Published November 17, 2021
| Version 1.0
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Can we use the Market Basket Analysis model to identify the key associations of customer purchases?
Description
The Market Basket Analysis is a modeling technique used by retailers to increase sales by better understanding customer purchasing patterns.
The Market Basket Analysis analyzes the data set such as purchase transactions history to reveal product groupings and products likely to be purchased together. (TechTarget 2021)
In Market Basket Analysis, association rules are used to predict the likelihood of products being purchased together. Associations rules count the frequency of items that occur together, finding an association that occurs far more often than expected. (TechTarget 2021)
Notes
Market Basket Analysis is that the joint occurrence of two or more products in most baskets implies that these products are complements in the purchase. Therefore, the purchase of one goes leads to the purchase of others; in this study.
(WordPress 2021)
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Additional details
Related works
- Is cited by
- Report: https://github.com/fadymissiha/Market-Basket-Analysis (URL)
References
- Towards Data Science. (2021, November 17) Market Basket Analysis. [Web Site].
- TechTarget. (2021, November 17) Market Basket Analysis. [Web Site].
- WordPress. (2021, November 17) Market Basket Analysis. [Web Site].