Market Basket Analysis: Not just good for dollar stores

RetailWire panelists recently discussed Family Dollar’s broader use of Market Basket Analysis. In my opinion, there are at least a few key benefits of market basket analysis, for any retailer not just Family Dollar:

1. Understanding the “market basket” of your best customers in particular is a key component of good Customer Relationship Management;
2. Market Basket analysis gives merchants a greater idea about the efficacy of cross-promoted categories;
3. Most important, this kind of tool can help management do a better job aligning store adjacencies, layouts and endcaps to actual shopping habits.

Family Dollar should benefit greatly from this study, and almost every other kind of retailer ought to go through the same exercise.

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