Article
LRFMV: An efficient customer segmentation model for superstores.
PloS one - 1 Jan 2022
Mahfuza Rezwana, Islam Nafisa, Toyeb Md, Emon Md Asaduzzaman Faisal, Chowdhury Shahnur Azad, Alam Md Golam Rabiul
Abstract excerpt
The Recency, Frequency, and Monetary model, also known as the RFM model, is a popular and widely used business model for determining beneficial client segments and analyzing profit. It is also recommended and frequently used in superstores to identify customer segments and increase profit margins. Later, the Length, Recency, Frequency, and Monetary model, also known as the LRFM model, was introduced as an...
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