Market Basket Analysis
Market Basket Analysis tells the story of what products people buy together.
Market Basket Analysis - tells you what your customers are buying together. What are all the combinations of products that make up the orders. 💡
This is the way to find out the combinations of orders that make up your highest volume or orders & revenue.
Are people buying more of product A + product B or product B + product C, etc.
This analysis will uncover associations between items!
You can use it to answer questions such as:
- What are customers buying in their orders?
- Are the upsells you are testing working?
- Should you be making product bundles?
- What packaging should you optimize for?
Market Basket Table
for example ---
Accessing the Market Basket Analysis
To access the Market Basket Analysis slice:
- Navigate to the left side menu to the Product Analytics category.
- Click on Market Basket Analysis.
Functionalities and Options
- Pick a date range for the table
- Search the entire table for specific products
- Add the table to a report or dashboard
|Number of Orders||The number of orders placed each day.|
|New Orders||The number of first-time orders placed each day.|
|Returning Orders||The number of repeat orders placed each day.|
|New Sales||Sum of revenue on first-time orders = gross sales - discounts - returns + taxes + shipping charges.|
|Returning Sales||Sum of revenue on repeat orders = gross sales - discounts - returns + taxes + shipping charges.|
|Gross Sales||Sum of gross sales = product price x quantity (before taxes, shipping, discounts, and returns).|
|Net Sales||Net sales does not include shipping charges or taxes. It will be a positive number for a sale on the date that an order was placed, and a negative number for a return on the date that an order was refunded.|
Feedback and Comments?
We'd love to hear your experience with our new product analysis feature. Let us know! [email protected].
Updated 7 months ago