Magazine Article | August 24, 2011

Vendor Insight: What's In Your Basket? Market Basket Analytics Demystified

Source: Innovative Retail Technologies

By Andy Winans, QuantiSense

Market basket is a buzz word that's been circulating around the retail industry during the past decade yet, how many retailers are actually using it today? It's fewer than you think, especially retailers in the specialty store and department store markets. Let's back up for a moment and talk about what market basket is and what it does. At the most basic level, market basket is a type of analytics that gives retailers visibility into what items are selling together in their stores. It helps them see how customers are responding to promotions and what products are commonly linked to other products. The problem is that, when done well, this type of analytics can get extremely complex.

VIEW THE MAGAZINE ARTICLE!
Signing up provides unlimited access to:
Signing up provides unlimited access to:
  • Trend and Leadership Articles
  • Case Studies
  • Extensive Product Database
  • Premium Content
HELLO. PLEASE LOG IN. X

Not yet a member of Retail IT Insights? Register today.

ACCOUNT SIGN UP X
Please fill in your account details
Login Information
ACCOUNT SIGN UP

Subscriptions

Sign up for the newsletter that brings you the industry's latest news, technologies, trends and products.

You might also want to: