A study on AI application in maximizing customer lifetime value

Abstract

Online buying has surpassed traditional shopping in recent years for many reasons, including its many advantages over traditional shopping in terms of efficiency, convenience, cost, and selection. Multi-product retailers spring up as consumers seek out the flexibility and selection afforded by one-stop shops carrying numerous product lines. Online shopping malls have replaced these stores. As a direct consequence, there has been a meteoric rise in the quantity of e-commerce websites available to consumers. Increasing numbers of web-based merchants raise the stakes for existing players. Therefore, to compete in the e-commerce sector, businesses need to perfect their approaches to doing business. Even though every business is constantly innovating to stay ahead of the pack, it's crucial that they consider all the factors that will determine their ultimate success. Customer lifetime value (CLV) is an essential metric that should be used to gain an edge over the competition.