes from certain information in the cost unit price of each category in a certain market within continuous 61 days. We evaluated these models based on the gaps bewteen their predictions and actual values, as well as the model’s Interpretability. Our results indicate that the BiLSTM model could predict smoothly, while the Transformer excels in short-term prediction accuracy. The Prophet model, though less precise, offers valuable insights into seasonal patterns. We find that no single model is universally superior; instead, their efficacy varies with the nature of the sales data. A combined approach, utilizing the strengths of each model, may provide the most comprehensive forecasting strategy. This study underscores the importance of model selection in enhancing retail pricing strategies through accurate sales forecasting.