AI Enabled Customer Segmentation using RFM Analysis:
Smart retailers use sophisticated Analytics techniques to offer superior customer experience. RFM Analysis is of the popular technique used to segment customers. Customers are scored based on the three factors - Recency, Frequency and Monetary value.
Recency – How recently a customer has purchased
Frequency – How often a customer purchases
Monetary – How much a customer spends
Based on the score results of the RFM analysis, customers are segmented into various categories. Customer Segmentation using RFM Analysis is a powerful technique to identify customer groups and run targeted offers.
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