Sections To Read
- Home Main Page
- Services You Could Avail Of By Partnering Me For Your Online Marketing Activity
- About Me
- Contact Me
- What People Have To Say About Pervara
- Posts And Articles From Guest Bloggers
- Your Contribution To This Blog As Guest Blogger
- #AFFILIATEFORBUSINESS 6 IDEAS Excellent Marketing Resources For Start - Ups, Freelancers, Self - Employed, Small Businesses, Writers, Creative People, SEOs, Technical People, Professionals, NGOs, And Many More
- #KeyResources FOR BRANDS AND BUSINESS TO GET MAXIM...
Social Media Network - Marketing by Pervara Kapadia is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.
Based on a work at pervarakapadiaatmoney.blogspot.com.
Permissions beyond the scope of this license may be available at http://pervarakapadiaatmoney.blogspot.com/.
Thursday, October 22, 2009
Market Basket Analysis is used to identify or gain interesting insights into the way customers buy items. It finds out the combination of items which are most likely to be bought together. For example buying milk and bread together can lead to buying butter. Identifying such patterns from the transaction data collected over the years provide new window of opportunity to explore and understand the purchasing behavior and thus can be used to increase sales through cross selling and targeted marketing. Market basket analysis is not limited to retail sales but are applied to a wide range of areas like analyzing credit card purchases, fraud detection for insurance claims and so on. Data Mining technique called association rule mining is usually used. Algorithms like FP-Growth and Apriori algorithm are usually used for mining the transaction data to get the desired patterns.
Posted by Pervara Kapadia at Thursday, October 22, 2009