Basket analysis allows retailers and FMCG manufacturers to deliver a superior end-to-end experience to each shopper, says IRI-Aztec.
Successful retailers and FMCG manufacturers have one thing in common. They understand the more they know about their customers' buying behaviour, the better they can meet their customers' buying needs.
The ITWeb Business Intelligence Summit 2015, to be held on 17 and 18 March at Vodacom World in Midrand, will feature a presentation by Roland Larson, BI analyst at IRI-Aztec South Africa, who has over nine years of experience in FMCG data analysis.
The presentation will focus on basket analysis for better customer profiles and increased profits. "Basket analytics is the study of shopper information, such as quantity, value and combination of products purchased within the shopping basket," says Larson.
He cites several benefits of basket analysis. "It allows retailers and FMCG manufacturers to deliver a superior end-to-end experience to each shopper, as well as have consistently more profitable shopper relationships. Moreover, it ensures much lower shopper churn and allows these players to be first to market with commercially-successful innovations."
Larson adds basket analysis enables retailers to uncover what their customers are spending their money on, what items they are buying together, and how they are reacting to promotions and suchlike.
Basket analysis helps retailers and FMCG manufacturers reach a superior understanding of their customers' buying behaviour, which in turn can lead to better decisions filtering down through the organisation, in terms of pricing strategy, customised offers and similar initiatives.
However, to be truly effective, basket analysis needs close scrutiny of transaction level-details over a lengthy period of time, and can mean the examination of millions or more transactions.
This is no easy task, and is only made possible through advances in today's BI tools, as well as processing technologies. Larson will discuss how retailers and FMCG manufacturers can leverage the solutions and best practices available today, to turn basket analysis into actionable insights.
C-level executives and other senior business and IT decision-makers will gather at this 10th business intelligence summit in March for two days of intensive debate and networking, followed by half-day workshops on the third day. Click here to find out more.
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