A global data 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 engagement for a food retailer.During the course of this engagement, the market basket analysis experts at Quantzig adopted a comprehensive approach to help the client tackle their challenges and develop a highly scalable system.
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Market Basket Analysis Engagement for a Food Retailer (Graphic: Business Wire)
The retail industry is a highly fragmented and complex one. The rapid technological advancements and the ongoing digital shifts pose several problems for players in this sector. This is one of the main reasons why retailers are now looking at leveraging the use of analytic models and techniques to cater to the dynamic shifts in customer preferences. One such tool used by them is Market Basket Analysis. Market basket analysis empowers retailers to identify product groups that a customer is more likely to buy based on their previous purchase history.
However, only a fraction of the retail companies today make decisions based on their customers' purchase behaviors. This turns out to be a major roadblock for an industry whose sole purpose is to fulfill the needs of its customers. By leveraging market basket analysis retailers can develop appropriate strategies to reach their business goals.
The Business Problem: The client is a leading organic food retailer with business units spread across Southern and Western Germany. The client' major challenge revolved around improving sales. The client witnessed a depreciating profit margin for three consecutive years due to which they wanted to leverage market basket analysis to develop new cross-selling strategies and identify new sales opportunities.
Our market basket analysis expertise will help you gain clear insights into the purchase behaviors of various customer groups. Get in touch with our experts to know how market basket analysis can help you improve sales.
"As market leaders continue to capitalize on analytic techniques, a new predictive model of market basket analysis is paving its way across industries in an effort to identify consecutive purchase pattern," says a market basket analysis expert from Quantzig.
The Solution Offered:The market basket analysis experts at Quantzig adopted a comprehensive approach to tackle the client's challenges. As a result, the client was well positioned to identify profitable marketing campaigns and products with a high affinity. The ability to better judge the overall effectiveness of these campaigns resulted in a 15% decrease in the company's overall marketing budget. Also, by keeping track of key metrics like- average spend per basket and average profit per basket the client was able to track product affinity for their top-selling product categories.
To accurately predict consumer demand is not an easy task. Request a free proposal to know how our market basket analysis solutions can assist you in increasing sales.
Quantzig's market basket analysis solutions helped the client to:
- Increase quarterly sales by 50%
- Develop new products to cater to the needs of their customers
- Request a free demo to know how market basket analysis can help you gain a leading edge.
Quantzig's market basket analysis solutions offered predictive insights on:
- Implementing new dashboards
- Leveraging the use of transaction-level data
- Wonder how market basket analysis could open-up a world of new opportunities for your organization? Request for more information now!
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20190214005612/en/
Contacts:
Quantzig
Anirban Choudhury
Marketing Manager
US: +1 630 538 7144
UK: +44 208 629 1455
https://www.quantzig.com/contact-us
