topic Re: Market Basket in QlikView

Market Basket

Mon, 23 Dec 2013 05:43:20 GMT

Hi All!

I just want to inquire what applications can you suggest that can easily teach on getting the Market Basket.

I want to learn about it and want to ask what are the examples I can learn from.

Thanks,

Donna

Re: Market Basket

Tue, 24 Dec 2013 13:53:25 GMT

bump!

Re: Market Basket

Tue, 24 Dec 2013 14:18:23 GMT

What Is Market Basket Analysis?

Market basket analysis (MBA), also called product affinities, association analysis and association mining, is a marketing technique that facilitates the study of customer purchase trends together with the promotion and pricing of certain products. It reveals how purchase patterns shift with time and helps retailers understand product-timing dependencies, such as holiday or seasonal purchase trends. The purpose of a market basket analysis is to find dependencies and relationships between various retail products, on the basis of which retailers arrange catalog or shelf items, design promotions and build cross-marketing strategies.

I do not have an example to offer you but a Market Basket Analysis is sort of built into the QlikView Technology by default. In QlikView when you click on one item in a table box only those items that are correlated in the other table boxes will be available.

Say you want to know how many people who bought a box of cereal also purchased milk. If you have three table boxes, Grocery Product #1, Grocery Product #2 and Customers... when you select #1-Cereal, #2 Milk... The Customer box will already display those customers who bought both.

There is a lot of information online about Market Basket Analyses, I hope that was even remotely helpful.

Re: Market Basket

Fri, 27 Dec 2013 00:56:26 GMT

Hello Kaitlyn,

Thank you for your explanation. It was very helpful and I will try to search more about it. It will be great if one can give me an example so I can compare and analyze more. Thank you and good day!

Re: Market Basket

jagan — Fri, 27 Dec 2013 02:25:59 GMT

Hi,

Try this

http://snowplowanalytics.com/analytics/catalog-analytics/market-basket-analysis-identifying-products-that-sell-well-together.html

It has a detailed explanation with example.

Regards,

jagan.

Re: Market Basket

Wed, 01 Jan 2014 12:00:52 GMT

Hello Jagan,

Thank you for link. I will look into it.

Thanks!

Re: Market Basket

luciancotea — Wed, 01 Jan 2014 12:10:27 GMT

There is a famous example where an employee noticed that beer and diapers was a common (unusual) combination in the customers basket.

The explanation was that, after birth, the mom stays home while the dad is making the shopping.

As a result, they moved the premium beer next to the diapers and increased sales.

It doesn't matter if the legend is true, all it matters is that it shows what you should do with Market Basket Analysis: Extract Actionable Information.

Re: Market Basket

Wed, 01 Jan 2014 16:55:26 GMT

good explanation