Office Equipment Leads in Average Price Each Among Top Six Categories
Top six average values of Price Each by Topics classification for Product
Key takeaway: Office Equipment is significantly more expensive on average compared to other product categories, suggesting a potential area for cost optimization or targeted marketing strategies.
The data shows that Office Equipment has the highest average price at $134.22, which is significantly higher than the next category, Computing Devices, at $111.73. This trend continues with Office Furniture at $106.64, Computer Accessories at $95.77, Storage Devices at $95.06, and Other at $81.60.
The statistical test results, specifically Cohens d values, indicate the magnitude of difference in average prices between categories. Office Equipment has a very high Cohens d value of 2.88, indicating a large effect size and a substantial difference from other categories. Computing Devices have a moderate effect size with a Cohens d of 0.72. Office Furniture shows a small effect size with a Cohens d of 0.24. Computer Accessories and Storage Devices have negative Cohens d values of -0.80 and -0.87, respectively, indicating they are priced lower on average compared to the overall mean. The category Other has a Cohens d of -2.16, showing it is significantly cheaper than the other categories.
This dataset, which includes information about product orders such as order ID, product name, quantity, price, and order date, highlights that Office Equipment is priced much higher than other categories. This could be an area to explore for cost-saving measures or to focus marketing efforts on high-value items.