Market Basket Analysis
Actionable insights for cross selling across brands
Major consumer packaged goods manufacturer
Challenge
- Client was looking for innovative ideas to improve sales.
- Business needed better means to get an edge over competition other than promotions.
- A lot of data from various sources were available however it was organized enough to make insights out of it.
- Identifying products that may often be purchased together and arranging the placement of those items close by to encourage the purchaser to buy similar items.
Solution
- Analysis of consumer level transactional data to better understand and anticipate consumer needs by highlighting purchasing patterns.
- Identifying products that may often be purchased together and arranging the placement of those items close by to encourage the purchaser to buy similar items.
- Association Rules are used to predict the likelihood of products being purchased together.
Technologies
Benefits
- Cross sell models combined with marketing automation for retaining more consumers and generating more sales.
- Opportunity to rekindle relationship with a different brand.
- Increase in sales . Better shopping experience.
- Potential to identify actionable signals across penetration using basket adjacency, life cycle management and premiumization.