10 Ways CRM Supports Retail Success
Retail is a complex business. The demands of omnichannel, social media management and multi-channel communications all challenge retailers to know their customers and to harness data in support of increasingly complex customer contact programmes.
Customer relationship management (CRM) applications support retailers in achieving their goals through the effective management and maintenance of customer information.
It’s an essential first step but retailers need to be sure they’re getting the most out of their digital tools. According to the O Alliance and Revmetrix, 37 percent of companies don’t combine e-commerce and in-store transaction data in a central database and only nine percent link social media activity to their customer data files.
Today’s customers expect companies to know who they are and to engage them through personalized communications. They discover new brands online and share their reactions to them on social media. Jostling for attention, retailers strive to create brand loyalty through incentives, to build a brand persona and to create online communities of interest.
It may not seem so long ago that online was a goal in itself but for many retailers it’s now just one part of a broader retail channel mix. To succeed in today’s digital world, retailers need to understand their customers’ journeys end-to-end - how they begin, progress and conclude, be this in-store, online, on mobile or a combination of all three.
Without the right CRM solution, retailers will struggle as they will lack the necessary customer insight and data to support increasingly sophisticated sales and marketing operations. Such are the benefits of CRM that Nucleus Research put its return on investment at an impressive $8.71 for every $1 spent.
An effective CRM solution can help retailers meet ten of today’s top challenges:
- Personalization, segmentation and targeting is enabled by a single up-to-date data source that captures customer information from all communications channels
- Excellent customer service across all points of contact through effective customer relationship management from prospect through on boarding to order fulfilment and payment
- Engaging customers in a multichannel environment and automating communications distribution based on customer preferences recorded in the database
- Omnichannel fulfillment through effective purchasing and inventory management
- Social media success through the integration of online into overall customer communications management
- Building brand loyalty in a crowded market by tailoring special offers and developing loyalty programmes supported by customer insight
- Grasping all sales opportunities thanks to complete visibility into sales information
- Gaining in-depth customer insight as a result of effective contact management and smarter data and event monitoring
- Maintaining data integrity through a single customer information source that efficiently supports sales and marketing operations
- Accurate forecasting and reporting from comprehensive data management.
Retailers need customer insight and data to support sales and marketing operations, discover how our NeoCRM solution can help meet ten of today’s top retail challenges!