A well-known market intelligence company, Infiniti Research, has recently announced the completion of their latest market basket analysis for an online retailer. The study highlights how the client was able to achieve a rise in their quarterly sales by 12%. Also, the study explains how Infiniti's market basket analysis helped the online retailer to create targeted marketing campaigns and recommend complementary goods related to their customers' previous purchases.
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Market basket analysis for an online retailer (Graphic: Business Wire)
As customers needs and preferences change with time, it has become imperative for retailers to keep track of customers' buying behavior and predict their purchasing patterns. Also, recent advancements in data analytics technologies have made it easier for online retailers to track customers' historical sales record. With this, companies that do not keep track of their customers' buying behavior would witness a decline in their sales rate. This makes it vital for online retailers to leverage market basket analysis to serve their customer base better.
Are you finding it difficult to track your customers' purchase patterns? Our market basket analysis can help. Request a FREE brochure to know more about our solutions.
The business challenge: The client is a leading online retailer in the US. The client was facing difficulties in tracking their customers' previous purchase history and buying patterns. This prevented them from creating products based on market requirements. The client also witnessed a major decline in their sales rate, which further affected their profit margin. With this, the client approached Infiniti Research to leverage their expertise in offering market basket analysis solution.
According to the experts at Infiniti Research, "Market basket analysis helps businesses maintain stocks in optimal quantity and improve cross-selling."
Market basket analysis can help you predict your customers' next purchases. Wondering how? Request a free proposal to know how our market basket analysis can help your business.
The solution offered: With the aid of Infiniti's market basket analysis, the client was able to identify the common purchase patterns followed by customers and combinations of products that frequently co-occurred in transactions. Also, Infiniti's market basket analysis helped the client to create new products and pricing models to drive revenue. With this, the client was able to refocus attention on customer needs and witness a rise in their quarterly sales by 12%.
Infiniti's market basket analysis helped the client to:
- Gain detailed information on customers' previous purchases and discounting strategies followed by major competitors
- Categorize products that customers bought together
- Wondering how your business can benefit from Infiniti's market basket analysis? Request more information from our experts!
Infiniti's market basket analysis offered predictive insights on:
- Developing new products based on market requirements
- Enhancing cross-selling opportunity
- Interested in achieving high growth for your business? Get in touch with us to know how our market basket analysis can help.
About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us
View source version on businesswire.com: https://www.businesswire.com/news/home/20190404005677/en/
Contacts:
Infiniti Research
Anirban Choudhury
Marketing Manager
US: +1 844 778 0600
UK: +44 203 893 3400
https://www.infinitiresearch.com/contact-us
