Basket Analysis is a widely used method to make forward-looking estimates by analyzing the shopping behaviors of customers. Based on Basket Analysis, companies aim to grow their sales via practices such as direct marketing, loyalty offers, campaigns etc.
Most of the customer purchases are based on specific goals and specific motives. Examining these motives, their effects and the events that trigger these motives, meaning customer-based behavior model for the purchase instantly and constantly, gaining insights from them and correlating these to define the actions that will make customers display the right shopping behavior at the right time and at the right spot should be the top priority.
Gaining new customers is a costly process for companies. Thus, companies prefer to increase their revenues using their current customers. Basket Analysis is one of the best analytical methods to achieve that.
Consulta analytical solutions identify customer behavior patterns based on the available databases of companies and make suggestions regarding visual and instant actions.
The benefits of Basket Analysis for the company are
• increased customer-based revenues through up-sell/cross-sell,
• direct marketing,
• loyalty programs,
• product placement/product distribution,
• customer-based campaign.