retailciooutlook

The Importance of Customer Relationship Management (CRM) in the Retail Industry

By Retail CIO Outlook | Wednesday, March 13, 2019

Customer Relationship Management (CRM)The most crucial objective of the retail industry is to establish an effective customer relationship and thus Customer relationship management (CRM) application is an integral part of all businesses. The CRM system offers chatbots which help in solving and answering any queries and FAQs of the customers.  Using CRM, a business can maintain a value-based relationship and customer loyalty. This leads the brands towards success and popularity.

A good CRM system is very cost-effective. Some of the CRM system functions include recording various customer interactions over emails, phone, and social media. CRM also performs automating different workflow processes like reminders and alerts tasks. It enables managers to track performance and productivity based on information logged within systems through CRM tools.

Few CRM Companies: yReceiptsResponse Media, Aspect Software

The CRM tools that analyze and process data are such as Marketing Automation, Contact enter automation, Salesforce automation, Geolocation technology or location-based services, AI, Analytics. Other CRM tools also include Workflow automation, Lead management, and Human Resource Management (HRM).

The capabilities of CRM software have become cutting edge with AI, IoT (Internet of Things) and holistic profiling. Various types of CRM are available for business such as On-premises CRM, Cloud-based CRM, and Open source CRM. Few CRM systems such as Contact center, Social CRM, Mobile CRM and B2B (Business-to-business) are utilized by businesses.

Implementing a Customer Relationship management solution helps to collect the feedback, allowing the retailers to increase the quality of their products and service. The data also helps in understanding and analyzing customer behavior. With CRM, the retailers can enhance the customer experience and establish their brand.

Check this out: TOP CRM COMPANIES

Customer relationship management solution can run effective and efficient dealership. CRM systems also provide customer insights that inform sentiment analysis, reveal customer intent and measure deal strength. Such meaningful insights or information is derived from customer data by retailers using CRM.

New Editions