Market Basket Analysis
Market basket analysis scrutinizes the products customers tend to buy together, and uses the information to decide which products should be cross-sold or promoted together. The term arises from the shopping carts supermarket shoppers fill up during a shopping trip. The rise of the Internet has provided an entirely new venue for compiling and analyzing such data. This chapter discusses the key concepts of “confidence,” “support,” and “lift” as applied to market basket analysis, and how these concepts can be translated into actionable metrics and extended.
KeywordsAssociation Rule Orange Juice Transaction Data Data Mining Tool Market Basket
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