CVM Model of Customer Purchasing Behavior Based on Clustering Analysis

Abstract

At this time, companies progressively gain revenue from their long-term relationship customers. Many online retailers are earger to practice data analysis and CVM in businesses. However, many companies lack expertises to do so. This paper will present how to use data analysis in business cases. The main idea is to teach many executives how to have a better understand for their customer and therefore in their future progress they can be more producive to make decisions. On account of model built in this paper, customers were segmented into various meaningful groups using the k-means clustering algorithm. The main traits of these consumers in each part have been pointed out. Consequently, a set of recommendations is further provided to the business on consumer marketing.