Market Basket Analysis for Leading Retail and FMCG Brand
About Client
The client is a leading FMCG brand serving 6 billion people globally. The company markets its products in over 200 countries and territories worldwide and It is a $15 billion global company serving.
Challenges
Objective to analyze the items purchased by the customer and establish an associative relationship between the item purchased. It is used to profile a subset of transactions, identify patterns and to arrive at some business rules. The associative rules can be used to increase customer loyalty, increase sales and increase profits. Analyze the POS data and recommended changes to the usefulness of data for the following:
Improve sales by identifying sets of products sold together and reorganizing the store layout to keep such products close to each other
Improve the efficiency of promotions by promoting one set of products and have increases sales for the non-promoted products
Cross-selling – Up-selling of new products to the right set of customers
Our Solution
Diagnosing the challenges of the client, SPEC INDIA designed and developed a Business Intelligence and Analytics solution based on Tableau and R Studio, to understand the customer purchase behavior.
After analyzing the historical data, we underwent the following activities, as a part of the solution:
Explored the customer POS data of multiple retail stores
Build a dimensional model and consolidate the 5 years of historical data
Detailed categorization of sales transactions based on relevant data
Develop ETL Jobs for seamless integration and applied data cleansing
Build a Model and applied on training data sets
Aligned observations with business intuitions
Re-Build a Market Basket for a group based on age, gender, particular family type, time-specific
Predictive analytics dashboard representing data in a visual and interactive manner to identify customer buying patterns
Affinity analysis of sales patterns for product categories, subcategories, and items
Cutting edge machine learning algorithm to optimize marketing strategy in real-time
Similar Project Idea?
We have helped a number of global clientele with our analysis and reporting services to drive better performance based on data
Technologies & Tools
Our Process
Research/Analysis
Our detailed and accurate research , analysis, and refinement leads to a comprehensive study that describes the requirements, functions, and roles in a transparent manner.
Design
We have a team of creative design experts who are apt at producing sleek designs of the system components with modernized layouts.
Coding
Our programmers are well versed with latest programming languages, tools, and techniques to effectively interpret the analysis and design into code.
Testing
Quality is at the helm of our projects. We leave no stone unturned in ensuring superior excellence and assurance in all our solutions and services.
Launch
We have a well-defined, robust, and secure launch criteria that offers us a successful implementation clubbed with detailed testing, customer acceptance and satisfaction.
Business Benefits
The data-driven decision helped the business to add the recommendation to a customer during purchase for products
The promotion offered on non-pick days helped to improve the operational efficiency
Build a sales strategy based on customer type for up-selling and cross-selling
Optimize the layout to put the frequently purchased items together
Targeted and optimized marketing campaigns and messages
Well-defined and augmented promotional events
Recommendation engines
New product placements
Effective cross-selling
Optimized inventory layout and maintenance
Store planograms, segmentations
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