Kx Systems, a Data Analysis Software vendor has launched Kx for Retail Range Optimization for retailers to get easily actionable insights on product assortment through basket analytics.
By this new launch from Kx Systems, retailers can access basket analytics on historic and real-time datasets to understand affinity, product substitutability and loyalty. Users can specifically maximize the advantage of the platform to identify:
Once retailers accomplishing basket analytics, after that they can use machine learning to cluster products depends on importance and substitutability metrics, allows users to identify customer decision partitions based on grouping of products. It creates decision tree and that allows user to get insight on product partition.
Its unique dashboard shows insights into key product-level metrics that offers retailers to decide which products to focus based on different customer segments. It also enables “what-if?” simulations to understand the commercial impact of any ups and downs in pricing and promotional strategies.
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