Market basket analysis is a technique used by retail businesses to understand the relationships between products and improve sales. By analyzing transaction data and identifying frequently co-occurring products, retail businesses can gain insights into which products are often purchased together and use this information to optimize their product placement and promotions.
AI and machine learning (ML) can play a key role in market basket analysis by automating the process of identifying frequently co-occurring products and providing insights into which products are often purchased together. By training an ML model on transaction data, our solution can identify patterns and anomalies that may indicate relationships between products and help retailers optimize their product placement and promotions.
RapidCanvas AI Solutions impacting Market Basket Analysis
Increase in sales
Improvement in customer satisfaction