What is meant by Shopping cart analysis?
"Basket analysis" refers to the examination of customer purchasing behavior by analyzing products that customers buy together or sequentially in a shopping transaction. This analysis helps businesses identify patterns and relationships between products, enabling them to develop cross-selling strategies or efficiently manage inventory.
Typical software functions in the area of "basket analysis":
- Product correlations: Identification of products frequently purchased together.
- Customer segmentation: Division of the customer base based on common purchasing behavior.
- Revenue analysis: Calculation of revenue contributions from individual products or product combinations.
- Recommendation systems: Provision of recommendations for complementary products or alternatives.
- Visual representation: Visualization of basket data through charts or dashboards.
- Real-time analysis: Immediate analysis of current transactions for timely decision-making.
- Historical analysis: Retrospective analysis of past transactions to identify longer-term trends.
- Integration: Linkage with other systems such as CRM or inventory management for comprehensive analysis.