Market Basket Analysis

Market Basket Analysis is used to analyze consumer behaviour and identify relationships between items that are frequently purchased together. It is used in various industries, including retail, sales, marketing, and e-commerce, to understand consumer purchasing patterns and make data-driven decisions.

After completing this free Market Basket Analysis course, you will understand different areas of consumer behaviour, purchasing patterns, inventory management and many more.

Great Learning Academy provides this Market Basket Analysis course for free online. The course is self-paced and helps you understand various topics that fall under the subject with solved problems and demonstrated examples. The course is carefully designed, keeping in mind to cater to both beginners and professionals, and is delivered by subject experts. Great Learning is a global ed-tech platform dedicated to developing competent professionals. Great Learning Academy is an initiative by Great Learning that offers in-demand free online courses to help people advance in their jobs. More than 5 million learners from 140 countries have benefited from Great Learning Academy's free online courses with certificates. It is a one-stop place for all of a learner's goals.

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Once you enroll in the Market Basket Analysis course, you have lifetime access to it. So, you can log in anytime and learn it for free online.

It is an entirely free course from Great Learning Academy. Anyone interested in learning the basics of Market Basket Analysis can get started with this course.

Yes, you will get a certificate of completion for Market Basket Analysis after completing all the modules and cracking the assessment. The assessment tests your knowledge of the subject and badges your skills.

Market Basket Analysis is a defined data mining technique retailers use to increase sales by understanding customer purchase patterns. The analysis includes analyzing huge sets of data like the purchase history to showcase product groupings and also the products that are most likely purchased together.

Yes, market basket analysis is a descriptive analysis. It is associated with association/affinity algorithms typically. Since it does not give insights into estimating what causes what, descriptive analysis is a little more than just a correlation.

Apriori algorithm is a popularly used algorithm in market basket analysis. It is a widely used and well-known association rule algorithm. 

The primary objective of market basket analysis is to discover products that customers would want to buy. It enables the sales and marketing folks to build more effective product placement, pricing, cross-sell, and up-sell strategies.

Apriori algorithm analyzes the sales pattern by recording the products bought. Suppose 40% of the customers buy product A, 35% buy product B and 25% buy both. The algorithm tells the retailer the buying pattern and helps the retailer to purchase a certain quantity of products and decide on pricing and other strategies.