How and why you should run a market basket analysis for your eCommerce brand
A market basket analysis can help you improve conversion rates for products, increase average order value, and improve your customer lifetime value.
- “A market basket analysis helps you better understand purchasing patterns.” @jadesai94 #DTCPOD
- “Doing a basket analysis can show you combinations of products that are most frequently occurring together in your orders.” @jadesai94 #DTCPOD
- “A basket analysis can help you optimize your conversion rates, your average order value, and your customer lifetime value.” @jadesai94 #DTCPOD
We Speak About:
- [00:56] What is a basket analysis
- [01:26] How a basket analysis can help optimize your business
- [02:31] Ways to use a basket analysis
A market basket analysis should be a standard analysis for any eCommerce brand with multiple SKUs
Better understanding customer purchasing patterns is a primary factor for increasing sales.
So what strategies can a brand initiate to gain a greater understanding of their customers' relationships with their products?
A basket analysis is a data mining technique used to identify purchasing patterns and optimize conversion rates, average order value, and the overall customer lifetime value.
This strategy can help to give suggestions in terms of cross-selling and promotions to increase overall sales.
Stay tuned as we discuss specific strategies to use when conducting a basket analysis.
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More on running a market basket analysis: https://gecdesigns.com/blog/how-can-market-basket-analysis-help-e-commerce-business
An example of running a market basket analysis: https://smartbridge.com/market-basket-analysis-101/