Product Affinity, Market Basket Analysis And Business Analytics: Turning The Kaleidoscope Of Data To Discover Value

By Manthan Systems

Access to point-of-sale data has transformed the retail businesses by suddenly throwing open new insights from data that were hitherto not captured. This knowledge has empowered the retailers with an ability to understand their business better and use these insights for accurate decision-making.

Various statistical techniques can be used in the right combination to analyze data and arrive at trends and patterns that lead to increased sales and thereby directly impact the bottom-line and result in profitability. Using these techniques, retailers can categorize customers by the products and services they choose, identify patterns to plan cross-selling campaigns, analyze and target customers based on product-centric purchase histories and patterns, plan multi-product promotions based on customer response, arrive at customer probability to buy additional products, measure shifts in customer behavior and locations, compare segments – the possibilities are endless.