Welcome to Episode 4 of Retail Untapped — the new video series from 3×3 Insights covering news, trends, and insights across the independent channel.
In this week’s episode, we discuss The Importance of Basket Analysis.
Understanding purchase patterns in your store will push your business to new heights. This all begins at the basket level — what items do your customers often buy together? Which items lead to the highest basket rings? As you answer these questions, you’ll identify ways to increase your margins and drive more sales.
Be Specific: Start with a single item of interest, like a high-margin wine. Then study the data to look for product adjacencies.
Turn Insight into Action: Once you’ve identified a trend, use promotions or revise your store layout to increase sales of adjacent products even further.
Improve Customer Experience: From watching what is purchased and finding patterns, you learn more about your customers’ preferences. Turn this intel into a tailored shopping experience to boost loyalty.
It doesn’t matter whether you’ve owned a store for 4 years or 40; basket analysis will help you better understand your business so you can discover untapped growth opportunities.
Thanks for tuning in to Episode 4 of Retail Untapped. Come back on September 28th to hear more crucial coverage about retail and the independent channel.