Open Access
Journal Article
Advanced Analytics for Market Basket Analysis
by
Olivia Brown
Abstract
The paper delves into the realm of advanced analytics, focusing specifically on the application of sophisticated techniques for market basket analysis. Market basket analysis is a critical tool for retailers and businesses aiming to understand consumer purchasing patterns and optimize product placement and recommendations. This study introduces a comprehensive framework that in
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The paper delves into the realm of advanced analytics, focusing specifically on the application of sophisticated techniques for market basket analysis. Market basket analysis is a critical tool for retailers and businesses aiming to understand consumer purchasing patterns and optimize product placement and recommendations. This study introduces a comprehensive framework that integrates advanced analytics methods to enhance the accuracy and depth of insights derived from traditional market basket analysis. The paper outlines various advanced analytical techniques, including machine learning algorithms, clustering, and predictive modeling, which are employed to uncover hidden patterns in customer buying behaviors. These methods are demonstrated through a case study involving a large-scale retail dataset, showcasing the ability of advanced analytics to identify significant associations and potential cross-selling opportunities. The findings highlight the importance of incorporating these advanced tools into market basket analysis for more informed decision-making and strategic planning.