First Published at DnI Institute
Market Basket Analysis (MBA) is one of the commonly used analytical framework in Retail Industry. It can very well be leveraged in other industries and applications.
Some of the key questions Market Basket Analysis (MBA) tries to answer are
- Should we perform market basket analysis at a product level or category level?
- Do we have information on sequence of products buying in a basket or customer visit?
- Which are products bought together by the customers?
- Can we conclude if product ‘A’ sale drives product ‘B’ sales?
- What product categories are bought together?
- What product is to be recommended given a customer has bought a product or a group of products?
Read More: Market Basket Analysis Step By Step