Market Basket Analysis
Market basket analysis works on association rules and frequent patterns, enabling bundling and cross-market opportunities. This data product will form the rules based on the items purchased from the vast transaction database. For instance, a customer buying a laptop also purchased Bluetooth speakers and games CDs. These frequent items occurred together in 700 transactions out of 1000 transactions. It shows that if the vendor bundles these 3 items together either by racking them in the market or prompt them together on any e-commerce platform, there is a huge chance to get more business, and probably 700 may change to 1400 + or even more.
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