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Market Basket

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

7 Replies
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bump!

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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.

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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!

jagan
MVP
MVP

Hi,

Try this

http://snowplowanalytics.com/analytics/catalog-analytics/market-basket-analysis-identifying-products...

It has a detailed explanation with example.

Regards,

jagan.

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Hello Jagan,

Thank you for link. I will look into it.

Thanks!

luciancotea
Specialist
Specialist

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.

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good explanation