Market Basket Analysis
The cost of new customer acquisition keeps increasing, leveraging existing customers and selling more to them is the best option for increasing sales. A market basket analysis solution provides your organization with a list of product cross-sell recommendations to increase revenue and profit with existing and new customers.
Market Basket Analysis Consulting
Dunn Solutions’ machine learning product recommendation algorithm analyzes historical buying patterns and preferences and predicts what customers will likely purchase together. This can be used to incent customers to add additional items to their shopping basket either through suggestion or discount. Bottom line, the size of the basket, revenue and profit increase.
The value from a market basket analysis will show you what products sell best together so you can make product recommendations that will increase the size of your customers’ market basket.
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How Can Dunn Solutions’ Market Basket Analysis Increase Cross-sales?
- Marketing: creating value by your customers with relevant suggestions instead of alienating them with general email blasts!
- Inventory Management: make sure you never run out of products whose sales that halo on other products.
- Proper Discount: Don’t discount items that are often sold together at the same time.
- Keep your recommendation engine up-to-date by incorporating shifts in purchasing patterns.
- Store layout: putting items that sell together adjacent to each other.
Combine Market Basket Analysis With Other Dunn Solutions’ Predictive Services for More Power!
The output of a market based analysis can be combined with other predictive models to handle cross-selling, up-selling, promotional discounting. Combining these predictive models further refines the target audience for specific offers.
For example, combine Market Basket Analysis and Promotional Pricing Modeling and you will never leave money on the table because it will identify products that you would have sold anyways without discounting. The result is more sales, satisfied customers, more revenue and more profit.
Sample Reports
The output from a product cross-sell report includes a list of products with its associated cross-sell product recommendations in order of its product affinity and lift in market basket analysis. As an option, a market basket analysis can provide a list of products with its associated cross-sell product recommendation by geography.
Market Basket Analysis; How Does It Work?
Dunn Solutions’ Market Basket Analysis is a service that uses a web-based interface to get your data, mine your data, create a product cross-sell model and make cross-sell recommendations. You provide sales and product data in a text file (we provide the format structure for you) and we do the rest. If there are issues with your data, you will be notified and given instructions on what to do to resolve the issues.
Once your product cross-sell recommendations are ready, a list of products and their top 3 recommendations is provided for download. We also provide a product recommendation by geography option. This option makes recommendations taking geographical region into account for a more refined result.
Does Your Market Basket Analysis Require More Refinement?
Does your market basket analysis require a more custom approach? Dunn Solutions’ data scientists can create a more advanced and sophisticated product affinity analysis to meet those needs. Simply contact us and we can discuss your special product cross-sell models.
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