Basket Analysis in Practice: Mathematical Models and Applications in Offline Retail
The foundation of every business model is a deep understanding of the customers’ preferences. Basket analysis can be used to reveal valuable insights into these preferences by analyzing massive transactional data sets that are nowadays available to bricks-and-mortar retailers. Within this contribution we review some of the requirements and mathematical methods that comprise the term basket analysis. Further, we discuss applications that leverage the discovered information and outline some of the challenges that the authors faced when applying basket analysis techniques in practice.
KeywordsBasket analysis Data analysis Descriptive statistics Offline retail Shopping cart analysis Shopping behavior
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