A Prudent Approach in Predicting Time to Churn for Fashion Retail Industry Using Accelerated Failure Time Models in A Non-Contractual Setting

Summary

With rapid growth in the market across all businesses, it is a mandate to focus on retaining the existing customers, failing which might result in massive profitability reduction across major perspectives. This white paper attempts to predict the time to churn of a customer in a non-contractual setting, thus providing a roadmap to model the said problem using Parametric Survival Analysis.

What is in it for you?

The model developed provides a road map to building much more personalized profiles of individuals and helps gain insight into the customer behaviors. With the model, more precise target customers are gained, thereby reducing the overall cost of retaining campaigns, and helps to deliver targeted, optimized offers at the point of impact.

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