What is the difference between bundle analysis and market basket analysis?

What is the difference between bundle analysis and market basket analysis?

Bundle analysis focuses on understanding which products are often purchased together as a package, while market basket analysis looks at the overall purchasing patterns of customers to identify associations between items.

Can you give me an example of bundle analysis?

Sure! An example of bundle analysis is a retailer offering a discount on a shampoo and conditioner set, analyzing sales data to see if customers buy them together more often.

How does market basket analysis help retailers?

Market basket analysis helps retailers by revealing customer purchasing habits, allowing them to optimize product placement, promotions, and inventory management.

Are there any tools for performing these analyses?

Yes, tools like R, Python libraries (like mlxtend), and specialized software like SAS and Tableau can be used for both bundle and market basket analysis.