Increasing the sales by recommending appropriate products
Customers usually don't buy just one product with accessories. Their shopping behaviour is often influenced by their lifestyle. We take historical sales data and based on correlations between the products and customers we determine which customers and how likely are they to buy. We feed our predictive model with these data and based on statistical calculations, resulting into recommender that recommends products customers needs or lacks, thus increasing sales. All this leads into increased sales, stronger customer loyalty, and higher conversion rate.
DICTIONARY:
APRIORI - Algorithm most commonly used to detect relationships between products.
Shopping cart analysis - Analysis that quantify relationships and their strength between products and/or product categories. Based on APRIORI algorithm.
Next best offer - A system that recommends what offer to make to their customers based on their previous purchases. It is preceded by a shopping cart analysis.
