Market Basket
Optimise product bundles using advanced market basket analysis.
The Challenge
You sell your products in packages or bundles, but you're finding that whilst some perform well, others are not appealing to the customer, leading to inventory issues or inadequate sales figures. What is the best way to group your products or services, to maximise sales?
The Solution
Our market basket analysis reveal hidden links between your products that you never knew existed. We implement a bespoke market basket analysis on your transactional data to understand exact what your customers want and how best to arrange your products into packages to ensure that every customer finds something that suits their individual needs. We also analyse your competitors to help you understand where your product offering sits in relation to others in the market and recommend strategies to find the gap, before your competitors do.
Deliverables
Scripts that collate product and sales data into a format that can be used as input into our market basket algorithm.
A market basket analysis that provides insight into how to build packages that satisfy a particular customer need and surfaces combinations of your offering that work well together.
A report on competitor pricing and packaging, along with an analysis to identify gaps in the market and strategies for building packages that satisfy unfulfilled customer needs.
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The Outcome
Every one of your packages and bundles will be optimised for a particular target user group, enabling you to attract new customers and take market share from your competitors.
