An Extended RFM Model for Customer Behaviour and Demographic Analysis in Retail Industry

Abstract

Customer segmentation has become one of the most innovative ways which help businesses adopt appropriate marketing campaigns and reach targeted customers. The RFM model and machine learning combination have been widely applied in various areas.

Keywords

• customer segmentation
• rfmd model
• k-means
• one hot encoding
• k-prototypes
• cohort analysis
• machine learning
• c61
• c63
• c67