LONDON--(BUSINESS WIRE)--Quantzig, a global analytics and advisory firm that delivers market analytics solutions to resolve complex business problems, announced the completion of their latest market basket analysis study for a leading food retailer. The client is a well-known player in the food retail industry with 300+ stores located across different geographical locations. With continuous changes in the food retail industry, the client was finding it difficult to track the changing customer purchasing behaviors. They wanted to leverage Quantzig's analytics solutions to predict their purchasing patterns and make well-informed business decisions regarding products promotions, product placements, displays, target messaging, and store segmentation.
Market basket analysis is an effective technique used by large retailers to uncover associations between items. It offers detailed insights into transactional datasets, which helps retailers to analyze relationships between the items that people buy. Such techniques also help retailers to identify product combinations that frequently co-occur in transactions and determine associations between customers and their purchase patterns. The data obtained from market basket analysis can be leveraged by retailers to devise effective pricing models to improve revenue.
“Market basket analysis solutions offer in-depth insights into how purchases of products correlate with customers’ needs and helps them identify unique cross-sell and up-sell propositions,” says an expert from Quantzig.
Request a free proposal if you need help conducting an effective market basket analysis.
Quantzig's market experts leveraged transaction-level customer data to devise a data model that can support market basket analysis as the client did not have a data management system. This helped them to enhance marketing effectiveness and identify advertisement opportunities for products with high affinity. The market basket analysis conducted by Quantzig also helped them analyze the overall effectiveness of the marketing campaigns and reduce the company’s marketing spend by 7%. Based on the expertise delivered by Quantzig, the client was able to predict future purchases of customers over a period of time, which helped them in accurate allocations of resources to different items of the inventory.
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Quantzig's market basket analysis approach helped the client to:
- Reduction in the company’s marketing spend by 7%.
- Identify advertisement opportunities for products with high affinity.
- Want to improve your market basket analysis approach, Get in touch.
Quantzig's market basket analysis solution offered predictive insights on:
- Analyzing the overall effectiveness of the marketing campaigns.
- Developing ETL processes for incremental data.
- To know more about solutions to challenges facing the food retail industry, Request more information.
About Quantzig
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal
