Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 1916

Search results for: customer interface

1916 A Framework for Customer Knowledge Management (CKM) as a Key Role in Relationship

Authors: Mehrnoosh Askarizadeh

Abstract:

The customer’s value has become obvious for the leading companies in today’s competitive environment. Therefore they are constantly trying to improve their relationship with customers. Customer Knowledge has been recognized as a strategic resource and a key to the success of any company. Talking about the Customer Knowledge Management is closely associated with Knowledge Management and Customer Relationship Management (CRM). Recent studies conducted in the fields of Knowledge Management (KM) and Customer Relationship Management (CRM) has explained that the two approaches can have great synergies. In this paper, our aim is to provide an understanding of Customer Knowledge Management (CKM) as an integrated management approach and competence it requires. We describe CKM as an ongoing process of generating, disseminating and using customer knowledge within an organization and between an organization and its customers. In addition, we propose a comprehensive framework of CKM, the ability to integrate customer knowledge into customer relationship management processes.

Keywords: e-commerce, knowledge management (KM), customer relationship management (CRM), customer knowledge management (CKM)

Procedia PDF Downloads 337
1915 Employee Branding: An Exploratory Study Applied to Nurses in an Organization

Authors: Pawan Hinge, Priya Gupta

Abstract:

Due to cutting edge competitions between organizations and war for talent, the workforce as an asset is gaining significance. The employees are considered as the brand ambassadors of an organization, and their interactions with the clients and customers might impact directly or indirectly on the overall value of the organization. Especially, organizations in the healthcare industry the value of an organization in the perception of their employees can be one of the revenue generating and talent retention strategy. In such context, it is essential to understand that the brand awareness among employees can effect on employer brand image and brand value since the brand ambassadors are the interface between organization and customers and clients. In this exploratory study, we have adopted both quantitative and qualitative approaches for data analysis. Our study shows existing variation among nurses working in different business units of the same organization in terms of their customer interface or interactions and brand awareness.

Keywords: brand awareness, brand image, brand value, customer interface

Procedia PDF Downloads 171
1914 Exploring the Relationships between Experiential Marketing, Customer Satisfaction and Customer Loyalty: An Empirical Examination in Konya

Authors: Resul Öztürk

Abstract:

Experiential marketing is one of the marketing approaches that offers an exceptional framework to integrate elements of experience and entertainment in a product or service. Experiential marketing is defined as a memorable experience that goes deeply into the customer’s mind. Besides that, customer satisfaction is defined as an emotional response to the experiences provided by and associated with particular products or services purchased. Thus, experiential marketing activities can affect the level of customer satisfaction and loyalty. In this context, the research aims to explore the relationship among experiential marketing, customer satisfaction and customer loyalty among the cosmetic products customers in Konya. The partial least squares (PLS) method is used to analyse the survey data. The present study’s findings revealed have that experiential marketing has been a significant predictor of customer satisfaction and customer loyalty, and also experiential marketing has a significantly positive effect on customer satisfaction and customer loyalty.

Keywords: experiential marketing, customer satisfaction, customer loyalty, social sciences

Procedia PDF Downloads 357
1913 Maximizing Customer Service through Logistics Service Support in the Automobile Industry in Ghana

Authors: John M. Frimpong, Matilda K. Owusu-Bio, Caleb Annan

Abstract:

Business today is highly competitive, and the automobile industry is no exception. Therefore, it is necessary to determine the customer value and service quality measures that lead to customer satisfaction which in turn lead to customer loyalty. However, in the automobile industry, the role of logistics service support in these relationships cannot be undermined. It could be inferred that logistics service supports and its management has a direct correlation with customer service and or service quality. But this is not always the same for all industries. Therefore, this study was to investigate how automobile companies implement the concept of customer service through logistics service supports. In order to ascertain this, two automobile companies in Ghana were selected, and these are Toyota Ghana Limited and Mechanical Lloyd Company Ltd. The study developed a conceptual model to depict the study’s objectives from which questionnaires were developed from for data collection. Respondents were made up of customers and staff of the two companies. The findings of the study revealed that the automobile industry partly attributes their customer satisfaction to the customer value, service quality or customer value. It shows a positive relationship between logistics service supports and service quality and customer value. However, the results indicate that customer satisfaction is not predicted by logistics services. This implies that in the automobile industry, it is not always the case that when customer service is implemented through logistics service supports, it leads to customer satisfaction. Therefore, there is the need for all players and stakeholders in the automobile industry investigate other factors which help to increase customer satisfaction in addition to logistics service supports. It is recommended that logistics service supports should be geared towards meeting customer expectations and not just based on the organization’s standards and procedures. It is necessary to listen to the voice of the customer to tailor the service package to suit the needs and expectations of the customer.

Keywords: customer loyalty, customer satisfaction, customer service, customer value, logistics service supports

Procedia PDF Downloads 387
1912 Strategies in Customer Relationship Management and Customers’ Behavior in Making Decision on Buying Car Insurance of Southeast Insurance Co. Ltd. in Bangkok

Authors: Nattapong Techarattanased, Paweena Sribunrueng

Abstract:

The objective of this study is to investigate strategies in customer relationship management and customers’ behavior in making decision on buying car insurance of Southeast Insurance Co. Ltd. in Bangkok. Subjects in this study included 400 customers with the age over 20 years old to complete questionnaires. The data were analyzed by arithmetic mean and multiple regressions. The results revealed that the customers’ opinions on the strategies in customer relationship management, i.e. customer relationship, customer feedback, customer follow-up, useful service suggestions, customer communication, and service channels were in moderate level but on the customer retention was in high level. Moreover, the strategy in customer relationship management, i.e. customer relationship, and customer feedback had an influence on customers’ buying decision on buying car insurance. The two factors above can be used for the prediction at the rate of 34%. In addition, the strategy in customer relationship management, i.e. customer retention, customer feedback, and useful service suggestions had an influence on the customers’ buying decision on period of being customers. The three factors could be used for the prediction at the rate of 45%.

Keywords: strategies, customer relationship management, behavior in buying decision, car insurance

Procedia PDF Downloads 324
1911 Measurements of Service Quality vs Customer Satisfaction in Government Owned Retail Store at Kochi

Authors: N. S. Ajisha

Abstract:

In today’s competitive world the quality of the service you deliver is one of the important factor that determine customer satisfaction. Service quality is considered to be one important determinant to evaluate customer satisfaction and the relationship between service quality and customer satisfaction is considered as the foundation in researches on customer satisfaction. This research examines to do a gap analysis between the perception and expectation of the services delivered and find relation between the service quality and customer satisfaction. Service quality is found out here using the SERVQUAL model. And it finds out the dimension of service quality which is more important to measure customer satisfaction. The dimensions which we measure using SERVQUAL include the tangibles, reliability, responsiveness, assurance, and empathy. This study involves primary data collection like market survey.

Keywords: customer satisfaction, service quality, retail service quality, Kochi

Procedia PDF Downloads 375
1910 Religiosity and Customer Loyalty in Islamic Banking: An Evidence from Pakistan

Authors: Muhammad Taimoor Hassan, Kausar Abbas

Abstract:

The Islamic Banking Services is one of the growing businesses in financial sector around the globe with 15 to 18 percent growth all over the world and 10-12 percent growth rate in Pakistan. This research study is aimed at measuring the impact of religiosity on the customer loyalty of Islamic Banking in Pakistan. The study has utilized cause and effect research design to assess the impact of religiosity on Islamic Banking. Data from 350 respondents have been collected to meet the purpose of the study. The results revealed that the religiosity has a significant impact on the customer loyalty of Islamic Banking through the customer attitude and customer trust on the sequential model. The results suggest that the religiosity, customer attitude, and customer trust are the interconnected variables which lead to customer loyalty in Islamic Banking of Pakistan. The study is useful in the setting of Pakistan to further increase the customer loyalty for Islamic Banks.

Keywords: Islamic banks, customer loyalty, attitude, Pakistan

Procedia PDF Downloads 190
1909 The Role of Brand Experience in Customer Satisfaction and Customer Loyalty in Ayandeh Bank Branches in Tehran

Authors: Seyed Reza Agha Seyed Hosseini, Nicolas Hamelin

Abstract:

Many marketing executives are looking for a comprehensive plan for delivering quality services and products that will create a distinct and unforgettable long-term experience for customers in dealing with their brand. Various brand management experts believe that a company looking to enhance its brand experience in the minds of customers should have a plan to increase customer satisfaction as well as customer loyalty. The purpose of this research was to investigate the role of brand experience in customer satisfaction and customer loyalty in Ayandeh Bank branches in Tehran. The study employed a quantitative methodology. For data gathering, a questionnaire was utilised to measure all the variables of the research. The statistical population of the study consisted of all the customers of Ayandeh Bank branches in Tehran, and the study data was gathered from 400 respondents. The findings indicate that brand experience has a direct and meaningful impact on customer satisfaction and customer loyalty, and, furthermore, that customer satisfaction has a direct and significant effect on customer loyalty in the branches of Ayandeh Bank in Tehran.

Keywords: brand experience, customer satisfaction, customer loyalty, bank

Procedia PDF Downloads 78
1908 The Customer Attitude and Behavior of Boutique Hotels in Eastern Part of Thailand

Authors: Anocha Rojanapanich

Abstract:

This research aimed to identify important factors that effect customer satisfaction in boutique hotels and the important factors effecting customer loyalty in returning to boutique hotels. Furthermore, this study also aimed to study demographics, which effect variable factors. Four hundred questionnaires were completed by customers of the boutique hotels. The descriptive statistics used in this paper were percentages, means, and standard deviation (S.D.), while hypothesis testing was done using T-test, Anova, Correlation and Regression to analyze the relationship among those factors. In terms of the purpose in staying, it was found that the largest respondent was for ‘leisure purposes’. While the frequency indicated that most of the customers who stayed ‘once’in the last two years in the hotels had less concern in the hotel’s image than other groups. For customer’s perceived value and income levels had an influence on customer perceived values in both functional value price and emotional value.

Keywords: boutique hotels, customer attitude, customer satisfaction, customer loyalty

Procedia PDF Downloads 220
1907 Customer Satisfaction and Effective HRM Policies: Customer and Employee Satisfaction

Authors: S. Anastasiou, C. Nathanailides

Abstract:

The purpose of this study is to examine the possible link between employee and customer satisfaction. The service provided by employees, help to build a good relationship with customers and can help at increasing their loyalty. Published data for job satisfaction and indicators of customer services were gathered from relevant published works which included data from five different countries. The reviewed data indicate a significant correlation between indicators of customer and employee satisfaction in the Banking sector. There was a significant correlation between the two parameters (Pearson correlation R2=0.52 P<0.05) The reviewed data provide evidence that there is some practical evidence which links these two parameters.

Keywords: job satisfaction, job performance, customer’ service, banks, human resources management

Procedia PDF Downloads 233
1906 The Evolving Customer Experience Management Landscape: A Case Study on the Paper Machine Companies

Authors: Babak Mohajeri, Sen Bao, Timo Nyberg

Abstract:

Customer experience is increasingly the differentiator between successful companies and those who struggle. Currently, customer experiences become more dynamic; and they advance with each interaction between the company and a customer. Every customer conversation and any effort to evolve these conversations would be beneficial and should ultimately result in a positive customer experience. The aim of this paper is to analyze the evolving customer experience management landscape and the relevant challenges and opportunities. A case study on the “paper machine” companies is chosen. Hence, this paper analyzes the challenges and opportunities in customer experience management of paper machine companies for the case of “road to steel”. Road to steel shows the journey of steel from raw material to end product (i.e. paper machine in this paper). ALPHA (Steel company) and BETA (paper machine company), are chosen and their efforts to evolve the customer experiences are investigated. Semi-structured interviews are conducted with experts in those companies to identify the challenges and opportunities of the evolving customer experience management from their point of view. The findings of this paper contribute to the theory and business practices in the realm of the evolving customer experience management landscape.

Keywords: Customer Experience Management, Paper Machine , Value Chain Management, Risk Analysis

Procedia PDF Downloads 283
1905 Influence of Telkom Membership Card Customer Perceived Value on Retaining PT. Telkom Indonesia's Customer in 2013-2014

Authors: Eka Yuliana, Siska Shabrina Julyan

Abstract:

The competitive environment and high customer’s churn rate in telecommunication industries lead Indonesian telecommunication companies become strive to offer products with more value. Offering product with more value can encourage customers to keep using the companies product. One of way to retain customer is give a membership card to the customers as practiced by PT. Telkom by giving Telkom Membership Card to PT. Telkom loyal customer. This study aims to determine the influence of Telkom Membership Card customer perceived value on retaining PT. Telkom Indonesia’s customer in 2013-2014 by using quantitative method with causal study. Analythical technique used in this study is Structural Equation Modelling (SEM) to test the causal relationship with 216 owner of Telkom Membership Card in Indonesia. This study conclude that: (i) Customer perceived value on Telkom Membership Card is located in fair value zone, (ii) PT. Telkom efforts in order to retain the customers is classified as good, (iii) Customer perceived value is influencing the effort to retain the customer with the probability value less than 0.05 and level of influence 69%. Based on result of this study, PT. Telkom should (i) Improve Telkom Membership Card’s promotion because not all customer of PT. Telkom have the membership card. (iia) Adding Telkom Membership Card’s benefit such as discount at various merchant (iib) Making call center for member of Telkom Membership Card (iii) PT. Telkom should be ensure availability of their service. (iv) PT. Telkom should make a priority to customer who have telkom membership card and offers a better service.For future research should be use different variables.

Keywords: customer perceived value, customer retention, marketing, relationship marketing

Procedia PDF Downloads 202
1904 Customer Expectation on Service Quality in Bed and Breakfast Establishments in Johannesburg Metropolitan

Authors: Chiedza Lebogang Gutu, Nester Rufaro Manuwa, Jean-Marie Mbuya

Abstract:

In Johannesburg, Metropolitan customer expectations in the hospitality industry have rapidly been increasing which has lead to the need of improving service quality to help satisfy customer expectations. Businesses need to make sure that customer expectations are met, or find ways to control customer expectations. Therefore the purpose of the study is to investigate how customer expectations of services in bed and breakfast establishments affect the perceived quality of service. A quantitative approach was used through random sampling to collect descriptive and correlation study between customer expectations and perceived quality. Findings of the study indicated that customers at bed and breakfast generally expect a clean, friendly and safe environment that has a homely feel, while they are away from home. In addition, findings of the study also emphasised that the age-groups between 20 and 35 are more likely to travel, for business and vacation purposes, staying for more or less 3, have high expectations towards modern facilities and extras in the room such as coffee machines, and are more concerned about the service being provided quickly and right, and taking extra care to deal with problems promptly.

Keywords: Customer satisfaction, Service quality, Bed and breakfast, Customer retention

Procedia PDF Downloads 190
1903 The Relationship between Customer Satisfaction and Loyalty through Social Media of Service Business

Authors: Supattra Kanchanopast

Abstract:

The purpose of this study was to study the relationship between customer satisfaction and customer loyalty through social media of service business. This study collected data from 187 customers who have used social media of service business to buy product or service in Thailand. Statistics including frequency, percentage, standard deviation and Person’s Correlation test were used. The finding revealed that the majority of the respondents were female, 25-40 years old, graduated the bachelor degree, had monthly income 15,000-25,000 Baht and worked in private sectors. The mostly respondents have reserved the accommodation/homestay/hotel through Facebook about 3-4 times. The hypothesis testing disclosed that the satisfaction in customer invitation and data presentation perspective had a correlation with the level of customer loyalty: recommendation to others in terms of sharing. In addition, the satisfaction in customer relationship management perspective had a positive correlation with customer loyalty through social media of service business with respect to repeat purchase and recommendation to others at the 0.05 level of significance.

Keywords: customer satisfaction, customer loyalty, relationship, service business, social media

Procedia PDF Downloads 349
1902 The Antecedents of Customer-to-Customer Interaction to Brand and Communication Strategy: A Marketer’s Perspective

Authors: Kartina Sury Kariman

Abstract:

Brand-to-customer (B2C) engagement has been well established through the traditional platform such as direct sales, advertising, customer service center, customer hotline as well as brand usage experiences. Increasingly, interest to B2C has evolved to include customer-to-customer (C2C) interaction analysis aligned with the vast growth of web 2.0. Hence, discussion on C2C interaction and brand strategy have captured social media as it enables brands and C2C interaction to be connected in various ways, providing opportunities for marketers to shape their brand engagement strategy while reaching C2C as the targeted outcomes. The objective here is to provide a preliminary review of C2C interaction consisting the antecedents and consequences while highlighting areas of research interest within the context from marketers perspective and the business outcomes. This paper discusses how C2C interaction defines marketers’ brand and communication strategy and how social media trend shapes the strategy when promoting the awareness of life insurance industry and educating the target market.

Keywords: social media, brand engagement, customer interaction, customer engagement, brand strategy, life insurance

Procedia PDF Downloads 355
1901 The Path to Customer Satisfaction and Loyalty Improvement

Authors: Mehrnoosh Askarizadeh

Abstract:

The foundation of all marketing is composed by relations. Thus, all marketing activities concentrated to establish, develop and maintain successful relational exchanges. By building strong relational bonds, relationship marketing improves customer loyalty resulting in improved firm performance. Relationship marketing is a strategically important tool to use to obtain and secure the result of customer’s loyalty, which leads to higher competitiveness and also enhanced satisfaction among the customers. The study revealed that there subsist significant relationships between customer satisfaction and loyalty. It is recognized that with improvement of customer satisfaction a firm will find customers that are more loyal. Based it, firm managers are advised to satisfy and better manage their relationships through quality product and service offerings to their customers as a competitive policy in the marketplace. These offerings are required to meet or surpass consumers’ expectations.

Keywords: customer loyalty, customer satisfaction, trend, relationship marketing

Procedia PDF Downloads 370
1900 Customer Churn Analysis in Telecommunication Industry Using Data Mining Approach

Authors: Burcu Oralhan, Zeki Oralhan, Nilsun Sariyer, Kumru Uyar

Abstract:

Data mining has been becoming more and more important and a wide range of applications in recent years. Data mining is the process of find hidden and unknown patterns in big data. One of the applied fields of data mining is Customer Relationship Management. Understanding the relationships between products and customers is crucial for every business. Customer Relationship Management is an approach to focus on customer relationship development, retention and increase on customer satisfaction. In this study, we made an application of a data mining methods in telecommunication customer relationship management side. This study aims to determine the customers profile who likely to leave the system, develop marketing strategies, and customized campaigns for customers. Data are clustered by applying classification techniques for used to determine the churners. As a result of this study, we will obtain knowledge from international telecommunication industry. We will contribute to the understanding and development of this subject in Customer Relationship Management.

Keywords: customer churn analysis, customer relationship management, data mining, telecommunication industry

Procedia PDF Downloads 216
1899 A Bayesian Network Approach to Customer Loyalty Analysis: A Case Study of Home Appliances Industry in Iran

Authors: Azam Abkhiz, Abolghasem Nasir

Abstract:

To achieve sustainable competitive advantage in the market, it is necessary to provide and improve customer satisfaction and Loyalty. To reach this objective, companies need to identify and analyze their customers. Thus, it is critical to measure the level of customer satisfaction and Loyalty very carefully. This study attempts to build a conceptual model to provide clear insights of customer loyalty. Using Bayesian networks (BNs), a model is proposed to evaluate customer loyalty and its consequences, such as repurchase and positive word-of-mouth. BN is a probabilistic approach that predicts the behavior of a system based on observed stochastic events. The most relevant determinants of customer loyalty are identified by the literature review. Perceived value, service quality, trust, corporate image, satisfaction, and switching costs are the most important variables that explain customer loyalty. The data are collected by use of a questionnaire-based survey from 1430 customers of a home appliances manufacturer in Iran. Four scenarios and sensitivity analyses are performed to run and analyze the impact of different determinants on customer loyalty. The proposed model allows businesses to not only set their targets but proactively manage their customer behaviors as well.

Keywords: customer satisfaction, customer loyalty, Bayesian networks, home appliances industry

Procedia PDF Downloads 52
1898 The Effect of Physical Evidence of Themed Casino Hotels on Customer Value and Satisfaction

Authors: Tao Zhang, Fen Zhang

Abstract:

Physical evidence has emerged as an important concept for understanding customers' behavior in the service industry. While it is still not clear about the effect of physical evidence of themed casino hotels on customer value and satisfaction. After deciding on the research context, the processes of this research started with a review of literature in three subject areas: physical evidence, customer value, and customer satisfactions. Insights from the literature review and pilot interviews are important input that informs the development of the specific research questions. Data collection for this research will be done for two studies: a photo elicitation study and an in-depth interview study.

Keywords: casino, customer value, customer satisfaction, hotel, physical evidence

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1897 Study on Clarification of the Core Technology in a Monozukuri Company

Authors: Nishiyama Toshiaki, Tadayuki Kyountani, Nguyen Huu Phuc, Shigeyuki Haruyama, Oke Oktavianty

Abstract:

It is important to clarify the company’s core technology in product development process to strengthen their power in providing technology that meets the customer requirement. QFD method is adopted to clarify the core technology through identifying the high element technologies that are related to the voice of customer, and offer the most delightful features for customer. AHP is used to determine the importance of evaluating factors. A case study was conducted by using this approach in Japan’s Monozukuri Company (so called manufacturing company) to clarify their core technology based on customer requirements.

Keywords: core technology, QFD, voices of customer, analysis procedure

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1896 Pro-BluCRM: A Proactive Customer Relationship Management System Using Bluetooth

Authors: Mohammad Alawairdhi

Abstract:

Customer Relationship Management (CRM) started gaining attention as late as the 1990s, and since then efforts are ongoing to define the domain’s precise specifications. There is yet no single agreed upon definition. However, a predominant majority perceives CRM as a mechanism for enhancing interaction with customers, thereby strengthening the relationship between a business and its clients. From the perspective of Information Technology (IT) companies, CRM systems can be viewed as facilitating software products or services to automate the marketing, selling and servicing functions of an organization. In this paper, we have proposed a Bluetooth enabled CRM system for small- and medium-scale organizations. In the proposed system, Bluetooth technology works as an automatic identification token in addition to its common use as a communication channel. The system comprises a server side accompanied by a user-interface support for both client and server sides. The system has been tested in two environments and users have expressed ease of use, convenience and understandability as major advantages of the proposed solution.

Keywords: customer relationship management, CRM, bluetooth, automatic identification token

Procedia PDF Downloads 260
1895 Business Intelligence for Profiling of Telecommunication Customer

Authors: Rokhmatul Insani, Hira Laksmiwati Soemitro

Abstract:

Business Intelligence is a methodology that exploits the data to produce information and knowledge systematically, business intelligence can support the decision-making process. Some methods in business intelligence are data warehouse and data mining. A data warehouse can store historical data from transactional data. For data modelling in data warehouse, we apply dimensional modelling by Kimball. While data mining is used to extracting patterns from the data and get insight from the data. Data mining has many techniques, one of which is segmentation. For profiling of telecommunication customer, we use customer segmentation according to customer’s usage of services, customer invoice and customer payment. Customers can be grouped according to their characteristics and can be identified the profitable customers. We apply K-Means Clustering Algorithm for segmentation. The input variable for that algorithm we use RFM (Recency, Frequency and Monetary) model. All process in data mining, we use tools IBM SPSS modeller.

Keywords: business intelligence, customer segmentation, data warehouse, data mining

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1894 A Hybrid ICA-GA Algorithm for Solving Multiobjective Optimization of Production Planning Problems

Authors: Omar Ramzi Jasim, Jalal Sultan Ashour

Abstract:

Production Planning or Master Production Schedule (MPS) is a key interface between marketing and manufacturing, since it links customer service directly to efficient use of production resources. Mismanagement of the MPS is considered as one of fundamental problems in operation and it can potentially lead to poor customer satisfaction. In this paper, a hybrid evolutionary algorithm (ICA-GA) is presented, which integrates the merits of both imperialist competitive algorithm (ICA) and genetic algorithm (GA) for solving multi-objective MPS problems. In the presented algorithm, the colonies in each empire has be represented a small population and communicate with each other using genetic operators. By testing on 5 production scenarios, the numerical results of ICA-GA algorithm show the efficiency and capabilities of the hybrid algorithm in finding the optimum solutions. The ICA-GA solutions yield the lower inventory level and keep customer satisfaction high and the required overtime is also lower, compared with results of GA and SA in all production scenarios.

Keywords: master production scheduling, genetic algorithm, imperialist competitive algorithm, hybrid algorithm

Procedia PDF Downloads 319
1893 Computing Customer Lifetime Value in E-Commerce Websites with Regard to Returned Orders and Payment Method

Authors: Morteza Giti

Abstract:

As online shopping is becoming increasingly popular, computing customer lifetime value for better knowing the customers is also gaining more importance. Two distinct factors that can affect the value of a customer in the context of online shopping is the number of returned orders and payment method. Returned orders are those which have been shipped but not collected by the customer and are returned to the store. Payment method refers to the way that customers choose to pay for the price of the order which are usually two: Pre-pay and Cash-on-delivery. In this paper, a novel model called RFMSP is presented to calculated the customer lifetime value, taking these two parameters into account. The RFMSP model is based on the common RFM model while adding two extra parameter. The S represents the order status and the P indicates the payment method. As a case study for this model, the purchase history of customers in an online shop is used to compute the customer lifetime value over a period of twenty months.

Keywords: RFMSP model, AHP, customer lifetime value, k-means clustering, e-commerce

Procedia PDF Downloads 236
1892 Churn Prediction for Savings Bank Customers: A Machine Learning Approach

Authors: Prashant Verma

Abstract:

Commercial banks are facing immense pressure, including financial disintermediation, interest rate volatility and digital ways of finance. Retaining an existing customer is 5 to 25 less expensive than acquiring a new one. This paper explores customer churn prediction, based on various statistical & machine learning models and uses under-sampling, to improve the predictive power of these models. The results show that out of the various machine learning models, Random Forest which predicts the churn with 78% accuracy, has been found to be the most powerful model for the scenario. Customer vintage, customer’s age, average balance, occupation code, population code, average withdrawal amount, and an average number of transactions were found to be the variables with high predictive power for the churn prediction model. The model can be deployed by the commercial banks in order to avoid the customer churn so that they may retain the funds, which are kept by savings bank (SB) customers. The article suggests a customized campaign to be initiated by commercial banks to avoid SB customer churn. Hence, by giving better customer satisfaction and experience, the commercial banks can limit the customer churn and maintain their deposits.

Keywords: savings bank, customer churn, customer retention, random forests, machine learning, under-sampling

Procedia PDF Downloads 48
1891 Interactive Multiple Functions User Interface

Authors: Manjit Singh Sidhu, Waleed Maqableh, Jee Geak Ying

Abstract:

Tangible user interfaces (TUI) that employ markers in the augmented reality (AR) environment has hampered the interactivity between the user and the software application. This is because the user lacks focus on visualizing the contents due to the interaction mechanisms whereby multiple markers may need to be used to perform a particular function. In this research, we have designed a novel TUI user interface where multiple functions could be triggered similar to a natural keyboard thus allowing user to focus more on its digital contents such as 2D/3D, text input, animation and sound. Test results of the user interface with potential users and HCI experts revealed that the multiple functions user interface was new, preferred and appreciated more as opposed to marker based user interface.

Keywords: multimedia, augmented reality, engineering, user interface, visualization

Procedia PDF Downloads 352
1890 Using Data-Driven Model on Online Customer Journey

Authors: Ing-Jen Hung, Tzu-Chien Wang

Abstract:

Nowadays, customers can interact with firms through miscellaneous online ads on different channels easily. In other words, customer now has innumerable options and limitless time to accomplish their commercial activities with firms, individualizing their own online customer journey. This kind of convenience emphasizes the importance of online advertisement allocation on different channels. Therefore, profound understanding of customer behavior can make considerable benefit from optimizing fund allocation on diverse ad channels. To achieve this objective, multiple firms utilize numerical methodology to create data-driven advertisement policy. In our research, we aim to exploit online customer click data to discover the correlations between each channel and their sequential relations. We use LSTM to deal with sequential property of our data and compare its accuracy with other non-sequential methods, such as CART decision tree, logistic regression, etc. Besides, we also classify our customers into several groups by their behavioral characteristics to perceive the differences between all groups as customer portrait. As a result, we discover distinct customer journey under each customer portrait. Our article provides some insights into marketing research and can help firm to formulate online advertising criteria.

Keywords: LSTM, customer journey, marketing, channel ads

Procedia PDF Downloads 38
1889 Implementation of Cloud Customer Relationship Management in Banking Sector: Strategies, Benefits and Challenges

Authors: Ngoc Dang Khoa Nguyen, Imran Ali

Abstract:

The cloud customer relationship management (CRM) has emerged as an innovative tool to augment the customer satisfaction and performance of banking systems. Cloud CRM allows to collect, analyze and utilize customer-associated information and update the systems, thereby offer superior customer service. Cloud technologies have invaluable potential to ensure innovative customer experiences, successful collaboration, enhanced speed to marketplace and IT effectiveness. As such, many leading banks have been attracted towards adoption of such innovative and customer-driver solutions to revolutionize their existing business models. Chief Information Officers (CIOs) are already implemented or in the process of implementation of cloud CRM. However, many organizations are still reluctant to take such initiative due to the lack of information on the factors influencing its implementation. This paper, therefore, aims to delve into the strategies, benefits and challenges intertwined in the implementation of Cloud CRM in banking sector and provide reliable solutions.

Keywords: banking sector, cloud computing, cloud CRM, strategy

Procedia PDF Downloads 72
1888 Evaluation of the Matching Optimization of Human-Machine Interface Matching in the Cab

Authors: Yanhua Ma, Lu Zhai, Xinchen Wang, Hongyu Liang

Abstract:

In this paper, by understanding the development status of the human-machine interface in today's automobile cab, a subjective and objective evaluation system for evaluating the optimization of human-machine interface matching in automobile cab was established. The man-machine interface of the car cab was divided into a software interface and a hard interface. Objective evaluation method of software human factor analysis is used to evaluate the hard interface matching; The analytic hierarchy process is used to establish the evaluation index system for the software interface matching optimization, and the multi-level fuzzy comprehensive evaluation method is used to evaluate hard interface machine. This article takes Dongfeng Sokon (DFSK) C37 model automobile as an example. The evaluation method given in the paper is used to carry out relevant analysis and evaluation, and corresponding optimization suggestions are given, which have certain reference value for designers.

Keywords: analytic hierarchy process, fuzzy comprehension evaluation method, human-machine interface, matching optimization, software human factor analysis

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1887 Delamination of Scale in a Fe Carbon Steel Surface by Effect of Interface Roughness and Oxide Scale Thickness

Authors: J. M. Lee, W. R. Noh, C. Y. Kim, M. G. Lee

Abstract:

Delamination of oxide scale has been often discovered at the interface between Fe carbon steel and oxide scale. Among several mechanisms of this delamination behavior, the normal tensile stress to the substrate-scale interface has been described as one of the main factors. The stress distribution at the interface is also known to be affected by thermal expansion mismatch between substrate and oxide scale, creep behavior during cooling and the geometry of the interface. In this study, stress states near the interface in a Fe carbon steel with oxide scale have been investigated using FE simulations. The thermal and mechanical properties of oxide scales are indicated in literature and Fe carbon steel is measured using tensile testing machine. In particular, the normal and shear stress components developed at the interface during bending are investigated. Preliminary numerical sensitivity analyses are provided to explain the effects of the interface geometry and oxide thickness on the delamination behavior.

Keywords: oxide scale, delamination, Fe analysis, roughness, thickness, stress state

Procedia PDF Downloads 237