Assisted a B2B retailer to create product bundles and develop pricing strategies so as to increase the revenue through upsell /cross-sell
产品
- Product Bundling
- Pricing Strategy
- Market Basket Analysis
技术栈
- Data Analytics
- Association Rule Mining
实施规模
- Enterprise-wide Deployment
影响指标
- Customer Satisfaction
- Revenue Growth
- Waste Reduction
技术
- 分析与建模 - 预测分析
适用行业
- 零售
适用功能
- 销售与市场营销
用例
- 需求计划与预测
- 库存管理
服务
- 数据科学服务
关于客户
The customer is a B2B retailer company operating in the retail industry. The company was looking to increase its sales from existing customers by creating customized offers. These offers included discounts and bundled offers. The company also aimed to reduce inventory levels of slow-moving SKUs to reduce costs and wastage. The company was seeking a solution that would give them a first-mover advantage and capture customer attention and loyalty.
挑战
The B2B retailer company was looking to increase sales from existing customers by creating customized offers such as discounts and bundled offers. This strategy was aimed at giving them a competitive edge in the market. Additionally, the company wanted to reduce inventory levels of slow-moving SKUs to reduce costs and wastage. The challenge was to analyze past purchase history, identify product associations, and determine appropriate discounts for SKUs for each customer.
解决方案
The solution involved dividing the entire customer base into 23 clusters based on their past purchase history. From a portfolio of 2500 SKUs, the top 40 SKUs were chosen for the bundling analysis. Association Rule Mining (ARM) / Market Basket Analysis was performed to identify product associations based on the past transaction history of a customer group in a given cluster. Discounts for each SKU were determined for every customer, considering the discount offered to similar customers in the past for the same SKU. The final discounted price of the bundle was obtained after computing the ratio of the quantities of both the products in the bundle. An additional discount was calculated to make the bundle more attractive while still making a healthy profit of 10%.
运营影响
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