A step-by-step guide to Market Basket Analysis

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Introduction

As retail business owners, knowing your customers is imperative. But what would you do and where do you start?

In this article, we will be introducing a way you can get to know your customers using hard data and a widely-known concept known as Market Basket Analysis.

What is Market Basket Analysis?

Market Basket Analysis is a technique commonly used by retailers to identify associations between different items within a transaction database. Often, these associations can be analyzed so that retailers can better understand patterns in the purchasing behaviors of their customers.

Depending on the business context, applications of such analyses can vary. …


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Joel Choe

A penultimate-year Data Science and Analytics undergraduate specializing in Artificial Intelligence

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