Market Basket Analytics
, broadly a type of marketing analytics
and a flavor of association analysis, is aimed at uncovering the associations and connections between specific objects, based upon the theory that if you buy a certain group of items, you are more (or less) likely to buy another group of items. Leveraging Market Basket Analysis
the analysts simulate product placements that frequently co-occur in transactions. For instance, people who buy baking flour also possibly tend to buy icing sugar.
Our experts can help with:
- Optimizing store layouts to ensure product placements that occur together close to one another and improve the shopping experience.
- Cross/Up selling by incentivizing customers to spend more on their shopping baskets.
- Informing the placement of content items on your media sites, or products in your catalogues
- Driving recommendation engines ? (customers who bought this also bought these products?)