The use of big data analytics is vital for consumer
product and retail companies to remain competitive. The use of
these tools helps to build business strategies that directly affect
the bottom line and can transform the way companies conduct
business.
SOURCE: NEWVANTAGE VENTURE PARTNERS, BIG DATA
EXECUTIVE SURVEY 2017 (PDF, 16 PP.)
Increase Demand and Basket Size of Purchases
Have you ever asked yourself why companies like Amazon, Target,
and Walmart recommend goods that are exactly what you are looking
for? This is not a coincidence. These companies have developed data
analytics strategies that aim to increase the average size of a
basket of purchases. The tool that is most commonly used by these
companies is Market Basket Analysis (MBA), which is a data-mining
tool that seeks to find co-occurring relationships in
customers' purchasing behavior and recommend other goods for
purchase.
