Market Basket Analysis

Gain visibility into customer demand and purchase patterns to drive sales.

What is market basket analysis?

Market basket analysis is a key data mining and statistical technique used by retailers to better understand consumer purchasing patterns. It works by analyzing customer purchases that frequently take place together and allows retailers to identify associations between items. When used appropriately, market basket analysis can be an effective tool in gaining an integral advantage in today’s retailer market by helping retailers gain the necessary information to not only better understand consumer behavior but also influence it. 

Retailers need analytics that go beyond dashboards

The retail landscape has changed with rising e-commerce sales and fast-paced digital disruption. ConverSight.ai uncovers associations between items to help retailers analyze customer behavior like never before to drive sales, promotions and discover valuable knowledge about unexpected trends and demand patterns.  

Promote like items that are commonly sold together to boost sales.

See what products have sold in the majority alongside other products.

Gain insight into what products customers are most likely going to want to purchase next to better forecast inventory levels.

The power of AI in market basket analysis

Retailers are turning to artificial Intelligence now more than ever to intensify the effectiveness of market basket analysis as the advanced analytics helps retailers simply identify combinations and associations between goods often left unleveraged. AI provides predictive recommendations and other results of market basket analysis, quickly becoming a necessity to keep-up in today’s forever changing market. 

Top Resources for Market Basket Analysis

Key elements of market basket analysis

Identify sales influencers

Improve promotions

Diversify Product Option Variety

Identify combinations left unleveraged

Predict products customers want

Increase overall customer satisfaction

Understand consumer behavior

Increase sales

Remove non-moving inventory

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