RFM Model for Segmentation in Retail Analytics: A Case Study
Bildiriler > Özet Bildiri · 2019
Yazarlar: İnanç KABASAKAL
International Data Science Engineering Symposium (IDSES 2019), Türkiye, Karabük, Uluslararası, Sözlü Sunum, Özet Bildiri, 2019-2019, ss 105-107
Özet
<p>Over the last decades, marketing scholars have often drawn attention to the value of customers for businesses that aim to endure in a harsh competitive environment. Customer Relationship Management (CRM) has been a prominent approach in marketing management that aims to improve relationships with customers. A practical implication of the CRM approach is the analysis of customer data to extract value for businesses, as well as customers. Segmentation has been a useful task that helps to group customers with similar attributes and designate better-tailored marketing strategies for customer groups. Among a variety of approaches for customer segmentation, Recency Frequency Monetary (RFM) Model stands out as an easy-to-adopt and effective technique. In this study, segmentation with RFM approach will be conducted over the purchase records obtained from an e-retailer. The segments and relevant marketing strategies will be presented in the findings. Moreover, a software implementation for the RFM model will be introduced along with a case study.</p>