Market Basket Analysis
Market basket analysis works on the concept – if a customer buys one group of items, they are more or less likely to buy another set of related items. In retail, customers purchase items based on impulse, and market basket analysis works on this principle by predicting what the best chances of a customer making a purchase are and for which item.
Benefits for the company
Looking into customers data is the best place to look for potential buying impulses from which retailers have been profiting off it for years.
Type of expertise/ AI domain
Machine Learning and Data Analytics
Internal data required
Customer purchase data