Now, we have a more convenient form of shopping – online shopping. And the Guardian in 2018 showed that around 63% of customers prefer to shop online; especially now, due to the COVID outbreak, online shopping has increased dramatically.
This means that a digital presence, no matter buy Phone Number List what they sell, is now a must for retailers of all sizes.
As the consumer database expands, retailers from all over the world face many but similar challenges like keeping up with customer experience, maintaining customer loyalty, etc. So how do you as a company solve these challenges? Well, you can choose a CRM solution that suits your business needs.
If you are trying to set up a distribution network, an online retail website, a brick and mortar store, or a mall kiosk, then CRM software is essential for the success of your retail company.
What makes CRM software a great tool for the success of your retail operations?
We will eventually answer this question in the blog, but first it is important to understand what CRM is.
What is CRM?
CRM or Customer Relationship Management is a process that helps you manage and analyze customer needs and improve relationships with them.
Read the Beginner's Guide - What is CRM?
Why do you need CRM?
Today's consumers are more product-conscious and demanding. They know what they want and where to buy it. Maintaining their loyalty is a major challenge for retailers. Marketing, social media platforms and improved accessibility play a crucial role in making decisions about customer behavior.
This is where CRM comes into play. A CRM solution for retail:
Provides insight into consumer behavior and sales patterns by collecting and evaluating sales data.
Helps store customer information, allowing you to predict future trends, formulate better strategies and make important decisions.
Allows you to develop customer programs to provide personalized services and retain customers in the long term.
In short, CRM solutions for the retail sector help increase customer loyalty, reduce costs and improve company productivity.
How is CRM beneficial for retailers?
Have we convinced you of the value of a CRM system for retail? If you think “no”, read on… We are sure that this segment will do wonders.
Here we have listed five benefits of using a CRM that can be useful for your retail business:
Categorize your customers
customer categorization
CRM software helps you store information about all your customers. It gives you valuable insights into their interests, purchase history, and trends according to demographics. You can segment your market, create categories of the most desirable customers, and assign them to professional account managers for better service. By providing customized solutions to your customers, you will improve their experience.
By creating segments, you know where your customers belong and what their expectations are, and you can create strategies that will better serve them. For example, if your CRM data indicates that your clientele includes many older people, you can develop strategies that target them only.
Conduct targeted promotions
conduct targeted promotions
Have you ever searched for a product on Amazon and surprisingly received a promotional email related to it?
In the early days of online shopping, many shoppers associated it with some kind of supernatural power. Now we all know that this power is nothing more than targeted promotion.
A CRM solution helps you gather the necessary information about your customers. With this data, you can plan your promotions more purposefully and systematically. For example, if you know that a specific customer has viewed a specific product on your website, you can send them promotional items for that item.
This means that your customers who are not interested in your product will not see irrelevant emails. This keeps your customers interested in your business, thereby increasing your revenue.
Information about purchasing in the store
storage of information
CRM software allows you to record your customers' purchases and support calls.
With customer purchases, you can track the product's movement and indicate whether the purchase was due to warranty or dissatisfaction. Based on this information, you can notify them of individual sales and send special offers to your customers.
These strategies put your products in front of customers with an offer right when they need them. For example, you can offer them lower prices if they buy from you again. The cost of such a targeted campaign, on your part, is less than marketing to a broad audience and only getting a few responses.
Provide the best customer service
Good customer service
Customers can be demanding, and you need to be on guard to keep them happy. One bad experience can put brand loyalty in question. Your loyal customer may end up choosing your competitor in search of a better experience.
With a CRM solution, you can:
Respond promptly to customer complaints
Establish positive, long-term relationships with all your clients
If you know your customer's life cycle, you can turn them into a "loyal customer" who will recommend your business to others.
Keep your current customers
retaining existing customers
The main purpose of CRM software is to help you and your team members develop effective customer-centric strategies. If you take good care of your customers, retaining them is not that difficult.
For example, loyalty programs are an effective way to maintain and retain existing customers. With a CRM system, you can run a loyalty program by tracking transactions, distributing discount coupons, and adding bonus points for your valuable customers. Attracting new customers is ultimately very expensive than discounting regular customers. Thus, loyalty programs help reduce your costs.
If you enjoyed this blog and learned how CRM benefits retail industries, you will be happy to know that this is the first of a series of blogs that we will be publishing.
In the following blogs, we will talk about CRM for online and offline stores, omnichannel marketing, the impact of social media on marketing, etc.
If you have a retail business but are not using a CRM yet, then it is time to check out Vtiger CRM.
Vtiger CRM is a cloud-based software that will improve your business operations and help you manage customer data effectively.