Any successful campaign is gauged by the return on Investment that the campaign is able to drive for the firm. A global analytics and advisory firm, Quantzig, that delivers actionable analytics solutions to resolve complex business problems has announced the completion of their latest market basket analysis study 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.
At present, retailers are facing immense pressures due to the expansion of e-commerce, especially when it comes to bigwigs such as Amazon and Walmart Inc. Various trends are being analyzed to increase retail sales from both online and offline channels. Companies are tracking the buying pattern of their consumers and identifying the product combinations to discover associations between customers and their purchasing patterns. Retailers are employing data obtained from market basket analysis to develop new pricing models and analyzing big data to improve revenues for their businesses. They are even leveraging market basket analysis tools to analyze the changing retail market trends and market dynamics to gain a competitive edge in the market.
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.
“Retailers can easily determine retail market size, current retail market trends, quantity, and value of the customers’ market basket to understand the pattern in which products are purchased and increase their sales with the help improved market basket analysis solutions,” says an expert from Quantzig.
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?
Market basket analysis solutions helped the client to:
- Optimize campaigns and promotions.
- Increase sales and improve ROI.
- Keeping a tracking mechanism going for all Campaigns
- Performance assessment and management
Want to know how market basket application can assist you to optimize your in-store operations based on the customers’ buying patterns?
Market basket analysis solutions offered predictive insights on:
- 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.
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