Understanding the product relationships in the market basket is key to driving up the order size or basket size. The results from this case study showed that adding one more item to 10% of the baskets can increase sales by 5%.
An fast emerging area of business analytics is Pattern Based Analytics (PBA). This has been launched due to the very large amounts of data and need for analytics that can reveal meaningful patterns that businesses can act on. A typical reaction to the large amount of data is “If I had seen this coming sooner, I could have acted faster, decreased my risk and enhanced my opportunities for growth. Pattern Based Analytics typically requires focus on a business areas, e.g. Sales, Marketing, Finance, etc. The key to Pattern Based Analytics is automatically revealing intelligence that is hidden in the data/information.
By John Maller
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Posted in Uncategorized
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Also tagged buying patterns, cross sell, customer buying pattern analytics, merchandising, multichannel ecommerce, pattern based analytics, product affinity, retail, suggestive selling, unstructured data, upsell
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Analytics on corporate data will also become pervasive. Companies are demanding this. The analytics will be contextual, as this is required for analytics to automatically make sense out of data. The analytics will be agile and companies will be able to pour their data in, and watch the results take shape. Much like Google analytics on web traffic.
February 22, 2010 – 6:35 pm
Why do business users have ugly, clunky software that is expensive to implement and difficult to use? That is very unfortunate. When the new wave of kids who grew up with iPods and Facebook enter the work force, will they throw out all the clunky enterprise apps? Absolutely!! Replace with pretty, Facebook like apps. Business analytics needs to be that easy to use.
February 4, 2010 – 4:05 pm
Just read a great article by Amanda Ferrante based on an interview of Leslie Hand, Research Director at IDC Retail Insights for Retail Touchpoints. The interview focused on providing new strategies to optimize the value of IT in 2010, as IDC Retail Insights unveiled its Top 10 Predictions for the retail industry. The IDC report explored [...]
By John Maller
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Posted in Uncategorized
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Also tagged adjust price, analytics, buying patterns, consumer spending, cross sell, demand intelligence, fast implementation, IDC, margin, multichannel ecommerce, product affinity, retail, retailers, sell through, suggestive selling, upsell
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February 2, 2010 – 7:55 am
As you investigate analytics for your business, here are a few best practices:
- The analytics need to be focused by business function.
- The analytics needs to answer the question “What do I do with this result” and “what is the business value”.
- The analytics should make your job easier, and the recommendations should want you coming back to it over and over again.
By John Maller
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Posted in Uncategorized
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Also tagged affinity, analytics, buying patterns, cross sell, merchandising, multichannel ecommerce, patterns, product affinity, retail, suggestive selling, upsell
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December 18, 2009 – 4:38 pm
I was meeting with Martin, the CEO of a fortune 1000 Company. He talked about sales productivity as a significant opportunity and an area of strategic focus for 2010. “We have been selling this product for years. Yet, every day is ground hog’s day for our sales reps. What I mean by that is [...]
By John Maller
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Posted in Uncategorized
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Also tagged b2b ecommerce, b2c ecommerce, cross sell, customer buying patterns, demand intelligence, ecommerce, multichannel ecommerce, online marketing analytics, product affinity, suggestive selling, upsell
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December 1, 2009 – 10:30 pm
Track sales transactions to understand your customer’s buying patterns, establish a more relevant product mix, satisfy more people and sell more.
By John Maller
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Posted in Uncategorized
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Also tagged analytics, buying pattern analytics, cross sell, crosselling, customer buying patterns, customer fulfillment, customers, demand, demand shaping, merchandising, multichannel ecommerce, online marketing analytics, order fulfillment, retail, substitution, suggestive selling, up-selling, upsell, upselling
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November 3, 2009 – 9:27 am
Demand shaping is the ability to guide customers to the best choices at point-of-sale. This is the key to increase revenue and supply chain efficiency. However, demand shaping needs product intelligence at point-of-sale to guide customers to the best choices.
By John Maller
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Posted in Uncategorized
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Also tagged analytics, buying pattern analytics, crosselling, customer buying patterns, customer centric, demand sensing, demand shaping, merchandising, multichannel ecommerce, online marketing analytics, point of sale, POS data, retail, up-selling, upsell
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October 15, 2009 – 6:37 pm
Buying patterns are real, and they manifest themselves in how customers buy combinations of options. With the computing power we have available today we can detect and capture them. These patterns can then be used to design “house specials”, forecast future sales, and guide customers to what we want to sell them.
By John Maller
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Posted in Uncategorized
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Also tagged analytics, buying patterns, choice combinations, crosselling, customer fulfillment, customers, online marketing analytics, patterns, POS data, product affinity, product choices, profit, sales, sales analytics, upsell
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