What is the use of the monetary event in the RFM analysis? How is the average monetary value of a user determined in the segments that are created?
Request you to refer the RFM documentation here: https://docs.clevertap.com/docs/rfm.
Meanwhile, the RFM Analysis is a user segmentation model that segments your users based on how recently and frequently they performed a specific event. It is Recency, Frequency and Monetary.
The Monetary parameter helps you identify and segregate the users on the basis of the monetary value or the amount they are spending on your platform along with their recency and frequency matrices.