Boosting Sales with Market Basket Analysis
Overview
Different clients behave differently reflecting their habits and preferences. In such a fiercely competitive environment service providers or retailers have to find a way to be prepared to offer and deliver the requested products or services in order to fulfill these various demands and improve sales.
Challenge
The unlimited shelf space and constant changes of available products or services requires a more complex decision-making process and uncovers new opportunities for improving sales with the support of the right tools.
Lisbon,
Portugal
Opportunity
Market Basket Analysis is one of the key methods for analyzing transactional data to find out which items are often bought together by a customer. Augmenting and enriching the customer basket with data from other sources allows us to develop models that perform the functions of the Recommendation systems.
This analysis will bring you several benefits such as help you optimize product placement, cross-selling or up-selling, and create personalized offers for each customer.