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market-basket-analysis's Introduction

Market Basket Analysis

Part I: Research Question

DOI

1. Can we use the Market Basket Analysis model to identify the key associations of customer purchases?

2. This study aims to prepare data and use the Market Basket Analysis model to analyze customers' purchases and identify the key associations, providing recommendations.

Part II: Method Justification

1. The Market Basket Analysis is a modeling technique used by retailers to increase sales by better understanding customer purchasing patterns. The Market Basket Analysis analyzes the data set such as purchase transactions history to reveal product groupings and products likely to be purchased together.(TechTarget 2021) In Market Basket Analysis, association rules are used to predict the likelihood of products being purchased together. Associations rules count the frequency of items that occur together, finding association that occurs far more often than expected.(TechTarget 2021)

2. Transaction in the Dataset like list of purchase items in one transaction as follows:

i. Apple Lightning to Digital AV Adapter

ii. TP-Link AC1750 Smart WiFi Router

iii. Apple Pencil

Assumption:

The underlying assumption in Market Basket Analysis is that joint occurrence of two or more products in most baskets implies that these products are complements in the purchase. Therefore, the purchase of one goes lead to the purchase of others; in this study. (WordPress 2021)

Acknowledge Sources:

Towards Data Science. (2021, November 17) Market Basket Analysis. [Web Site]. Retrieved from https://towardsdatascience.com/market-basket-analysis-on-online-retail-data-24ee7214a762

TechTarget. (2021, November 17) Market Basket Analysis. [Web Site]. Retrieved from https://searchcustomerexperience.techtarget.com/definition/market-basket-analysis

WordPress. (2021, November 17) Market Basket Analysis. [Web Site]. Retrieved from https://sarahtianhua.wordpress.com/portfolio/market-basket-analysis/

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