We are using Market Basket Analysis, which is a key technique used by large retailers like Amazon, Flipkart, etc to analyse customer buying habits by finding associations between the different items that customers place in their “shopping baskets”. The discovery of these associations can help retailers develop marketing strategies by gaining insight into which items are frequently purchased together by customers. The strategies may include:
- Changing the store layout according to trends
- Customer behaviour analysis
- Catalogue design
- Cross marketing on online stores
- What are the trending items customers buy
- Customized emails with add-on sales etc..
In addition its popularity as a retailer’s technique, MBA is applicable in many other areas:
- Manufacturing: predictive analysis of equipment failure
- Pharmaceutical/Bioinformatics: discovery of co-occurrence relationships among diagnosis and pharmaceutical active ingredients prescribed to different patient groups
Market Basket Analysis
0
TRAINED IMAGES
ACCURACY
We are using Market Basket Analysis, which is a key technique used by large retailers like Amazon, Flipkart, etc to analyse customer buying habits by finding associations between the different items that customers place in their “shopping baskets”. The discovery of these associations can help retailers develop marketing strategies by gaining insight into which items are frequently purchased together by customers. The strategies may include:
- Changing the store layout according to trends
- Customer behaviour analysis
- Catalogue design
- Cross marketing on online stores
- What are the trending items customers buy
- Customized emails with add-on sales etc..
In addition its popularity as a retailer’s technique, MBA is applicable in many other areas:
- Manufacturing: predictive analysis of equipment failure
- Pharmaceutical/Bioinformatics: discovery of co-occurrence relationships among diagnosis and pharmaceutical active ingredients prescribed to different patient groups