Market Basket Analysis

Market basket analysis is a data science method used by retailers to identify relationships between products or services, and considering combinations of products that may be added together in purchases. 

The value of analyzing this type of data is that businesses can gain access to new insights, allowing them to place products with greater empathy close to each other to increase sales.

Retailers can use insights gained from market basket analysis in different ways, for instance, in gathering products to increase the likelihood of cross-selling; promoting relevant products with the help of recommendation engines, and in targeting marketing campaigns. 

You can check an example of market basket analysis from one of our use cases: Boosting Sales with Market Basket Analysis.