Market Basket Analysis
Market basket analysis is used to get insights in sales and profit margin by categories and locations. It is used behind the scenes for the recommendation systems used in many brick-and-mortar and online retailers. The learned association rules indicate the combinations of items that are often purchased together. Knowledge of these patterns provides insight into new ways a retail chain might decrease costs and increase revenue.
- Profit Margin
- Regional Revenue
- Incremental revenue
- Revenue and Cost of Marketing Campaign