LONDON--(BUSINESS WIRE)--Quantzig, a global data analytics and advisory firm, that delivers actionable analytics solutions to resolve complex business problems has announced the completion of its latest success story that explains how market basket analysis in data mining proved to be crucial for an organic foods retailer to effectively plan their store layout resulting in a 50% rise in quarterly sales.
The retail industry in Germany is highly fragmented owing to the rapid pace of technological developments and the ongoing digital shift. To thrive in such a competitive scenario, businesses must leverage advanced analytics tools to cater to the dynamic needs and preferences of their customers. Market basket analysis empowers retailers to identify product groups that a customer is more likely to buy, given a previous purchase or a contemplated purchase history.
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Challenges Faced by the Organic Food Retailer:
• Lack of a cross-selling strategy for their products
• Inefficient inventory management system
• Inability to identify product affinities and correlations between products purchased
Although market basket analysis offers a clear picture of shopping carts and product correlations, its important to realize that there are several other areas where it can used. Contact our analytics experts for more insights.
Market Basket Analysis in Data Mining Comprised of Three Phases:
Phase 1: The first phase focused on market basket analysis in data mining and an in-depth analysis of transaction-level data to build a foundation for the new data model that supported the analysis.
Phase 2: The second phase of this engagement focused on analyzing market basket data to discern patterns in the extracted datasets.
Phase 3: The final phase revolved around the creation and implementation of a database to design and support various hierarchies of market basket analysis in data mining.
Despite the technical challenges involved in leveraging market basket analysis in data mining, expert recommendations can help you drive outcomes. Request a free demo to get started!
The use of market basket analysis in data mining enabled the client to:
- Decrease their marketing budget by 15%
- Better judge the overall effectiveness of their campaigns
- Design and deploy a new warehouse architecture that used market basket analysis in data mining
- Read the complete success story for comprehensive insights: http://bit.ly/2E2WcZo
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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