The "Market Basket Analysis on Online Retail Data" project aims to leverage advanced data analysis techniques to gain valuable insights into customer behavior for a UK-based online retail business. By examining transactional data spanning from December 1, 2010, to December 9, 2011, the project seeks to uncover patterns and associations among products purchased together. This analysis will provide actionable insights to enhance the company's in-store customer experience, improve customer loyalty and retention, maximize revenue and profitability, tailor marketing strategies, and optimize stock levels, ultimately leading to a more efficient and customer-focused retail operation.
Project Contributors: Kuzi Rusere
Introduction: In the rapidly evolving landscape of online retail, understanding customer behavior is paramount. The "Market Basket Analysis on Online Retail Data" project delves deep into the transactional data of a UK-based online retail company, spanning a critical period from December 2010 to December 2011. By employing sophisticated data mining techniques, this project endeavors to unearth hidden patterns within customer purchase histories, identifying products that are frequently bought together.
The objective of this project is to transform raw data into actionable insights. By answering questions like "Which products are commonly purchased together?" and "What are the preferences of different customer segments?", the project will provide strategic guidance to the retail business. These insights will enable the business to enhance the in-store customer experience, tailoring the placement of products to customer preferences. By optimizing stock levels and suggesting personalized product offerings, the project aims to improve inventory management, reduce carrying costs, and minimize stockouts, leading to a more efficient supply chain.
Furthermore, the project seeks to bolster customer loyalty and retention by understanding individual customer preferences. By offering personalized discounts, promotions, and product recommendations based on market basket analysis, the retail business can foster lasting customer relationships, driving revenue growth. Additionally, the analysis will inform marketing strategies, allowing the business to create targeted campaigns that resonate with specific customer segments, enhancing customer engagement and increasing conversion rates.
In essence, this project represents a strategic initiative to harness the power of data-driven decision-making in the realm of online retail. By unlocking the secrets hidden in customer transactions, the project endeavors to empower the business with the knowledge needed to adapt, evolve, and thrive in the competitive world of online retail.
MBA streamlit App URL: https://kkrusere-market-basket-analysis-on-the-online-re-mba-app-oi5iot.streamlitapp.com/