How Market Basket Analysis Can Help in Price Optimization | Quantzig’s Latest Success Story Offers In-depth Insights
One such tool is market basket analysis also known as affinity analysis.
Quantzig, a global data analytics and advisory firm, that delivers actionable analytics solutions to resolve complex business problems has announced the completion of their latest market basket analysis engagement for a leading organic food retailer. This success story investigates the factors that enabled the client to develop a new data model and discover new ways of using market basket analysis to gain meaningful insights into hidden customer purchase patterns.
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The retail industry as a whole is highly fragmented and complex owing to the rapid pace of technological developments and the ongoing digital transformations. To thrive in a complex business landscape retailers require specialized tools at their disposal to cater to the dynamic shifts in customer needs and preferences. One such tool is market basket analysis also known as affinity analysis. Market basket analysis empowers retailers to identify product groups that a customer is more likely to buy. Quantizg’s advanced market basket analysis framework enables retailers to find new and better ways of improving outcomes. This success story is one such example where we helped a leading organic food retailer to drive growth by implementing new methods of market basket analysis.
The Business Challenge
Retailers face challenges in deriving value from their data at every step of the process right from data acquisition to data integration and analysis. The client- a leading German organic food retail company faced challenges that spanned three core areas including:
- Lack of cross-selling strategies
- Inefficient inventory management
- Inability to utilize historical data
“Market basket analysis helps companies across industries to identify consecutive purchase patterns,” says a marketing analytics expert from Quantzig.
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The Solution Offered & Value Delivered
The organic food retailer collaborated with Quantzig to develop a new data model that would support the analysis. Our market basket analysis experts adopted a comprehensive approach to develop a highly scalable, reliable, and flexible new system with several benefits.
The market basket analysis solution empowered the client to:
- Identify profitable marketing campaigns and products with high affinity
- Witness a 15% decrease in the overall marketing budget
- Effectively plan their store layout that resulted in a 50% increase in quarterly sales
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Quantzig's market basket analysis solution offered predictive insights on:
- Designing and deployment of the new warehouse architecture
- Keeping track of key metrics like- average spend per basket and average profit per basket
Market basket analysis can help in developing new products without compromising on the market trends. Learn more about the benefits of market basket analysis.
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- Enhancing Sales Performance With the Help of Pricing Analytics for a Wine and Spirits Manufacturer
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About Quantzig
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
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