Rapid-I knows, what customers are going to buy

Data Mining Software RapidMiner enables automated product recommendation systems and predictions of buyers’ decisions based on intelligent market basket analysis
Market basket analysis enables predictions of which products customers are going to buy (PresseBox) (Dortmund, Germany, ) In the fierce competition among retailers, only those survive in the long run, that manage to quickly recognize and best serve the needs and desires of their customers and that at the same time optimally utilize their sales and margin potentials. Data mining has proven to be a powerful tool in this endeavour by helping to identify customer needs and to serve them to maximize customer satisfaction and retention on the one side and profits on the other side.

Customer cards and loyalty bonus programs have become common among retailers. On one hand, customers are bound by granted bonuses, and on the other hand, retailers gain enormous amounts of data about customer histories. Re-occurring patterns in customer behaviour enables predictions of the customers’ behaviours and of their interests. However, these enormous amounts of data make a manual use of the data infeasible. The solution is RapidMiner, the leading open-source data mining software. RapidMiner finds previously unknown useful patterns in the customer transaction data. In contrast to classical hypothesis- or query-based data analysis tools, the user does not need to know in advance, what exactly he is looking for. Instead, RapidMiner leads the user to the relevant information. The analysis of the customer transactions provides insights into the customers’ behaviours and allowing to predict their buying decisions and to increase sales and profits by recognizing and utilizing up- and cross-selling potentials. In an up-sell, a customer buys a higher-valued product or service than originally planned. An insurance company may for example sell to a customer not only the requested basic car insurance, but possibly upgrade it to include additional features with an extra price tag on them like included insurance coverage for rental cars in foreign countries, if the customer likes to travel. The customers thereby receives a higher-valued product better tailored to his needs, while at the same time the insurance company achieves a higher profit margin with that customer. So, at the end, both are more satisfied thanks to the merits of data mining. In a cross-sell, a customer buys further products in addition to the product he originally planned to buy. In order to achieve this, online retailers recommend related products to the one currently selected, e.g. products other customers bought together with the product at hand. An insurance company may for example offer a life insurance in addition to the requested car insurance, if the customer asks for a quote for an insurance for his family car. If done well and matching the customers life situation, context, interests, and desires, this leads to significantly increased customer satisfaction and loyalty. Using intelligent market basket analysis and mining customer histories, RapidMiner enables both retailers and sales departments to identify and appropriately leverage such up- and cross-selling potentials. Training courses and services provided by Rapid-I, the company offering this powerful open source data mining software free of license fees to end-users, help companies to get started quickly with RapidMiner and with boosting their businesses.

About RapidMiner:

RapidMiner is he leading open source data mining software ( www.RapidMiner.com ). Accordiung to a poll of the most important web portal for data mining and knowledge discovery, KDnuggets.com, in May 2008 among 347 data mining experts, RapidMiner is the most widely used open source data mining tool, the second most frequently employed software for data analysis overall. A study of the Technical University of Chemnitz presented at the international Data-Mining-Cup 2007 (DMC-2007) compared the major open-source data mining tools and found RapidMiner to be the leading open-source data mining software outperforming the others especially with respect to its advanced technology and to its usability. Within its "Innovation Award 2008", the German initiative for small and mid-sized businesses ("Innitiative Mittelstand") awarded RapidMiner as one of the most innovative open source solutions.
RapidMiner has thousands of users in more than thirty countries world-wide. During the last three years, RapidMiner was downloaded more than 300,000 times. RapidMiner has thousands of users in more than 30 countries world-wide. During the last three years, RapidMiner was downloaded more than 300,000 times. RapidMiner provides more than 500 different modules for detecting patterns in data and for their 2D and 3D visualisation. RapidMiner supports data import from common data formats of other data mining tools, Excel sheets, SPSS files, all common databases, and unstructered text documents like news texts, e-mail messages, web pages, web blogs, PDF documents, as well as time series and audio data.

About Rapid-I:

Rapid-I ( www.rapid-i.com ) is a provider of predictive analytics, data mining, and text mining software, solutions, and services offering its customers automatable intelligent data analysis of large amounts of data and text including automatically generated classification and forecasting systems. The open-source data mining specialist Rapid-I enables other companies to use the latest technology for intelligent data analysis and for the discovery of still unused company knowledge from existing data. Rapid-I won the highly rewarded Open Source Business Award (OSBA 2008). Rapid-I has a broad user and customer base in more than 30 countries world-wide including top companies like Ford, Honda, Nokia, Miele, Philips, IBM, HP, Cisco, Merrill Lynch, BNP Paribas, Bank of America, mobilkom austria, Akzo Nobel, Aureus Pharma, PharmaDM, Cyprotex, Celera, Revere, LexisNexis, and Mitre as well as many small and mid-sized companies. Rapid-I is headquartered in Dortmund, Germany. Besides of its since 2001 continuously improved data mining software RapidMiner, Rapid-I offers its customers a broad range of services including consulting, trainings, professional support, software development, customization, and extensions as well as complete data analysis services from a single source. Further information is available at www.rapid-i.com .

Address: Rapid-I GmbH, Stockumer Straße 475, 44227 Dortmund, Germany
Press contact: Nadja Mierswa
E-Mail: press@rapid-i.com
Phone: +49-(0)231-425-786-90
Web: www.rapid-i.com
Logos+Photos: www.rapid-i.com/...

Photo credits: © 2007 by Photographer manwalk, PIXELIO, www.pixelio.de


RapidMiner GmbH
Stockumer Straße 475
D-44227 Dortmund
Nadja Mierswa
Presse- und Öffentlichkeitsarbeit


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