Insights on how to realize the benefits of new technologies.
In data analytics, understanding the nuances of computing two-way and three-way lift offers invaluable insights. These calculations reveal meaningful relationships and patterns within a dataset’s products. Two-way lift computation highlights associations between product pairs, illuminating their joint occurrence likelihood. Moreover, three-way lift enables triple-item relationship analysis, revealing subtle consumer behaviors that can fuel impactful marketing […]
Market Basket Analysis is the data mining method that allows the discovery of products purchased together at online and brick-mortar stores. However, when we have a long list of product combinations, an essential question is prioritizing them and learning which bundles are more critical. To solve this problem, we must ask: What is Lift in […]
Understanding their customers’ purchasing behaviors is critical to retailers. To this end, Market Basket Analysis is a preferred technique to uncover products purchased in bundles. This post shows an example of how to build a simple Market Basket Analysis in Tableau. Tableau is a relatively new business intelligence tool and has quickly acquired a sizable […]
Have you ever wondered how Amazon, Netflix and Spotify make product recommendations? At the heart of these systems is a technique called Market Basket Analysis. Defining actions around what products customers buy in bundles is a well-known marketing strategy. Nonetheless, some product combinations are easy to identify, while others need more analysis. Examples of Market […]