Tags:Business Data Analytics, Customer Behavioural Analytics, Data Science with R and Market Basket Analysis
Abstract:
A customer is a key-centric factor for any business to be successful. Conventional wisdom tells us that the cost of retaining an existing customer is far less than acquiring a new one. In order that a business has a sustainable growth, the retention of its old customer base and expansion of the new customer base is very critical. This demands from a business to understand the behaviour of its customers in relation to the business. Therefore obtaining a 360° view of its customers is crucial for a business looking for a competitive edge in the market. In such a scenario, Customer Behavioural Analytics plays an important role in leveraging data analytics to find meaningful behavioural patterns in the customer-specific business data. This project aims to understand the purchase behaviour of customers in the retail sector specifically of an Italian retail distribution company Coop in a single Italian city. Decoding the consumer behaviour is based on understanding how consumers make purchase decisions and what factors influence those decisions. This project also discovers existence of dependencies between customers, products and shops to highlight further insights about their behaviour. These meaningful insights will further help a business to implement strategies leading to an increased revenue through customer satisfaction.
Customer Behavioural Analytics in the Retail sector