Market Basket Analysis in data mining is a key technique that helps retailers to uncover dealings between consumers and items. It looks into a combination of items that figure regularly in transactions of a consumer. The technique is based on the theory that if a person buys or does not buy certain items, they are more likely or less likely to buy a second group of items. Organizations leverage this technique to understand customers better and use this understanding to drive sales.
Outsource2india has over 24 years of experience in Market Basket Analysis. As a leading Market Basket Analysis Service Provider, we have assisted retailers to discover unknown facts about consumers, financial institutions to understand credit card purchase decisions, call centers to uncover calling patterns, medical insurance companies to identify fraudulent claims, and so on. Our market basket analysis services are driven by a team of data analysts and programmers with cross-functional expertise and the advanced skill sets to determine precise analytical solutions for businesses.
Market Basket Analysis Services We Offer
We have been catering to the needs of global clients for over two decades now and understand each customer's unique requirements and provide them with services that are tailored to meet their needs. We offer a range of market basket analysis services. These include -
Market Basket Analysis for Affinity Analysis
We specialize in affinity analysis and help our clients identify relationships between buyers and the attributes linked with their habits. We leverage data mining techniques to understand customer behavior so that our clients can influence buyers for repeat purchases. We have linked affinity analysis with expected ordering time thus helping companies turn campaigns into a robust and formidable, repeat-purchase-process.
Market Basket Analysis for Association Rule
Our Association Rule Mining process has helped our clients discover correlations between data sets that are independent data repositories, such as transactional databases and relational databases. While on the one hand retailers have used this service of our to collect data about purchasing patterns on the other hand we have even assisted doctors to use association rules to help diagnose patients and help developers with data on how visitors interact with their website.
Market Basket Analysis for Value Proposition
Our value proposition services using market basket analysis helps to compare and map data sets to understand the value proposition that has been delivered and can be delivered by an enterprise. Our clients have used this service to understand the primary reason their customers buy from them. Our drilled down service has even assisted our clients to determine whether people will bother reading more about their product or not. Understanding the value proposition in the right perspective has helped our clients up the ante in a competitive landscape.
Market Basket Analysis for Understanding the Voice of the Customer
Voice of the Customer helps you understand your customer's feedback on their experiences with and expectations with your products or services. We collate data gathered from baskets to analyze them and give you an understanding of customer expectations, needs, understandings, and product improvement, all of which add up to reflect the customer's voice. Our market basket analysis services have helped marketers catch the pulse of the customer's voice and accordingly tailor customer expectations.
Market Basket Analysis for Cross/Up-Sell Opportunities
We use market basket analysis to help our clients identify cross-selling opportunities. We leverage advanced arithmetical ad-hoc clustering function and blend it with market-basket analysis to tell our clients where they might be missing on increased sale opportunities. As a result of this analysis, our clients can quickly find out customers who can be targeted to buy more. Given that it costs several times more to acquire a new customer, compared to selling to an existing one, we have helped our clients grow revenues with fewer expenses.
Market Basket Analysis for Customer Segmentation
Customer segmentation involves categorizing customers based on information gathered about their interactions with the business. We make use of explanatory models of multi-category choice behavior to display category purchases and drops. Our clients leverage this service to typically estimate across-category effects of marketing-mix variables on purchase possibilities for a determined set of product categories. With this service, we have helped marketers to identify the customer segments for which they need to do email promotion.
Market Basket Analysis for Customer Targeting
With this service, we assist our clients to serve the customer better by keeping their customers at the forefront and then approaching them with products or services. It essentially means that banks read the need of the customer even before the customer realizes it. We leverage all the available data with banks to carry out a market basket analysis that helps to unearth different pairings of service offerings that are being accepted by the customers and all those possible baskets that can be lapped up by the same customers.
Market Basket Analysis for Comprehending Purchase Behavior Patterns
We help our clients leverage market basket analysis to discover the purchasing pattern of customers. By availing of this service, most of our clients have been able to evaluate the relationship between products, and consumers and use this data to launch new products or better pricing models for maximum returns. We have assisted our clients understand customer behavior under several variable conditions, thus helping the retailer robustly determine the connection between products and buyers and acquire the inside knowledge of customer buying behavior.
Market Basket Analysis for Market Assessments
Market assessment helps businesses gather inference into the market viewpoint, recognize business opportunities for better investment and growth, determine marketing activities in more concrete ways, and have the best inputs for decision making. Market Basket Analysis helps to collect data as per the need to refine and investigate it to draw the right insights. Our market basket analysis services explore, analyzes, and interprets raw data into useful information for insights that help in improving efficiency.
Market Basket Analysis for Campaigns and Loyalty
With this service, we assist our clients to carry out effective data-driven campaigns for higher sales and reward customer loyalty. With the help of refined and targeted analysis, we help you uncover how customers come back and shop more often with you. Our clients have banked on our service to have more number of returning visitors; fine-tune loyalty-program emails to cater to customers taste, enhance revenue with loyalty ads.
Market Basket Analysis for Willingness to Pay
Understanding Willingness to pay can help businesses to come out with the best products within a certain price range. In other words, willingness to pay can be defined as the maximum amount a customer would want to pay for a particular product or service. It varies from customer to customer, but an average price can be determined by analyzing the data available with a business. We combine market basket analysis with conjoint analysis - a special survey, in which customers rank different bundled features - to help businesses rightly know what the correct pricing for a product for wider acceptance would be. This service has helped our clients take the right decision to gain maximum on pricing.
Market Basket Analysis Process We Follow
As a leading Market Basket Analysis Services Providing Company we follow a proven and predetermined process to provide the best basket analysis outcomes for our clients. It consists of the following steps -
01. Understand Requirements
We sit with the customer to understand their problem areas and source of data. Based on this idea we get a comprehensive idea of the model to be adopted to get the outcome. We adopt different models for different needs like predicting user intent, lead scoring, account-based marketing, etc.
02. Data Loading
In this stage load data from all the available sources on the system or component level. Once the loading is done the analysis process starts. It entails detecting and correcting irregularities due to various problems in the loading and measurement process. The problems commonly show up in the form of drifts, spikes, or offsets that are corrected before the analysis.
03. Data Analysis
We identify the parameters for the data to be analyzed and follow it up with embedded analytics. We identify potential rules, and commonly use the data mining algorithm ‘Apriori algorithm'. The algorithm systematically identifies item sets that spring up frequently in the data set and defined by a pre-specified threshold and compute the results of all possible rules that are greater than a pre-specified threshold.
04. Data Analysis Output
Data output involves the representation of the data in a format that helps in drawing insights. This is primarily provided in a graphic form and addresses the concerns raised by the client. The choice of the data output format and presentation is primarily driven by the inference that is being drawn from the market basket analysis. This may be either be a bar chart or a pie chart or a histogram or line chart.
Other Services You Can Benefit From
Benefits of Outsourcing Market Basket Analysis Services
As a leading provider of Market Basket Analysis, we provide a countless number of benefits to our clients. These include -
We help our clients with highly affordable and flexible pricing options that will suit their business requirements. Our pricing packages help clients to save on costs and invest them in their core competencies and provide their clients with the best quality services at all times.
We are an ISO/IEC 27001:2013 ISMS certified organization that ensures that all the data you share with us is completely safe. We ensure that the information is handled only by authorized personnel and not divulged to any third party with permission.
We have access to the best and the latest infrastructure to provide clients with the best quality market basket analysis services. We have access to the latest analysis tools and technologies along with international standard office spaces.
Market Basket Analysis Experts
We are driven by a team of experts with wide experience in designing market basket analysis solutions. Our experts specialize in creating advanced and multiple queries and utilizing complex variable creation to assess data quality and data architecture. They back this with recommendations for improving data and performing advanced data analysis and back it with the best visualizations for presenting a solution.
Hands-On Experience on Projects
We have catered solutions to meet a wide variety of requirements for a range of clients across the industry spectrum. From helping retailers to set up stores to increase revenue to assist them to maintain inventory; from assisting marketers in content placement and creating recommendation engines to helping the travel industry come up with the best of customer loyalty campaigns we have helped several industries get highly targeted solutions.
Enhancing Client Satisfaction
We have kept all our clients happy by meeting their diverse requirements to take correct decisions and gain a competitive edge. This includes correctly analyzing changing customer preferences, overcoming disconnected processes, providing trend information, offering personalized and relevant information to buyers, and identifying the right technology that the process is lacking for enhanced efficiency.
The primary benefit of our services is helping our clients get the best return on investments. For instance, in the retail segment, our market basket analysis services have helped our clients increase sales by, enhancing the effectiveness of their marketing campaigns, streamlining the layout of their stores, and anticipating customer needs. Likewise for other industries too, we have deployed market basket analysis to identify product affinities and increase revenues.
24/7 Availability for Up-skilling
Our experts are available 24/7 and so our clients can seek our services at any point of time. This ensures our specialists work as a part of your extended office. So no matter what your needs and requirements are, we make ourselves available to meet your immediate analysis requirements or guide and train your staff round-the-clock.
We provide a one-stop solution for all market basket analysis needs. We deploy a project manager as a one-stop contact to provide updates for all project requirements. This ensures that your project delivery meets the deadline as well as the targeted solution you are seeking. This guarantees complete satisfaction to our clients.
Client Success Stories
O2I Provides Top-quality Primary Research Services to Leading Trade Advisors in China
A client from Shanghai wanted primary research services. Our market researchers provided the services to the Chinese client quickly.Read more
O2I Provides Primary and Secondary Research Services to Leading Digital Transformation Company
A digital transformation provider based in Ohio required primary and secondary research services. Our team provided the services quickly.Read more
Outsource Market Basket Analysis to Outsource2india
The services that Outsource2india provided helped us achieve substantial cost and time savings on several difficult projects. Their prompt attention to our requests and attention to detail is excellent.Senior Vice President,
Automotive & Transportation Industry Solutions Group More Testimonials »
For over two decades we have assisted various businesses to better understand the relationships between their products or services and their consumers. Therefore, our understanding of the techniques of extracting value from transaction data is sophisticated enough to give you a correct understanding of the needs of your consumers. Our experts bank on a range of tools to analyze your data and specialize in identifying the best rules to pursue the best results. Our end-to-end knowledge of market basket analysis along with a gamut of other market research services and our commitment to providing high-quality services help us to provide the most precise outcomes along with absolute data security and time-bound service delivery.
If you too are looking for the best market basket analysis services in India, get in touch with our experts now.
Market Basket Analysis Services FAQs
What is meant by market basket analysis?
Market basket analysis is the identification and analysis of purchases that commonly happen together, such as customers buying bread and peanut butter at the same time.
What is market basket analysis used for?
The most important use for market basket analysis is to cross-sell products based on the purchase behavior of shoppers.