Paper Key : IRJ************989
Author: Siddharth Runwal,Yash Shah,Suhel Malik,Vishal Raut,Prof. S. S. Hire
Date Published: 06 Mar 2023
Abstract
The zeitgeist of the modern era is innovation, where everyone is embroiled in the competition to be better than others. Todays businesses run on the basis of such innovation having the ability to enthrall the customers with the products, but such a large raft of products leave the customers confounded, about what to buy and what to not, and also the companies are nonplussed about what section of customers to target to sell their products. This is where machine learning comes into play, various algorithms are applied to unravel the hidden patterns in the data for better decision-making in the future. This eluded concept of which segment to target is made unequivocal by applying segmentation. The process of segmenting customers with similar behaviors into the same segment and with different patterns into different segments is called customer segmentation. Additionally customer churning is also bridged into the segmentation to witness the percentage rate of potential customers churning away.