LONDON--(BUSINESS WIRE)--As a part of its new article series that analyzes COVID-19’s impact across industries, Quantzig, a premier analytics services provider, today announced the completion of its recent article – ‘Four Unknown Benefits of Market Basket Analysis.’
The article also offers comprehensive insights on:
- The benefits of market basket analysis
- Why businesses should leverage market basket analysis to thrive in the post-pandemic world
Human activity has slowed down due to the pandemic, but its impact on business operations has not. We offer transformative analytics solutions that can help you explore new opportunities and ensure business stability to thrive in the post-crisis world. Request a FREE proposal to gauge COVID-19’s impact on your business.
“Market basket analysis can be used effectively to increase the overall spending from the customer by placing complimentary items close together or bundling such items at a discounted price,” says a market basket analysis expert at Quantzig.
Recent advancements in data analytics technology have opened up a world of possibility for players in the food and beverages sector to increase their operational efficiency and delight their customers. The advancements have increased to such a level that data scientists have been able to create algorithms that accurately predict the next group of items you are about to buy based on a certain group of items that were previously purchased. For instance, people who buy beer and plastic mugs are more likely to buy chips as their next item. Similarly, retailers can create relationships between specific items and accurately predict which items will be purchased next by assigning a certain level of probability
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Benefits of Market Basket Analysis
1: Helps in setting prices
2: Arranging SKU displays
3: Customizing promotions
4: Identifying sales influencer
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Market basket analysis is one of the most commonly used retailing techniques to increase sales. By leveraging market basket analysis retailers can determine product affinity and understand the reason behind products purchased together.
At Quantzig, we analyze the current business scenario using real-time dashboards to help global enterprises operate more efficiently. Our ability to help performance-driven organizations realize their strategic and operational goals within a short span using data-driven insights has helped us gain a leading edge in the analytics industry. To help businesses ensure business continuity amid the crisis, we’ve curated a portfolio of advanced COVID-19 impact analytics solutions that not just focus on improving profitability but help enhance stakeholder value, boost customer satisfaction, and help achieve financial objectives.
Impactful articles from our COVID-19 resource library:
- Why Covid-19 Is a Shot in the Arm for Digital Ecommerce Companies | Quantzig
- Analyzing the Impact of COVID-19 on the Health and Wellness Sector
- Is COVID-19 Disrupting the US Food Supply Chain? | Here’s Our Take
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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