An inclusive survey on machine learning for CRM: a paradigm shift

Abstract

Customer relationship management (CRM) is the tool to enhance customer relationship in any business. Due to the exponential growth of data volume, in any field, it is significant to develop new techniques to discover the customer knowledge, automation of the system and moreover customer satisfaction to win customer lifetime value. CRM with machine learning could bring a catalytic change in business. Several supervised and unsupervised machine learning techniques are utilized to improve the customer experience and profitability of business. This paper reviews the available literature on the CRM with machine learning techniques for customer identification, customer attraction, and customer retention and customer development. This study reveals that supervised learning techniques are 48.48% utilized, unsupervised learning techniques are utilized 15.15%, and 9.09% utilized other techniques in CRM. Paradigm is also shifted toward the deep learning from machine learning as 28.28% text has been reported to deep learning. Decision tree-based algorithm and support vector machine algorithms are most utilized algorithm of supervised learning. E-commerce and telecommunication sectors are the most important areas identified with the exponential growth of the users and hence need a suitable machine learning techniques for customer satisfaction and business profitability.