Customer loyalty is the ultimate reward businesses across the globe vie for and work towards, and retailers are no different. Since time immemorial, they have been wooing customers with discounts or offers, schemes or deals, on occasions, all rolled into one, in order to improve their experiences, thereby trying to retain them.
What is CRM?
Customer relationship management or CRM is the process of improving customer relationship by knowing their needs better. CRM solutions in the retail industry helps to augment customer satisfaction, it brings down the expenditure and boosts company performance.
Why CRM in retail industry?
The retail industry in India is largely an unorganized sector but is growing at a very fast pace, and is the fifth largest in the world, hence the need of CRM solutions.
In today’s technologically connected global village where consumer behavior is highly influenced by the power of social media and mobile, creating and holding on to their attention is the sole criterion which determines winners and losers in the business of retail. CRM in retail industry provides a tool to the retailers to stay in touch with their customers and offer personalized service, benefitting both the parties in equal measure.
Cloud based CRM solutions in retail not just collaborates customer information, it is also effective in gathering and evaluating huge sales data, in a very short span of time, thus providing vital consumer behavior insight, trends and patterns of sale. This enables the retailer to help take crucial decisions pertaining to marketing, pricing and in formulating customer programs, allowing the organization to climb the success ladder much faster.
Benefits of CRM in retail industry
- Create segments- Apart from gathering information, a CRM solution helps track each customer’s history, including their preferences, and demographic statistics. This allows a retailer to offer customized solution to every customer, making them feel special and improving their experience.
- Categories- Make preferred customers list or group and assign them to account managers to serve them better.
- It not only effectively manages your existing clientele, a CRM solution is also helpful in bringing new customers into the company’s fold.
- Targeted promotions- Since detailed information is available for each client, it enables the retailer to know the exact requirement of every customer and hence only relevant promotional mail or newsletter of interest is forwarded to individuals.
- Cost-effective- A CRM solution can reduce your operational cost by automating your processes and decreasing the amount of manual work within the organization. Targeted promotions, specific marketing strategies and increased accountability of the staff enhances company’s revenue and boosts profits.
- Personalized approach- CRM in retail industry helps track the purchases made by each customer and the service calls they make, allowing the retailer to sort out warranty or discontent problems, if any, associated with the purchase. The data available also helps a retailer know when the purchased product’s life would come to an end so that special offers/ rates can be forwarded to the customers again.
- Loyalty programs for retention- The main aim of a CRM system is to help serve the customer more efficiently to retain him/ her and develop a long term relationship, which proves fruitful for both the parties. The CRM solution can also be used to introduce loyalty programs in the form of reward points and discount coupons to valued clients.
If you are in the retail industry or have a retail store and want enhanced satisfaction for your customers, it is imperative that you start using eZnetCRM. eZnetCRM for retail improves your daily operations, and its campaign and chat function helps you to serve your customers more efficiently.
eZnetCRM for retail uses cloud servers for more security and manageability and provides the functionality of the best CRM solution.