A global data analytics and advisory firm, Quantzig, that delivers actionable analytics solutions to resolve complex business problems has announced the completion of its latest success story that sheds light on how market basket analysis can help in increasing sales in retail industry.
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Market basket analysis is one of the widely used retailing techniques to increase sales. Market basket analysis enables retailers to determine product affinity and understand the reason behind products purchased together. Knowledge of the products frequently purchased in a group enables retailers to efficiently plan their in-store layout. Retailers can also extract actionable insights from a market basket analysis and utilize it to develop new products without compromising on the market trends.
The client is a leading retailer of organic food products in Germany. The client was struggling to improve sales. When analyzed it was found that this food retailer lacked the necessary warehouse architecture to support market basket analysis. They were looking forward to developing a robust data model that would support this analysis. The key challenges of the client also included absence of an inventory management plan. This German food retailer collaborated with Quantzig to leverage market basket analysis to develop new cross-selling strategies.
Speak to our analytics experts to know how a marketing basket analysis can help forming a robust cross-selling strategy to improve profit margins.
Solution Offered and Value Delivered
The solutions offered by Quantzig’s market basket analysis experts empowered the client to develop a scalable and flexible new system with several benefits. Firstly, it helped the retailer to create a warehouse architecture to support market basket analysis, this warehouse architecture was completely data-driven. In the final stage the experts created a new dashboard to support market basket analysis.
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Quantzig's market basket analysis helped the client to:
● Increase quarterly revenue by 50%
● Design store layout
● Reduce marketing cost by 15%
● Quantzig’s marketing analytics solutions can be customized to help you tackle the growing challenges of the retail sector. Request for more information.
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal
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