We have been neck deep in shopping basket data from 60 small business users of our software. The data, 4,000,000 transactions worth, is helping us to develop some industry benchmarks on basket penetration by category
We were lured into this analysis by a question from a supplier to the channel. Once thing led to another and soon we were wading deep in data and creating several new reports to analyse basket data from several angles.
We’re seeing significant differences between rural, high street and shopping mall businesses. That’s to be expected though. The more significant difference is between the businesses themselves. We’ve ranked basket penetration across several categories and this helps us understand and compare businesses. So, we’ve taken this understanding and talked with several of the businesses involved to explain what we think the data means. The feedback from those businesses has been excellent … it’s beyond the traditional software company role but one we’re enjoying and learning from.
To see that one product category is in more than 50% of all baskets leaving the business channel and that in 60% of those cases it’s a single product sale. That’s a dangerously skewed business which needs to look at blance.