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.