Which mathematical modeling approach revolutionized retail customer analytics by introducing the concept of 'probabilistic latent variable models' for predicting customer lifetime value?

In the competitive world of retail, mathematical models have transformed how businesses understand customer behavior. Advanced analytics and AI implementations are now essential for optimizing product placement, predicting consumer trends, and maximizing sales. This trivia question explores a significant breakthrough in mathematical modeling for retail analytics that changed how businesses approach customer lifetime value calculations.

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Pareto/NBD Model (Negative Binomial Distribution)
Monte Carlo Markov Chain (MCMC) Analysis
Bayesian Hierarchical Regression
K-means Clustering Algorithm