Market Basket Analysis
Focusing on product-centric to customer-centric within the lifecycle has emerged as a framework in the over-time stages; the relationship between customers and retail business. Starting early in the customer lifecycle is with limited data, but will gradually accumulate the amount of data from the customer as the progress of the data is collected. Customer Development is important because of these key factors: · Increase usage of current products · Sell additional (cross-sell) products · Sell higher margin (up-sell) products · Personalized communications and offers for specific customers · Market-basket analysis to identify opportunities for cross-promotion (Kenan-Flagler Business School). Market basket analysis is commonly uses as three domains: 1. The method of personalized recommendations 2. Used as spatial distribution of items leading to more sales 3. The creation of marketing strategies focusing