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Toolkit helps online retailers maintain customers

By transforming customer behavioural and descriptive data into valuable, accessible and practical marketing information, MIMIC (Mining the Internet for Marketing IntelligenCe) can enable an online retailer to capture, retain and satisfy his customers.

The MIMIC project was fu...
By transforming customer behavioural and descriptive data into valuable, accessible and practical marketing information, MIMIC (Mining the Internet for Marketing IntelligenCe) can enable an online retailer to capture, retain and satisfy his customers.

The MIMIC project was funded by the European Commission's Esprit programme to develop a toolkit that would enable the mining of data generated by Internet retailing. "Data mining" is the non-trivial extraction of previously unknown information from data.

The result is the development of a generic, extensible, modular software tool that transforms customer behavioural and descriptive data into valuable, accessible and practical marketing information.

The marketing intelligence information generated from the MIMIC data-mining toolkit is used to provide a competitive edge to on-line retailers, allowing them to capture, retain and satisfy customers.

With the benefit of direct marketing, which has the ability to measure directly the response to a particular marketing effort, a retailer can monitor customers' behaviour patterns and detect and sell to "switchers" - those who show no allegiance to a particular Internet retailer.

European SMEs (small and medium-sized enterprises) operate many of the fastest growing on-line retail sites on the Internet. These SMEs do not have the resources to analyze manually the statistics generated by their sites. MIMIC will provide them with useful marketing intelligence and assist them in developing strategies for using the Internet's marketing potential more effectively.

Source: European Commission, Directorate General III

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