Market Basket Analysis, also known as association rule mining, is one of the most popular and powerful, yet simple technique to identify product associations or co-occurrences in the transaction data.
| The use of "suggested products" scored big among e-retailers in the study, which found an increase in suggestive selling via up-sells and cross-sells on both the product page (96 percent and 90 percent, respectively) and in the shopping cart (79 percent and 72 percent, respectively). |
- Ecommerce-guide.com
How can Market Basket Analysis empower your business?
- Develop profitable product bundles and promotions. Does store location have an impact on the basket?
- Target offers more precisely. Is the basket on weekdays different on weekends?
- Better inventory management. Can a low selling item be bundled with two other associated products?
- Identify interesting associations. Is sale of beer associated with sale of diapers?
- Increase size and value of basket of purchases. Can a price of one product be reduced while increasing the price of associated product?
- Optimized store layouts. Can associated products be placed together?
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Advantages of SmartBundleTM
- This tool can access data from most of the popular databases with easy-to-use User Interface.
- Supports creation of product hierarchy and mapping it with transaction data.
- The analysis can be conducted by various levels of product hierarchy.
- The analysis can be saved as project which can later be reused or copied.
- The results can be exported to Excel file for further use or analysis.
- Displays product associations in tabular as well as graphical format.
- The bundles can be created on the fly by clicking the associated products.
| Anand Melige, UK Mobile: +44-79186-57835 |
Nitin Godawat, India Mobile: +91-98867-47392 |
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Client Speak
‘‘...very easy to use. It has very nice Filtering & Visualization capabilities and it connects to all the data types - from simple CSV files to large databases. One of the things I like the most is the possibility of defining hierarchies and find association rules at all levels of these hierarchies. I had never seen that in other software.’’
Carlos Quintanilla, Ph. D.
Associate Professor
INCAE Business School
ConnatoTM
Personalized Recommendations
Offers recommendations at individual level based on customer’s past transactions and demographic profile. The solution can also help discovery of price of your products in an online environment.