🎓 Definition
The Household Basket (previously known as the Housewife basket) refers to the list of products that are most commonly found in Customers' baskets. These products have the highest penetration rate (see Basket Penetration). It's worth noting that each channel - be it a Convenience store, a Supermarket, or a Hypermarket - has its own list of Household Basket products, tailored to suit the unique buying needs of their respective customers.
🧪 Example of Household Basket Products List
Building on our experience retailers are creating Household basket product lists by Division, by Department then by Category.
List of Household basket products generated from Ulys Customer Intelligence
❓What is used for
As the Household basket represents products that are mostly found in the Customer's basket, it means those products are very important to Customers.
Retailers used Household basket information to optimize Shopper's experience.
- To delight customers: A planned promotion set for Housewife Basket products is a sure way to increase Customer satisfaction and foot traffic. To maintain profitability, retailers negotiate purchase prices and mix these products with premium ones to balance the margin level.
- To offer relevant Assortment: The assortment decision process integrates Household basket products, which are the reason why customers shop at a particular store and meet their assortment expectations.
- To guarantee value for money: Household basket products are commodities that customers purchase frequently and know the selling price of among competitors. It is important for Household basket products to be included in competitors' price survey lists and for Retailers to set a pricing policy to guarantee a price advantage for these products.
- To guarantee availability: The Household Basket Products list is provided to the Replenishment Team to ensure there are always sufficient stock levels for these products in each Store.
- To set specific display guidelines: Household Basket Products are conveniently located and easily found by Customers. They are typically displayed at eye level in the most optimum shelving locations with sufficient numbers of faces.
📅 Frequency
Based on our experience, changes in customer behavior, price fluctuation, and seasonality have an influence on product consumption. Therefore, it is recommended to review the Housewife Basket Products list every 3 months, or more frequently, if necessary, especially for Fresh products.
💡 Tips #1
Household Basket Products List is often part of the Competitor's Price Survey List. As a result, the number of Household basket Products to be surveyed is typically identified by Division, and their Price Index are set and decided during the Pricing Committee to support the Retailer's Price Image perception.
💡 Tips #2
Retailers often use specific colored price labels or stickers next to price labels to physically identify their Household Basket Products in the store. This allows the Operation Team to quickly recognize their Household Basket products and ensure their availability to customers.
🎁 Take Aways
Since Household Basket products are customer favorites, it is crucial to prioritize their availability, accessibility, and pricing, and regularly review their relevance in the product list.
🖥️ Make it happen in Ulys Customer Intelligence
How to access Household basket (HHB) in Ulys.
Step 1: Select the Housewife basket under the Behaviors Menu in the Menu Bar.
Step 2: Select the Shopper type, Promotion Filter, and period.
And here it is.
