Market Basket Analysis Helped a Specialty Foods Retailer Achieve 3.5x Increase in ROAS | Quantzig’s Latest Success Story
LONDON--(BUSINESS WIRE)--Dec 2, 2019--
Quantzig, a global data analytics and advisory firm, that delivers actionable analytics solutions to resolve complex business problems has announced the completion of its latest market basket analysis engagement for a specialty foods retailer. This success story offers comprehensive insights into the steps adopted to help the client achieve a 3.5x increase in ROAS.
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About the Client: The client is a leading specialty food retailer based out of Denmark with several retail outlets spread across Europe.
The client’s challenges included:
- Inability to analyze customer data sets in real-time
- Lack of analytics capabilities and tools to analyze data
- Challenges associated with collecting and analyzing data sets from POS systems
According to the market basket analysis experts at Quantzig,“Market basket analysis is one of the most commonly used data modeling techniques that can help retailers analyze data sets to drive sales and improve marketing effectiveness by identifying product affinities.”
Are you finding it difficult to keep up with the evolving customer needs in the specialty food sector? If yes, we can help. Talk to our analytics experts to learn why market basket analysis is crucial from a business perspective.
Quantzig’s three-step approach to market basket analysis comprised of:
Step 1: Data Discovery and Integration
To find associations between purchases, its first essential for retailers to analyze data sets by collating data sets obtained from various sources within the organization.
Step 2: Data Filtering
The second phase of this market basket analysis engagement revolved around cleansing and filtering customer data sets using advanced algorithms and data filtering techniques.
Step 3: Creation of an Association Model Using Market Basket Analysis
The final phase of this market basket analysis study focused on the creation of an association model and dashboard for real-time data discovery and generation of recommendations.
We help retailers to perform a detailed analysis to identify factors curtailing growth and help adjust processes to drive profitability. Schedule a FREE solution demoto get a glimpse of our capabilities.
Market basket analysis enabled the specialty foods retailer to:
- Discover and analyze large volumes of POS data
- Enrich data sets from disparate sources into a single, unified view
- Achieve a 3.5x increase in ROAS
- Wondering how your business can benefit from market basket analysis? Request more information from our analytics experts.
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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INDUSTRY KEYWORD: FOOD/BEVERAGE RETAIL
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PUB: 12/02/2019 12:15 PM/DISC: 12/02/2019 12:15 PM