Optimizing Consumer Retention Strategies Through Data-Driven Insights in Digital Marketplaces

Shashank Shekhar Katyayan

Eli Broad College of Business, Michigan State University

Bogue St, East Lansing, MI 48824

United States

shashank17@outlook.com

Dr S P Singh

Ex-Dean, Gurukul Kangri University

Haridwar, Uttarakhand

spsingh.gkv@gmail.com

Abstract – Consumer retention is a critical challenge in the highly competitive landscape of digital marketplaces, where customer preferences evolve rapidly and switching costs are minimal. This study explores the optimization of retention strategies by leveraging data-driven insights, emphasizing the role of advanced analytics, predictive modeling, and personalized engagement in fostering customer loyalty. The research highlights the integration of machine learning algorithms with real-time consumer behavior data to identify attrition risks and recommend targeted interventions. Moreover, it discusses the impact of segmentation, churn prediction, and lifecycle marketing in enhancing customer value. By synthesizing case studies and empirical evidence, this study underscores the transformative potential of data-driven approaches in minimizing churn rates and maximizing customer lifetime value (CLV). The findings suggest that a strategic focus on data-centric decision-making can significantly enhance retention rates, providing digital marketplaces with a sustainable competitive advantage. This work contributes to the field by offering actionable frameworks for businesses seeking to transition from reactive to proactive retention strategies.

Keywords – Consumer retention, digital marketplaces, data-driven insights, customer loyalty, predictive analytics, churn prediction, machine learning, customer segmentation, lifecycle marketing, customer lifetime value (CLV).

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Subramani, Prakash, Sandhyarani Ganipaneni, Rajas Paresh Kshirsagar, Om Goel, Prof. (Dr.) Arpit Jain, and Prof. (Dr.) Punit Goel. 2024. The Impact of SAP Digital Solutions on Enabling Scalability and Innovation for Enterprises. International Journal of Worldwide Engineering Research 2(11):233-50.
Banoth, D. N., Jena, R., Vadlamani, S., Kumar, D. L., Goel, P. (Dr) P., & Singh, D. S. P. (2024). Performance Tuning in Power BI and SQL: Enhancing Query Efficiency and Data Load Times. Journal of Quantum Science and Technology (JQST), 1(3), Aug(165–183). Retrieved from https://jqst.org/index.php/j/article/view/113.
Subramanian, G., Chamarthy, S. S., Kumar, P. (Dr) S., Tirupati, K. K., Vashishtha, P. (Dr) S., & Prasad, P. (Dr) M. (2024). Innovating with Advanced Analytics: Unlocking Business Insights Through Data Modeling. Journal of Quantum Science and Technology (JQST), 1(4), Nov(170–189). Retrieved from https://jqst.org/index.php/j/article/view/106.
Subramanian, Gokul, Ashish Kumar, Om Goel, Archit Joshi, Prof. (Dr.) Arpit Jain, and Dr. Lalit Kumar. 2024. Operationalizing Data Products: Best Practices for Reducing Operational Costs on Cloud Platforms. International Journal of Worldwide Engineering Research 02(11): 16-33. https://doi.org/10.2584/1645.
Nusrat Shaheen, Sunny Jaiswal, Dr Umababu Chinta, Niharika Singh, Om Goel, Akshun Chhapola. (2024). Data Privacy in HR: Securing Employee Information in U.S. Enterprises using Oracle HCM Cloud. International Journal of Research Radicals in Multidisciplinary Fields, ISSN: 2960-043X, 3(2), 319–341. Retrieved from https://www.researchradicals.com/index.php/rr/article/view/131.
Shaheen, N., Jaiswal, S., Mangal, A., Singh, D. S. P., Jain, S., & Agarwal, R. (2024). Enhancing Employee Experience and Organizational Growth through Self-Service Functionalities in Oracle HCM Cloud. Journal of Quantum Science and Technology (JQST), 1(3), Aug(247–264). Retrieved from https://jqst.org/index.php/j/article/view/119.
Nadarajah, Nalini, Sunil Gudavalli, Vamsee Krishna Ravi, Punit Goel, Akshun Chhapola, and Aman Shrivastav. 2024. Enhancing Process Maturity through SIPOC, FMEA, and HLPM Techniques in Multinational Corporations. International Journal of Enhanced Research in Science, Technology & Engineering 13(11):59.
Nalini Nadarajah, Priyank Mohan, Pranav Murthy, Om Goel, Prof. (Dr.) Arpit Jain, Dr. Lalit Kumar. (2024). Applying Six Sigma Methodologies for Operational Excellence in Large-Scale Organizations. International Journal of Multidisciplinary Innovation and Research Methodology, ISSN: 2960-2068, 3(3), 340–360. Retrieved from https://ijmirm.com/index.php/ijmirm/article/view/141.
Nalini Nadarajah, Rakesh Jena, Ravi Kumar, Dr. Priya Pandey, Dr S P Singh, Prof. (Dr) Punit Goel. (2024). Impact of Automation in Streamlining Business Processes: A Case Study Approach. International Journal of Research Radicals in Multidisciplinary Fields, ISSN: 2960-043X, 3(2), 294–318. Retrieved from https://www.researchradicals.com/index.php/rr/article/view/130.