Business, Management and Accounting
3 years ago

Revolutionizing Customer Relationships: Machine Learning Predicts Lifetime Value with 1.23% Error.

Advances in intelligent systems and computing
Prediction of Customer Lifetime Value Using Machine Learning
Kandula Balagangadhar Reddy, Debabrata Swain, Samiksha Shukla, Lija Jacob

Paper Summary

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The article discusses how companies can predict the value of their customers using machine learning. By understanding customer lifetime value (CLV), businesses can improve their relationships with customers. The researchers reviewed existing literature on CLV and made predictions using a system that had a mean absolute error of 1.23%. This means the system was accurate in estimating customer lifetime value.