LONDON--(BUSINESS WIRE)--Quantzig, global data analytics and advisory firm, that delivers actionable analytics solutions presents a new case study series that sheds light on how market basket analysis can help food retailers drive better outcomes. To thrive in today’s complex retail industry, businesses must analyze customer preferences and purchase patterns. Advanced analytics tools and data modeling techniques can help companies analyze customer data sets in real-time. Market basket analysis is one such technique that offers unprecedented insights into large datasets including- purchase history, information on product categories, and frequency of purchase. Using market basket analysis retailers can uncover relationships between different product categories and build targeted campaigns to generate new revenue.
To sustain a competitive edge in today’s retail sector is not just challenging but close to impossible for new market entrants owing to the developments and technological advancements within the industry. In such a scenario, it’s crucial to up your game using analytics. Request a FREE proposal to learn how we can help you.
The transformation of the COVID-19 outbreak into a pandemic has brought about significant shifts in business processes, especially in the retail sector. Moreover, the pandemic is also provoking severe budgetary strains in many segments of the economy, due to which retailers are forced to scale down operations to balance the financial impact of the crisis. In this case, the client wanted to apply market basket analysis to drive marketing effectiveness and campaign success rates.
According to Quantzig’s market basket analysis experts, “To identify associations between purchases, its first essential for retailers to analyze data sets by collating data sets obtained from various sources.”
Book a FREE Demo to learn more about the business benefits of market basket analysis with real world examples.
How Quantzig’s COVID-19 business support solutions can help food retailers
- Our specially curated analytics solutions focus on ensuring business continuity to help businesses navigate the crisis
- We also offer access to a library of best practices and analytics methodologies that can help businesses carry out operations smoothly by identifying the COVID-19 impact areas
- Our services involve combinations of components like portal access, ad-hoc/steady projects, and consulting services
To know more about the challenges facing the food retail market and how analytics can help you overcome them, speak to our analytics experts now!
Market Basket Analysis Engagement Overview:
We worked with a leading European specialty foods retailer, to build a market basket analysis solution using their existing BI platform. With the help of market basket analysis, the specialty foods retailer was able to increase the effectiveness of their marketing campaigns and optimize the layout of their stores to increase sales & profitability across its retail outlets.
Market basket analysis helped the client to:
- Discover and analyze large volumes of POS data
- Enrich data sets from disparate sources into a single, unified view
- Deploy a market basket analysis dashboard to quickly identify product affinities across the assortment
- Achieve a 3.5x increase in ROAS
With over 15+ years of experience in offering advanced analytics solutions, our analytics experts have developed a comprehensive solutions portfolio that can help you extract more value from your investments by leveraging analytics at strategic points in the value chain. Request more information to learn more about our capabilities and analytics offerings.
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