Any successful campaign is gauged by the return on Investment that the campaign is able to drive for the firm. One of the top global analytics and advisory firm which delivers analytics solutions to help solve critical business problems had carried out a successful research on a marrket basket analysis for a leading retailer. Market basket analysis solutions assist companies to optimize their in-store operations based on the customers’ buying patterns and increase sales.
Retailers usually end up facing bottlenecks due to the growth that the e-commerce space is going through, like companies like amazon among others. Various trends are studied and constant effort is made to increase retail sales from both online and offline platforms. The buying pattern of the customers gives a thorough indication of the consumption pattern and eventually lays a foundation for the demand generation for the near future. One critical aspect becomes identifying the product combinations, which helps in discovering critical aspects of associations between customers and their buying patterns. All players are conducting macro level data crunching and using Big Data Analysis techniques to avail critical insights that their business problems seek.
Retailers are very very keen at understanding demand, retail market size, current retail market trends, quantity, and customer spending capacity and trends to understand the pattern in which products are purchased and increase their sales with the help improved market basket analysis solutions
LET US TAKE A CASE STUDY SHARED BY A TOP ANALYTICS COMPANY QUANTZIG:
The Business Problem: The client is a leading retailer with an annual revenue of $33 billion. The company has a workforce of over 38,000, globally. Continuous changes in the preferences and customers’ buying behavior was posing difficulties for the client. This forced the company to leverage Quantzig’s market basket analysis strategy and make crucial decisions regarding promotions, displays, product placements, store segmentation, customer segmentation and target messaging. They wanted to understand and cater to their customers’ changing purchasing behaviors and preferences.
The Solution Offered: The market basket analysis solution delivered by experts at Quantzig helped the client to understand the current retail market trends and customers’ behavior. They were able to predict their customer’s need and devise a retail marketing strategy that could address the company’s needs specifically. They gained the necessary insights required to optimize their campaigns and promotions in accordance with the changing retail market trends. Moreover, with the guidance of our experts, they were able to correlate market basket analysis with foot traffic counts and identify factors that resulted in sales. This successfully enhanced their ROI and helped them to identify target markets, current retail market trends, and enhance their customer-base by creating, delivering, and communicating a better customer experience. Still not sure of the product combinations you need to provide to your customers?
These thorough analysis helps client in acquiring:
- Optimize campaigns and promotions.
- Increase sales and improve ROI.
- Keeping a tracking mechanism going for all Campaigns
- Performance assessment and management
How Buying pattern impact is also attained by the analysis:
- Strengthening market effectiveness.
- Determining marketing strategies to retain customers.
- Optimize campaigns and promotions.
- Increase sales and improve ROI.
- Keeping a tracking mechanism going for all Campaigns
- Performance assessment and management.