A company working on retail Business having different domains products for selling.Company’s main domains of products are Food products and Furniture/office equipment’s and stationery.company wants have to be work on different strategies for increase their sales.Company provided different datasets of their customer purchase data & sales, users data.by analysing this data applying data science algorithms and statastical techniques to make an optimum profit for the company.
In retail world, businesses require an organized method to analyze customer’s buying behavior and keep them engaged in the buying cycle. Only an apt analysis of customer behavior can drive desired revenue and profits.
Identification of customer segments acts as a basis for an efficient plan to predict and target potential customers. Additionally, analysis of customer behavior plays a crucial role in evaluating the lifetime value of customers.
The Apriori algorithm is used for mining frequent itemsets and devising association rules from a transactional database. The parameters “support” and “confidence” are used. Support refers to items’ frequency of occurrence; confidence is a conditional probability.
Items in a transaction form an item set. The algorithm begins by identifying frequent, individual items (items with a frequency greater than or equal to the given support) in the database and continues to extend them to larger, frequent itemsets.
Post Event Analysis (PEA) is an important step in determining if an event has achieved the expected goals and success. This analysis helps sales executives drive better strategizing and decision-making, while also enabling marketers to leverage well-informed promotional opportunities.
It enables organizations to analyze promotions more effectively As a part of this analysis, they can also determine exactly which factors contributed to the effectiveness of the promotion, or the lack of it.
Demand Forecasting is the pivotal business process around which strategic and operational plans of a company are devised. Based on the Demand Forecast, strategic and long-range plans of a business like budgeting, financial planning, sales and marketing plans, capacity planning, risk assessment and mitigation plans are formulated.
Price elasticity of demand (PED) shows the relationship between price and quantity demanded and provides a precise calculation of the effect of a change in price on quantity demanded.
Price elasticity measures the responsiveness of the quantity demanded or supplied of a good to a change in its price. It is computed as the percentage change in quantity demanded (or supplied) divided by the percentage change in price.
