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Market Basket Analysis of a Health Food Store in Thailand: A Case Study
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Author(s): Kanokwan Singha (Panyapiwat Institute of Management, Thailand), Parthana Parthanadee (Kasetsart University, Thailand), Ajchara Kessuvan (Kasetsart University, Thailand)and Jirachai Buddhakulsomsiri (Sirindhorn International Institute of Technology, Thammasat University, Thailand)
Copyright: 2024
Volume: 15
Issue: 1
Pages: 14
Source title:
International Journal of Knowledge and Systems Science (IJKSS)
Editor(s)-in-Chief: Van Nam Huynh (JAIST, Japan)
DOI: 10.4018/IJKSS.333617
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Abstract
This article presents a market basket analysis of a health food store in Thailand. The analysis identifies data attributes that frequently occur together in the dataset. Frequent occurrences of data attributes representing customer purchasing behaviors are extracted as association rules using the frequent pattern growth algorithm. The generated associations are evaluated using standard measures based on occurrence counts and an additional financial measure. Marketing strategies in the form of cross-selling pairs of specific products are then designed based on the data attributes appearing in the significant associations. The cross-selling products are offered at discounted prices and promoted in marketing campaigns. A break-even analysis is performed to estimate the required number of additional sales volumes from each marketing campaign to compensate for the discounted prices. The presented use case demonstrates the effectiveness of extending the market basket analysis to include a financial measure that can lead to practical marketing campaigns.
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