Market Basket Analysis
In a hyper-competitive landscape, with increasing customer acquisition costs, customer retention can become a viable strategy for growth. Increasing retention by even as little as 5 percent can boost profits by as much as 95 percent. To help enterprises generate more sales from existing customers, CMOs should discover and optimize the right purchase impulses at the right moment for customers. Market Basket Analysis helps CMOs in monetizing customer behavior by evaluating their purchasing trends and influencing purchasing decisions.
- Understand customer purchasing patterns
- Identify purchasing trends of a specific SKU
- Determine substitute and complementary product
- Recommendations on product adjacencies
- Identify different velocity items
- Record seasonal basket variations
Targeted and personalized Marketing
With a deeper understanding of product relationships and purchase sequences, you can identify and track customers who have purchased a given product. With personalization, you can craft tailored messaging to create more effective marketing campaigns
Up-Sell and Cross-Sell more effectively
Identifying connections and correlations between products and product groups assist your recommendation engine rules and algorithms to increase conversions. It can suggest product adjacencies to increase sales.
Improve Merchandising
Intelligence on consumer purchase patterns and product affinities helps you create more effective bundled offerings while avoiding promotions of substitutes. Along with that, you can provide a more effective assortment with relevant offers, improved shelf layout, aisle displays, and more.
Case Study
Understanding customer purchasing patterns through analysis of how products are purchased together
Labor productivity analytics focusedd on optimizing labor allocation to meet customer service levels
Insights on market product and customer trends and how Ingles is performing compared to the industry
Consolidated holistic view to supplier performance, including metrics on vendor fulfillment performance, sales, profitability, inventory performance and product quality issues
A comprehensive solution that leverages pricing strategies, rules and statistical modeling to recommend optimal regular prices
Systematic insights that highlight loss trends and patterns and identify processes, products, vendors and associates that result in high losses
Insights into assortment gaps (both across products and across stores), underperforming products and underserved customer needs.
Navigate the business impact of any crisis with proactive response strategies to key risks related to Supply Chain, Sales, Finance and Workforce
Increase customer loyalty, minimize customer churn and drive more value from existing relationships
Data driven actionable insights on workforce composition, recruiting, retention, diversity, turnover and Workforce ROI