Customer Retention Rates Research Articles

AI-driven personalization framework for SMES: Revolutionizing customer engagement and retention

In today's competitive business landscape, Small and Medium Enterprises (SMEs) face unique challenges in building and maintaining strong customer relationships. An AI-driven personalization framework offers a transformative solution by enabling SMEs to deliver highly targeted and individualized customer experiences, improving both engagement and retention rates. This review outlines how artificial intelligence (AI) can empower SMEs by integrating data-driven insights with customer interaction processes to revolutionize business practices. AI-driven personalization leverages machine learning algorithms, natural language processing (NLP), and predictive analytics to analyze customer behaviors, preferences, and feedback. By aggregating data from various sources—such as online interactions, purchase histories, and social media activity—AI can generate personalized recommendations, offers, and communication strategies that resonate with individual customers. The framework facilitates dynamic customer segmentation, allowing SMEs to tailor marketing efforts and enhance service delivery. The personalization process also extends beyond marketing by optimizing customer support through AI-powered chatbots and recommendation systems, which provide real-time solutions and advice. This level of personalization fosters stronger emotional connections, increasing customer satisfaction and brand loyalty. Additionally, AI-driven insights enable SMEs to anticipate customer needs, predict churn rates, and proactively address potential issues, thereby boosting retention rates. For SMEs, the implementation of an AI-driven personalization framework is not only cost-effective but scalable, making it accessible even to businesses with limited resources. As SMEs increasingly adopt digital tools, the integration of AI-based personalization becomes essential for staying competitive in a rapidly evolving market. This review highlights the potential of AI in transforming customer engagement strategies for SMEs by offering a tailored, efficient, and sustainable approach to enhancing customer experiences.

The Impact of CRM Systems on Customer Satisfaction and Retention

Customer Relationship Management (CRM) systems have become essential tools for businesses aiming to enhance customer satisfaction and retention. This research investigates the impact of CRM systems on these critical business outcomes by analyzing data from various companies that have implemented CRM solutions. The study explores how CRM systems facilitate improved customer interactions, personalized services, and efficient problem resolution. Our findings indicate that businesses utilizing CRM systems experience significant improvements in customer satisfaction and retention rates. The research also highlights key factors that contribute to the successful implementation and utilization of CRM systems, including employee training, data quality, and technological integration. These insights provide valuable guidance for organizations seeking to leverage CRM systems to foster stronger customer relationships and achieve sustainable growth.

Risk Analysis in Customer Relationship Management via QRCNN-LSTM and Cross-Attention Mechanism

Risk analysis is an important business decision support task in Customer Relationship Management (CRM), involving the identification of potential risks or challenges that may affect customer satisfaction, retention rates, and overall business performance. To enhance risk analysis in CRM, this paper combines the advantages of QRCNN-LSTM and cross-attention mechanisms for modeling. The QRCNN-LSTM model combines sequence modeling with deep learning architectures commonly used in natural language processing tasks, enabling the capture of both local and global dependencies in sequence data. The cross-attention mechanism enhances interactions between different input data parts, allowing the model to focus on specific areas or features relevant to CRM risk analysis. By applying QRCNN-LSTM and cross-attention mechanisms to CRM risk analysis, empirical evidence demonstrates that this approach can effectively identify potential risks and provide data-driven support for business decisions.

Harnessing Artificial Intelligence for Hyper-Personalization in Digital Marketing: A Comparative Analysis of Predictive Models and Consumer Behavior

In this research, the impact of AI in improving the extent of hyper-personalization in digital marketing is explored by comparing and contrasting the outcomes of the various predictive models with consumers' behavior. With the change in customer demands, companies are now incorporating AI technologies in the production of services and products that cater to the customer's needs. Thus, the study uses quantitative and qualitative interviews to examine the extent to which the different types of predictive models can contribute to hyper-personalization initiatives. Studies show that organizations that have adopted hyper-personalization through AI reap significant benefits in terms of customer interaction, satisfaction, retention, and higher conversion rates arising from segmented marketing. However, data privacy issues and issues related to the ethical use of the data are also pointed out, which have to do with data responsibility. As such, the study establishes that applying best practices and developing superior and sophisticated forms of AI enables organizations to build valuable and relevant customer experiences that lead to organizational success in the current environment.

Determinants of Behavioral Intention Toward Telemedicine Services in Indonesia Post-Pandemic COVID-19

The COVID-19 pandemic has significantly disrupted daily life & accelerated the adoption of digital technologies across various sectors, including healthcare. In Indonesia, this shift has prompted the rapid development and implementation of Telemedicine services by both start-ups and established healthcare institutions. This study aims to identify the factors that influence customer intention to use Telemedicine services in the post-pandemic period, using the Unified Theory of Acceptance and Use of Technology (UTAUT2) model. The research focuses on five key variables: Price Value, Effort Expectancy, Geographical Location, Performance Expectancy, and Social Influence. Data collected from 507 respondents across Indonesia through an online questionnaire reveals that user satisfaction is critical for further use of Telemedicine services. The findings indicate that improvements in the affordability, user-friendliness, accessibility, effectiveness, and social endorsement of Telemedicine services significantly enhance user satisfaction. The study provides practical recommendations for Telemedicine providers to improve these factors, thereby increasing customer retention and adoption rates. This research contributes to the understanding and offers insights for optimizing Telemedicine services in Indonesia in the evolving post-pandemic behaviors

Optimizing Social Media Promotion Strategy to Increase Customer Retention Rate (CRR) with GKG Customer Engagement

In the digital age, businesses are increasingly relying on social media platforms to engage with their customers and foster brand loyalty. This paper presents a comprehensive study aimed at optimizing social media promotion strategies to enhance Customer Retention Rate (CRR) while utilizing the GKG (Get Keep Growth) Customer Engagement framework. By examining the interplay between social media promotion tactics and customer engagement metrics, we investigate how businesses can leverage data-driven insights to improve customer retention. Our research showcases the importance of tailoring social media campaigns to individual customer preferences and behaviour, ultimately leading to increased customer satisfaction and loyalty. The results of the analysis of the development of the Customer Retention Rate graph were produced on FMIPA social media with an average CRR in the base case of 71%. Through a combination of data analysis and case studies, we provide actionable recommendations for businesses seeking to maximize the effectiveness of their social media promotion efforts and elevate their CRR.

Effect of Fashion E-Commerce User Experience on Customer Retention in Ghana

Purpose: The aim of the study was to analyze the effect of fashion e-commerce user experience on customer retention in Ghana. Methodology: This study adopted a desk methodology. A desk study research design is commonly known as secondary data collection. This is basically collecting data from existing resources preferably because of its low cost advantage as compared to a field research. Our current study looked into already published studies and reports as the data was easily accessed through online journals and libraries. Findings: Research indicates that positive user experiences, characterized by intuitive website navigation, efficient mobile interfaces, and responsive customer service, greatly enhance customer retention rates. Users who encounter seamless transactions, personalized recommendations, and reliable delivery services are more likely to return and engage with fashion e-commerce platforms repeatedly. Unique Contribution to Theory, Practice and Policy: Theory of planned behavior (TPB), self-determination theory (SDT) & expectation-confirmation theory (ECT) may be used to anchor future studies on effect of fashion e-commerce user experience on customer retention in Ghana. Practically, fashion e-commerce platforms should invest in user-friendly website design and navigation to enhance the overall shopping experience. This includes simplifying the checkout process, ensuring mobile compatibility, and improving site speed. From a policy perspective, e-commerce regulations should include guidelines for user experience best practices. This could involve setting standards for website accessibility, data protection, and user interface design to ensure a positive online shopping experience.

ELECTRONIC BANKING ATTRIBUTES, CUSTOMER TRUST AND LOYALTY ON CUSTOMER RETENTION-A CASE STUDY AMONG THE CUSTOMERS OF COMMERCIAL BANKS

In today's dynamic banking environment, the adoption of electronic banking services has revolutionized customer interactions with commercial banks. This study investigates the impact of electronic banking attributes, customer trust, and loyalty on customer retention within the context of commercial banks. Using a mixed-methods approach, data was collected from a sample of customers across various demographic segments. The study found that electronic banking attributes, including usability, security, and service quality, significantly influence customer trust and loyalty. Moreover, customer trust was identified as a critical mediator between electronic banking attributes and customer retention. The findings suggest that enhancing electronic banking attributes not only improves customer trust but also fosters loyalty, thereby enhancing customer retention rates for commercial banks. This research contributes to the existing literature by providing empirical evidence of the relationships between electronic banking attributes, customer trust, loyalty, and retention in the banking sector. Practical implications include recommendations for banks to prioritize investment in electronic banking infrastructure and customer trust-building initiatives to strengthen customer retention strategies.

Peningkatan Eksistensi Media Sosial Marketing dan E-Commerce terhadap Customer Retention Kahiji Coffee & Dinner

This study examines the impact of implementing social media marketing and e-commerce strategies on customer retention at Kahiji Coffee & Dinner in Bandung. Using a mixed quantitative and qualitative method, this research analyzes the effectiveness of digital marketing strategies in increasing engagement rates and retaining customers. The results show a significant increase in engagement rate, reaching 5.5% (exceeding the 2.3% target) and a customer retention rate of 69%. The implemented strategies include social media optimization, creative content creation, use of paid advertising, and e-commerce enhancement. This research provides valuable insights for SMEs in optimizing digital marketing strategies in the food and beverage industry.

Predictive Customer Analytics: Machine Learning for Churn Prediction and Retention

Customer churn presents a big challenge in the industry. Businesses have to deal with the problem of customers stopping using their products and services due to dissatisfaction, competitive offers, more affordable alternatives, or changing needs. Churn can be damaging to businesses since it causes revenue loss and higher costs. To address this issue, our research aimed to develop a prediction model that helps predict customer churn. We started with getting the data set about telecommunication. Our analysis and model development were based on this dataset. Then we did data visualization to gain a better understanding of the data through multiple charts. After that, we performed data preparation. First, we did data transformation, data cleansing to address missing values and outliers; feature selection was done, and finally, in this step, the data set was split into testing and training sets. Multiple machine learning algorithms were used for modeling, such as decision trees, random forests, logistic regression, support vector machines, Naïve Bayes, and neural networks. Following model development, we evaluated the model performance with each algorithm using tune model hyperparameters. The decision tree algorithm performed the best with %96.7 accuracy, %96.9 precision, %99.3 recall, and %98.1 F1-score. These findings showed how effective decision tree algorithms are in predicting customer churn. This predictive model will enable telecommunication businesses to predict potential churn, make retention strategies, reduce customer churn and increase customer retention rates.

DECIPHERING BRAND LOYALTY DYNAMICS IN URBAN COFFEE SHOPS THROUGH THE ECSI MODEL: A CONCEPTUAL PAPER

Coffee shops have risen to become significant hubs for social interaction, productivity, and relaxation, carving out a prominent niche in contemporary urban culture. This ascent is highlighted by a discernible global surge in the demand for coffee shops, a phenomenon anticipated to persist into the foreseeable future. In response to this trend, fostering unwavering allegiance to specific coffee brands has emerged as a pivotal priority within the industry. The rationale behind this imperative lies in the fact that customers who cultivate a deep-rooted loyalty to a particular brand exhibit a heightened propensity to frequent the establishment repeatedly. This cyclic patronage bolsters customer retention rates and furnishes the establishment with a cohort of ardent advocates who readily espouse the brand's virtues. The research in question embarks on a conceptual study to explore the potential multifaceted determinants underpinning brand loyalty in urban coffee shops within the vibrant locale of the Klang Valley, Malaysia. It also aims to provide insight into future research directions within the area of interest. This research goes beyond academia, offering crucial insights for industry stakeholders and practitioners. It illuminates brand loyalty dynamics in urban coffee shops, guiding the development of customised branding and marketing strategies.

A Study on the Influence of Service Quality in Customer Satisfaction; Application of Servqual Moel with Special Reference to Home First Finance Company

Service Quality in finance sector is the most important criteria and asset for evaluating and satisfying customers and thereby increases the customer loyalty and average retention rate of customers. Among the service quality determinants, reliability, assurance and empathy have always played a pivotal role. Prior research suggests that customer perceptions and expectations are more likely to be different across service sectors. Hence, this paper examines the effect of service quality determinants on the degree of customer satisfaction in Home First Finance Company. By realizing the gap between the perceived and actual service quality, customer satisfaction can be extremely improved. Keywords: Customer Relationship, Generating Leads, Customer Satisfaction

Dimensions of corporate culture and financial performance: Evidence from Chinese publicly listed companies

Corporate culture is the soul of the enterprise and plays a vital role in creating corporate cohesion and improving business performance; in many cases, the role of corporate culture on business performance is not direct, but there are a series of intermediary influencing mechanisms. Most of the current academic circles have studied the influencing mechanism between corporate culture and business performance from the perspective of dynamic matching. Still, there is a lack of research results based on the theoretical perspective of Edgar H. Schein's corporate culture dimensions. Based on Edgar H. Schein's theoretical perspective of corporate culture dimensions, this study explores the influencing mechanism between corporate culture and the business performance of Chinese listed companies from the dimensions of corporate governance culture in the external environment and corporate governance culture in the internal environment. It conducts empirical research using the data of A-share listed companies in China's Shanghai Stock Exchange and Shenzhen Stock Exchange as samples. The results are twofold. First, the adaptability of the enterprise's external environment has a significant and positive effect on the Weighted average return on net assets in the financial dimension; it has a substantial and positive impact on customer satisfaction in the non-financial dimension. Second, internal corporate governance culture has a significant and positive effect on weighted average return on net assets, Debt-to-Equity Ratio, Earnings per share in financial dimensions, Percentage of highly educated employees, customer satisfaction survey, and non-financial dimensions. Percentage of highly educated employees, Customer Satisfaction, Customer retention rate, and R&D investment as a percentage of operating income in non-financial dimensions have significant positive effects. The findings of this study provide theoretical and practical guidance for Chinese listed companies to strengthen the construction of external environment adaptive culture and internal corporate governance culture.

Research on Marketing Strategy Management based on Customer Retention

This paper aims to explore marketing strategy management based on customer retention to enhance a company's competitiveness in a highly competitive market. In today's business landscape, where competition is fierce and customer acquisition costs are high, customer retention has emerged as a crucial strategy for businesses to maintain profitability and achieve sustained success. Through a comprehensive literature review and empirical research, we delve into the concept of customer retention and its significance in marketing strategy management. Customer retention refers to the ability of a company to retain existing customers and foster their loyalty over time. It goes beyond simply acquiring new customers and recognizes the value of nurturing and maintaining relationships with existing ones. By examining the interrelationship between customer retention and marketing strategy management, we shed light on the various strategies and tactics that companies can employ to enhance customer retention. This includes not only focusing on the initial sale but also on building long-term customer relationships. We delve into the importance of understanding customer needs, preferences, and behaviors to develop targeted marketing approaches that resonate with customers on a personalized level. Based on the literature review and empirical research, we propose a theoretical framework for analyzing the key factors and influencers of customer retention. This framework takes into account factors such as customer satisfaction, loyalty programs, and customer service, which have been identified as critical drivers of customer retention. By understanding and addressing these factors, companies can implement effective strategies to improve customer retention rates. Ultimately, the adoption of effective customer retention strategies can lead to sustainable competitive advantages for businesses. By reducing customer churn, increasing customer loyalty, and maximizing customer lifetime value, companies can differentiate themselves in the market, increase market share, and achieve long-term profitability.

An analysis of service quality and complaint handling in the Jordanian healthcare sector: Implications for TQM and customer retention

This study aims to investigate the interconnections among total quality management, service quality, customer retention, and moderating influence of customer complaint handling within the healthcare industry of Jordan. The paper used a quantitative approach, by using PLS-SEM as an approach selected for data analysis. 417 valid replies were gathered. The results found a positive association between total quality management and service quality (p-value < 0.05), underscoring the significance of total quality management principles in improving the provision of healthcare services. The study demonstrates a significant correlation between service quality and customer retention, thereby validating the importance of delivering exceptional healthcare experiences in boosting customer retention. Moreover, it is imperative to acknowledge that the degree of service quality plays a crucial function in facilitating the connection between total quality management and customer retention (p-value < 0.05). Furthermore, it has been demonstrated that customer complaints handling serves as a mechanism for reducing the negative effects of service quality on customer retention. The results offer useful insights for healthcare managers in Jordan, underscoring the significance of integrating total quality management practice, improving service quality, and developing efficient procedures for handling complaints. These approaches are imperative in fortifying customer interactions and augmenting customer retention rates.

Implementation of Food Safety Management System and its Effects on Business Performance in an Educational Institution Restaurant.

Food safety standard implementation is fundamental to the prevention, detection, and management of foodborne risks as well as the realization of food security, protection of health, and economic sustainability of food manufacturing, processing, and distributing enterprises. The global food safety standard, Hazard Analysis and Critical Control Point (HACCP) is one such instrument deployed to promote food safety in the hospitality industry worldwide. A higher educational institution in Kenya introduced HACCP ten years ago as part of its ongoing quality improvement policy to gain the advantages of implementing the standard in the food business, and as a reaction to incidents of food contamination in its restaurant that raised concerns among the customers and the leadership. Food contaminations were experienced even after the implementation of the HACCP food safety program, which brought to the fore the pitfalls that occur due to deviations from the HACCP plans and loss of control that expose consumers to food hazards. Despite the introduction of HACCP in the institution’s restaurant in 2014, there have been incidents of lapses in food quality among which was a suspected food contamination resulting in undesired customer experiences. This study aimed to evaluate the effects of the implementation of HACCP food safety management processes on food and beverage safety and business performance at the institution’s restaurant. The specific objectives of the study were to assess the implementation of the HACCP food safety management system in food production and sales; assess the customer perceptions and confidence levels in the quality and safety of food and beverages served, and to evaluate the effects of the HACCP food safety management programme in the delivery of safe food and the general business performance at the institution restaurant. The study design was exploratory and involved a survey of restaurant customers using a structured questionnaire, and interview of key informants using an interview guide. The researcher also observed food chain processes using a checklist. The study population was primarily the management and staff of the institution restaurant as well as the client population comprising students, instructors, administrative staff, institution managers, and regulatory agency representatives. The data obtained from primary sources was complemented with secondary data. Quantitative data were analysed using descriptive statistics and results were presented in tables, graphs, and pie-charts while qualitative data were analysed thematically. The key findings of the study were that despite some challenges and complexities in the implementation of HACCP, this food safety management system had significantly reduced the incidence of food contamination in the facility. Further, based on customer perceptions and feedback, the institution had registered high customer satisfaction scores (CSAT) and customer retention rates (CRR). In addition, the institution was able to generate sustained and increasing revenues and profits for the institution. The study therefore concluded that HACCP is an important instrument for promoting and safeguarding food safety in the hospitality industry and an important tool for building customer confidence and generating revenues for food businesses. The key recommendation from this study is that the institution should address identified issues of space, equipment, staff, and supplier knowledge and skills that compromise conformity with HACCP requirements.

Управління лояльністю споживачів в контексті диджиталізації як засіб підвищення фінансової стійкості компанії

The article highlights the issue of forming and managing customer loyalty in the service sector by using digital tools. The importance of customer loyalty as one of the most powerful components of an enterprise’s intellectual capital is emphasized. The types of loyalty are characterized according to the criteria of attitude to the brand (positive/negative) and the frequency of repeated transactions (absolute, hidden, false, zero). Loyalty indicators and how to calculate them are covered: customer retention rate, customer long-term value, Net Promoter Score, customer satisfaction surveys, customer effort evaluation, cause and effect questions, repeated purchases and referrals, engagement. It was noted that among the various types of loyalty (bonus program, fixed discount, temporary discount, multi-level discount program, product as a gift, partner loyalty program, paid loyalty program) the non-commercial program deserves the most attention, because in the long term it forms and testifies to absolute customer loyalty. The main types of loyalty management in the context of digitalization include transactional, social-network, related to the influence on engagement, emotions, consumer behavior, and intentions to recommend a service. It is emphasized that automated systems, such as software for managing business processes and online services for booking procedures, are becoming an integral part of modern beauty salons and offer a wide range of possibilities: online booking for services through a website or mobile application, reminders about visits by messages or e-mail; a calendar of appointments for services with the possibility of synchronization with personal calendars of beauty masters; automatic control of consumables balances, formation of supply orders, cash book management, income and expense accounting, profitability analysis; newsletters about promotions and special offers, maintenance of pages in social networks; storage of information about customers, their preferences, history of visits through the CRM system. The positive consequences of using automation in beauty salons include increasing efficiency and productivity, improving customer service, increasing profitability, expanding marketing and advertising opportunities, improving ratings and reviews, but among the negative ones, we single out dependence on technology, loss of personal contact, and threats to data privacy. A developed set of advertising events with seasonal specialization using online tools (conducting master classes and virtual consultations, seasonal loyalty programs, charity initiatives, promotions for special dates) is presented.

Ефективність використання інструментів e-commerce в розвитку маркетингової діяльності підприємств

The aim of the article is the theoretical and methodological substantiation of the use of e-commerce tools in the development of marketing activities of enterprises in turbulent economic conditions. According to the results of the carried out study, the volume of e-commerce trade is identified. Global e-commerce turnover amounts to approximately $6 trillion. This is 20-odd percent of the world’s total retail trade. Due to the different level of development (penetration) of information technology in each of the European countries, taken into consideration the data of the European E-Commerce Report 2023, it is worth noting that the share of online sales has increased significantly. The main factors influencing the difference in the number of sales between countries in the e-commerce segment are: development and application of e-commerce tools; integration of banking technologies into e-commerce; development of a network of logistics delivery centers; legal safeguards to protect consumers. The speed of updates of technologies and methods of their application in the field of e-commerce is high, so there is a necessity for constant monitoring of the functionality and experience in the implementation of innovative products. In order to save money on marketing activities of enterprises in Ukraine, it is recommended to increase the CRR (Customer Retention Rate). The main tools (directions) for improving efficiency in e-commerce are e-mail marketing, messenger marketing, remarketing campaigning using Google Ads, Facebook Ads and other advertising platforms.

Grocery Store Management System

A Grocery store management system helps the Grocery shops to streamline all the store operations well and run the business without any hassle. With a POS software for a Grocery store, you can offer the best customer experience, increase your customer retention rates and attract more customers. You may use it to keep expenses in check, boost sales, and make customers happier. Optimal inventory levels, reduced costs, and continued competitiveness in the dynamic grocery retail market are all possible outcomes of an investment in an inventory management system. A Grocery software is a fast, reliable, and one-stop solution that facilitates easy and efficient operations by automating with the help of technology. The Grocery stores can manage all their store operations in a single software which includes Sales, Purchase, Inventory, Accounting, CRM, Loyalty, and many more. Thus, the basic functions, to manage a store, carried out are:1. Receiving of incoming consignments (goods) 2. Safe keeping of goods (Custody)3. Disposal of undesirable goods.4. Inventory Management.5. Housekeeping and record maintenance.

CUSTOMER CHURN PREDICTION

Customer churn, the termination of customer relationships with a business or service, is a critical metric that profoundly impacts a company's success. Effectively managing churn not only prevents revenue loss but also provides a competitive advantage by boosting customer retention rates. This underscores the significance of robust churn management strategies in the realm of customer service. In the contemporary landscape of data-driven decision-making, various algorithms aim to address customer churn prediction. One noteworthy approach is the Voting Classifier algorithm. This machine learning model leverages an ensemble of diverse models, combining their predictions to generate a final output or class. The crux of its functionality lies in aggregating the individual models' opinions and determining the class with the highest probability among them. The Voting Classifier excels in situations where diverse models contribute unique insights, mitigating biases inherent in individual algorithms. This diversity enhances the overall predictive power and generalizability of the model. By considering multiple perspectives, the Voting Classifier adapts well to intricate patterns in customer behaviour, offering a nuanced understanding of potential churn indicators. For companies invested in optimizing customer retention, the adoption of the Voting Classifier underscores a commitment to sophisticated data analytics. Its ability to synthesize the strengths of various models positions it as a powerful tool for assessing and predicting customer churn. In the dynamic landscape of business, where customer relationships are paramount, leveraging advanced machine learning techniques like the Voting Classifier becomes imperative for staying ahead in the competition and fostering long-term customer loyalty.