The evolution in technology has led to transformed consumer behavior a lot, and this has resulted in revolutionizing the way businesses used to be. Especially after the world got hit by the global pandemic of coronavirus, the buying nature of consumers shifted from offline to online. Undoubtedly, the Covid-19 pandemic has accelerated the need for having an online presence for retailers to sell their products via the internet.
But in this blog, we are not focusing on how the retail industry is getting transformed, rather we’ll let you know the role of CRM in eCommerce and the retail industry.
So let’s dig straight into it!
What Is A CRM Software?
CRM stands for customer relationship management, this technology helps the user to keep track of everything about its customers and its potential customer, this enables the user to build a great relationship with its customers. CRM helps organizations increase their productivity and streamline processes across departments where customer interaction is key. Earlier CRM used to be all about sales but not anymore, CRM software is for every department like sales, marketing, service, commerce, and IT.
CRM is termed one of the biggest enterprise markets in the world. Businesses that leverage CRM has seen their sales increase by 30% and sales productivity by 35%. It is a combination of practices, strategies, and technologies that oversee and analyze the interactions to improve customers retention and sales growth.
The Components Of CRM
CRM systems are always evolving, adding more and more components to expand beyond traditional customer profiling functions. Components can include:
1) Marketing automation capabilities to automate repetitive tasks and enhance marketing efforts.
2) CRM automation tools track customer interactions and automate business functions in the sales cycle.
3) Lead management, enabling sales teams to input, track, and analyze data on leads.
4) Contact center automation to reduce tedious tasks like information dissemination.
5) Location-based services that create marketing campaigns based on customers’ physical locations, and human resource management to track employee information, reviews, and benefits among others.
6) CRM software can automate workflows, track sales leads, track employee information and even predict future customer behaviors with the implementation of artificial intelligence (AI).
The Role Of CRM In The Ecommerce And Retail Industry
The survival of a business depends upon the effective positioning of the organization and its offerings. It is also important to generate interest among customers all around the year and ensure that they inquire about their requirements throughout the year. This is done by implementing CRM software. Following are the benefits of eCommerce CRM in the retail industry:
1) Customer Segmentation
In today’s era of digitalization, driving sales through social media is very important for the success of the business. When we scroll through our social media platforms after browsing any stuff on search engines, our social media feed gets flooded with sponsored ads, and eventually, we end up clicking on them. How does it happen? It happened because whatever browse on search engines, based on that search patterns, social media displays ads to us. This is achieved by CRM. The technology enables the retailers to get segmented data of their customers, so they could provide them personalized customer service. This indeed will increase the sales for the retailers.
2) Reminders To The Buyers
It happens quite frequently that a buyer leaves the online store before placing an order, even after adding the item into their cart. This is another benefit that the retailer gets with the implementation of CRM software into its business. CRM provides deep insights about every moment of the customer on the online store. This enables the retailer to send polite reminders to their customers to check out the items they have added to their cart.
3) Better Time Management
Time is money this is a famous quote we all must have heard of, and yes it is true! Time is money. One of the biggest benefits of CRM is that the sales agents gets effective use of time. They’ll need not be stuck around for the tasks like administrative issues and problem-solving. Thus, they can utilize this time for active selling and contribute in increasing the sales of the business.
To sum up, it can be said that the retail industry is revolutionizing and running online stores is the new norm. People aren’t buying the way they used to, but they are still buying, and they’re doing it online at all hours from absolutely everywhere. Hence, for excellence in the game of eCommerce, implementing CRM software is a must. It has tons of benefits, apart from some mentioned above in this blog. You can consider the above-mentioned benefits as the tip of the iceberg. To know more about CRM software, we’ll suggest you to please check out our more blogs on it.
Are you looking to implement CRM in your eCommerce Store? If yes, so, please feel free to contact us at email@example.com