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Next Purchase Prediction
A Distinguished Luxury Retail Company
How to drive repeat purchases from one-time customers?
Solution
Identified the features affecting customers' product preferences and purchase frequency. Using the extracted features, we built a classification and regression predictive model to predict each customer's next purchase date.
This enables the marketing team to deliver relevant product recommendations on the predicted next purchase date to drive repeat purchases.
Result
Repeat customers are a valuable source for the business and the deployment of this solution increased 80% of uplift on conversion rates, and 67% on revenue
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