April 2, 2014

Convenience Stores Perform Market Basket Analysis To Increase Profitability

Market Basket

One of the most valuable pieces of information in the Convenience Store industry revolves around your customers’ buying habits, their market basket analysis.  Understanding your customers’ behaviors to develop effective merchandising strategies is key to protect and increase profits.  Market basket analysis allows management to quickly and easily look at the size, contents, and value of their customer’s market basket to understand the patterns in how products are purchased together, or basic product similarities. 

Business Impact’s business intelligence solution offers market basket analysis that can deliver near-instant results to encourage interactive analysis, enabling managers to drill down into customer buying patterns over time to precisely target and understand specific combinations of products, departments, brands, categories, sub-categories, and even time of day.

How Convenience Stores are leveraging Market Basket Analysis:

  • Develop more profitable advertising and promotions
  • Target offers more precisely
  • Attract more traffic into stores
  • Increase the size and value of the basket of purchases
  • Empower planners and merchants to make more informed decisions
  • Find the most valuable real estate space products sold together
  • Determine the “magic” price point for individual stores

And a ton more!!!

Business Impact has exceed their customers’ business intelligence reporting and analytics needs with offering additional key point indicators that could add additional value.  The beauty in this customized solution includes flexibility and ease of use that in turn offers capabilities to click and compare a variety of items or just one item to each store or one store, year to month to day, the data is all there, just select what you want and dynamically observe the store’s performance.

Watch this video for more information on market basket analysis for convenience stores.