CRM is Customer Relationship Management. It is a tool by which businesses manage customers efficiently by keeping their profiles and details so that goodwill can be maintained with them. In the retail market, customers are dealt with individually so that CRM tools become very important for identification and tracking so that customer satisfaction can be enhanced. When customer’s needs are taken care of suitably, they can convert into loyal customers and the number of people interested in a business can be increased.
Hence retail CRM can be a very potent tool that can be used by a business. Apart from the stated benefits, retail CRM can also be helpful in the following ways.
• Analyzing different customers – By gathering ample information on customers, they can be grouped into different sections so that each of them can be approached in a particular fashion. A complete market can then be segregated according to new customers, heavy buying customers, long term buyers, youngsters, families, etc. Thus, a definite strategy can then be developed for each one of them.
• Promotions – With proper promotion, the right customer can be chosen. Customers can easily be grouped using an omnichannel CRM as it can lead to a better service. When the choice of a customer or a group of customers is known then newsletters can be developed in such a way that their interesting products can be included in it. A promotion can achieve its objective in this way.
• Customer loyalty – CRM essentially concentrates on each customer need so that they can be known exactly. Hence, long term customers can easily be identified and they can further be kept interested with rewards, points, and bonuses from time to time that can help in developing customer loyalty with them. Hence, a set of committed customers will be built in this way that can help in leveraging the sales and profit of a business.
• Historical data – An omnichannel CRM captures all the information of every customer like the purchase detail, contact information, etc. Therefore, it can help a retail business substantially as each customer will be known inside out. Hence, regular visitors to the business can easily be identified along with their requirements. This can help in dealing with product demand a lot easier as much of the consumption pattern will be known satisfactorily thereby improving the customer experience in the process.
• New customers – CRM has a sort of intelligence so that potential customers can be determined and they can be the leads in the process. Once new customers are identified by it, the same can be forwarded to the sales department that can then go ahead with their interests so that they may visit the business soon.
In addition to all the above-mentioned points, CRM is also a cost-effective option as customers can be maintained quite economically. E-mails and bulk SMS can be sent out to customers to keep them abreast of future offers so that each customer can be reached individually. Due to these effects of CRM, retail businesses have largely benefited from it and there is a growing dependence on the solution. Thus, many new variants are being developed so that the retail market can prosper abundantly with it.