Advancing Retail Data Science: Comprehensive Evaluation of Synthetic Data

TL;DR

This paper presents a comprehensive framework for evaluating synthetic retail data, focusing on fidelity, utility, and privacy, to enhance data quality and security in retail analytics.

Contribution

It introduces a novel evaluation framework that differentiates data attributes and measures fidelity, utility, and privacy, advancing the assessment of synthetic retail data.

Findings

Framework ensures high fidelity, utility, and privacy in synthetic data.

Synthetic data effectively supports demand forecasting and pricing.

Differentiates between continuous and discrete data attributes for precise evaluation.

Abstract

The evaluation of synthetic data generation is crucial, especially in the retail sector where data accuracy is paramount. This paper introduces a comprehensive framework for assessing synthetic retail data, focusing on fidelity, utility, and privacy. Our approach differentiates between continuous and discrete data attributes, providing precise evaluation criteria. Fidelity is measured through stability and generalizability. Stability ensures synthetic data accurately replicates known data distributions, while generalizability confirms its robustness in novel scenarios. Utility is demonstrated through the synthetic data's effectiveness in critical retail tasks such as demand forecasting and dynamic pricing, proving its value in predictive analytics and strategic planning. Privacy is safeguarded using Differential Privacy, ensuring synthetic data maintains a perfect balance between resembling training and holdout datasets without compromising security. Our findings validate that this framework provides reliable and scalable evaluation for synthetic retail data. It ensures high fidelity, utility, and privacy, making it an essential tool for advancing retail data science. This framework meets the evolving needs of the retail industry with precision and confidence, paving the way for future advancements in synthetic data methodologies.