Customer Retention Strategies in CRM: The Impact of AI and Machine Learning
Keywords:
AI, Machine Learning, Customer Retention, CRM, Predictive Analytics, Customer Behavior, Churn Prediction, Data Privacy, Author Name, Scopus, Springer, Journal Name, Wissira, Journal Short Form, Wissira Press, Wissira Research Lab, Research Gate, SSRN, ISSN, Academia, UGC Care, PubMed, WOSAbstract
Customer retention is pivotal for the success of businesses, particularly in competitive markets. With the rise of Artificial Intelligence (AI) and Machine Learning (ML), customer relationship management (CRM) systems have been revolutionized, enabling datadriven insights, predictive analytics, and personalized customer experiences. This paper explores the role of AI and ML in enhancing customer retention strategies, highlighting their impact on customer behavior analysis, churn prediction, and customer lifetime value optimization. A mixed-methods approach was adopted, combining a review of existing literature with case studies from various industries. The findings reveal that AIdriven CRM solutions significantly improve retention rates and customer satisfaction but face challenges such as data privacy concerns and implementation costs.
