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<HTML> <HEAD> <!--SCRIPT LANGUAGE="JavaScript" SRC="http://a1835.g.akamai.net/f/1835/276/3h/www.netlibrary.com/include/js/dictionary_library.js"></SCRIPT> <SCRIPT LANGUAGE="JavaScript"> if (!opener){document.onkeyup=parent.turnBookPage;} </SCRIPT!--> <META HTTP-EQUIV="Cache-Control" CONTENT="no-cache"> <META HTTP-EQUIV="Pragma" CONTENT="no-cache"> <META HTTP-EQUIV="Expires" CONTENT="-1"><META http-equiv="Content-Type" content="text/html; charset=windows-1252"><SCRIPT>var PrevPage="Page_272";var NextPage="Page_274";var CurPage="Page_273";var PageOrder="281";</SCRIPT> <TITLE>Document</TITLE> </HEAD> <BODY BGCOLOR="#FFFFFF"><CENTER><TABLE BORDER=0 WIDTH=100% CELLPADDING=0><TR><TD ALIGN=CENTER> <TABLE BORDER=0 CELLPADDING=2 CELLSPACING=0 WIDTH=100%> <TR> <TD ALIGN=LEFT><A HREF='Page_272.html'>Previous</A></TD> <TD ALIGN=RIGHT><A HREF='Page_274.html'>Next</A></TD> </TR> </TABLE></TD></TR><TR><TD ALIGN=LEFT><P><A NAME='JUMPDEST_Page_273'/><A NAME='{935}'/><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH='100%'><TR><TD ALIGN=RIGHT><FONT FACE='Times New Roman, Times, Serif' SIZE=2 COLOR=#FF0000>Page 273</FONT></TD></TR></TABLE><A NAME='{936}'/><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0><TR> <TD ROWSPAN=5></TD> <TD COLSPAN=3 HEIGHT=12></TD> <TD ROWSPAN=5></TD></TR><TR> <TD COLSPAN=3></TD></TR><TR><TD></TD> <TD><FONT FACE='Times New Roman, Times, Serif' SIZE=3>smart retailer to personalize their responses to each of their customers' needs and desires. An electronic retailer of any size can be competitive in this marketplace as long as it is capturing important transactional and customer information and leveraging data mining to enhance the service and quality of communications it provides to its clients.</FONT></TD><TD></TD></TR><TR> <TD COLSPAN=3></TD></TR><TR> <TD COLSPAN=3 HEIGHT=1></TD></TR></TABLE><A NAME='{937}'/><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0><TR> <TD ROWSPAN=5></TD> <TD COLSPAN=3 HEIGHT=12></TD> <TD ROWSPAN=5></TD></TR><TR> <TD COLSPAN=3></TD></TR><TR><TD></TD> <TD><FONT FACE='Times New Roman, Times, Serif' SIZE=3>On the Web shoppers can search for product information and do side-by-side comparison in a completely open marketplace. Online buyers have a dramatic new power to barter, bid, and compare for the best prices on products and services. Consumers today are assisted by new services, websites, and software that can quite easily retrieve the best available prices. In this type of marketplace your competitor is always a mouse-click away.</FONT></TD><TD></TD></TR><TR> <TD COLSPAN=3></TD></TR><TR> <TD COLSPAN=3 HEIGHT=1></TD></TR></TABLE><A NAME='{938}'/><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0><TR> <TD ROWSPAN=5></TD> <TD COLSPAN=3 HEIGHT=12></TD> <TD ROWSPAN=5></TD></TR><TR> <TD COLSPAN=3></TD></TR><TR><TD></TD> <TD><FONT FACE='Times New Roman, Times, Serif' SIZE=3>To stay competitive and attract and retain customers, it is important to provide an extra-added service along with low costs. You must personalize your products and services, making it difficult for customers to leave. Those firms that rely on physical barriers or traditional brand advertising and retailing channels to combat competition will eventually fail in this fast evolving environment. The winners will be those merchants who recognize the value of transactional data and mine it for all it's worth.</FONT></TD><TD></TD></TR><TR> <TD COLSPAN=3></TD></TR><TR> <TD COLSPAN=3 HEIGHT=1></TD></TR></TABLE><A NAME='{939}'/><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0><TR> <TD ROWSPAN=5></TD> <TD COLSPAN=3 HEIGHT=12></TD> <TD ROWSPAN=5></TD></TR><TR> <TD COLSPAN=3></TD></TR><TR><TD></TD> <TD><FONT FACE='Times New Roman, Times, Serif' SIZE=3>Monitoring the relationships with your customers in a digitized environment involves the mining of your data. This entails an analysis of all repeat visitors as well as those who have made purchases but have stopped buying from you. Periodically you may need to do a data mining analysis of your dormant customer accounts to investigate why they have stopped buying from you. In order to ascertain what kind of product they may be interested in, do a clustering analysis of products purchased by visitors with similar demographics. Make a special offer to encourage dormant customers to take the time to answer your "please come back" e-mail. Send a "we missed you" e-mail message, and ask them why they have not returned since their last purchase of "Product Z." Tell them of a special offer for a similar product they may be interested in based on your data mining analysis.</FONT></TD><TD></TD></TR><TR> <TD COLSPAN=3></TD></TR><TR> <TD COLSPAN=3 HEIGHT=1></TD></TR></TABLE><A NAME='{93A}'/><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0><TR> <TD ROWSPAN=5></TD> <TD COLSPAN=3 HEIGHT=12></TD> <TD ROWSPAN=5></TD></TR><TR> <TD COLSPAN=3></TD></TR><TR><TD></TD> <TD><FONT FACE='Times New Roman, Times, Serif' SIZE=3>Cultivating existing customers is the most cost-effective strategy you can pursue in retailing on the Web. They represent visitors who appreciate your products and services, and you need to establish a strategy for retaining them. Do this via e-mail informing them of products they are likely to be interested in based on prior purchases and the interests they have indicated on their registration forms or through their prior interactions. Of course, data mining can also reveal what product they are likely to be interested in based on affinity analysis using association and segmentation tools. Cultivate your</FONT><FONT FACE='Times New Roman, Times, Serif' SIZE=3 COLOR=#FFFF00><!-- continue --></FONT></TD><TD></TD></TR><TR> <TD COLSPAN=3></TD></TR><TR> <TD COLSPAN=3 HEIGHT=1></TD></TR></TABLE><A NAME='{93B}'/></FORM></P></TD></TR></TABLE><P><FONT SIZE=0 COLOR=WHITE></CENTER><A NAME="bottom"> </A><!-- netLibrary.com Copyright Notice --> </BODY></HTML>
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