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Market Basket Analysis

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.

Market Basket Analysis Expect

What to expect

  • 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

What you can achieve

Targeted and personalized Marketing
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
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
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.

Related offerings

Affinity/Market Basket Analysis

Understanding customer purchasing patterns through analysis of how products are purchased together

Labor Optimization

Labor productivity analytics focusedd on optimizing labor allocation to meet customer service levels

Market/Competitor Intelligence

Insights on market product and customer trends and how Ingles is performing compared to the industry

Supplier Management Scorecard

Consolidated holistic view to supplier performance, including metrics on vendor fulfillment performance, sales, profitability, inventory performance and product quality issues

Price Optimization Solution

A comprehensive solution that leverages pricing strategies, rules and statistical modeling to recommend optimal regular prices

Loss Prevention

Systematic insights that highlight loss trends and patterns and identify processes, products, vendors and associates that result in high losses

Assortment Optimization

Insights into assortment gaps (both across products and across stores), underperforming products and underserved customer needs.

Crisis Command Center

Navigate the business impact of any crisis with proactive response strategies to key risks related to Supply Chain, Sales, Finance and Workforce

Intelligent Customer Insights

Increase customer loyalty, minimize customer churn and drive more value from existing relationships

Intelligent Workforce Insights

Data driven actionable insights on workforce composition, recruiting, retention, diversity, turnover and Workforce ROI

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