Quality services and business success go hand in hand. Global retailers are now focusing all the more on boosting the services they deliver by upgrading their processes and opting for a customer-centric approach. While some are investing in custom CRM development services like Salesforce development or building CRMs from scratch with next-gen technologies, some are choosing popular off-the-shelf CRM solutions to reinvent their customer processes.
Right from AI and IoT-enabled solutions to mobile applications for digital shoppers, there are a lot of ways for businesses to improve their quality of services. They can garner information about customers to personalize the services and even know more about market trends to improve resilience and competitiveness- all from a single place. This software solution is known as CRM or Customer Relationship Management solution.
Helping brands improve their communication channel and interact better with the customers, CRM acts as catalyst in the process of service delivery. Retailers can reach more customers with tailored outreach programs and take a proactive approach to solving customer’s challenges.
Are one of the decision-makers in a healthcare organization and still on the fence deciding why you even need a CRM for your retail business? Here we are giving you multiple proven reasons for choosing retail CRM for your organization.
Dive right in to get started.
What is Retail CRM?
CRM stands for customer relationship management. It is a software solution that stores your customer information and their sales with your organizations. You can also update details such as their position in the buying journey, their key details like demographics, age group, etc. It helps you gain real-time insights and analytics about your customers to ensure informed strategizing.
There are mainly three types of retail CRM solutions:
Why Choose Retail CRM for Your Business?
Personalize Your Services
The personalization of customer service has been attracting worldwide attention. Personalizing your services based on customer preferences not only helps them connect better with your brand, but also helps you augment your revenue by manifolds.
- Personalization is a key business aspect today, and statistics have proven that businesses can drive higher sales using the same.
- 36% of consumers say retailers need to do more to offer personalized experiences. – Retail TouchPoints
- 91% of consumers say they are more likely to shop with brands that provide offers and recommendations that are relevant to them. – Accenture
- 80% of consumers are more likely to make a purchase from a brand that provides personalized experiences. – Epsilon
- 63% of consumers will stop buying from brands that use poor personalization tactics. – Smart Insights
These are just four examples, but there are many others that prove personalization is key to higher sales. CRM solutions play a key role in helping your brand personalize the services. For instance, you can use AI-based CRM solutions to track your customers online journey and recommend products during their offline visit to offer an omnichannel experience.
Interact Better with Your Customers
CRM combines all the details you need essential about your customers. This data comes in handy when you want to give a personal touch to the conversations. For instance, if you know that they live in a place where winters are approaching, you could introduce them to your winter range of products. This way they’ll know about your brand better.
Make Strategic Business Decisions
Some retail businesses invest in IoT development services to boost the features of their CRM solutions. These IoT features allow them to harness data about the customers and services. Having this information allows businesses to make smarter strategic decisions. For instance, if your CRM shows higher chances of sales for one of the products, you can invest in the same rather than the products that are not selling.
Similarly, these custom enterprise software development solutions also help you understand what your customers are currently looking for online. Having this information helps you direct them to the right aisle, based on their preferences. This boosts the chances of conversion and hence contributes positively to the company’s bottom line.
CRMs Help You with Patient Discovery
Gone are the days when customers will walk right into your store and decide to make a purchase. Today’s customers are tech-savvier and they too make an informed buying decision. They would want to find you out online and know what other customers have to say about you, your products, and your services.
To get on their map, you need to encourage your customers to post about their experience online. Sending regular alerts and luring them with the right services is the way to go. In addition, you can configure your CRM to send out the right marketing messages to put you on the radar of the customers. You can leverage the potential of CRMs to find new customers or re-target the older ones with advertisements, direct mail marketing, and data collection landing pages.
You can configure your CRMs to notify parents about the upcoming sales and provide a quick link to book their slots. Options are endless, and so are the results- more referrals, loyalty, and of course, revenue.
CRMs Help You Channelize Your Investments and Marketing Efforts
Marketing is an effort-intensive affair, and requires financial investments. However, simply putting up a plan without effectively tracking what works with you only calls your strategies to fall flat. Not only does it translate to poor strategy and loss in terms of efforts, but building an approach from scratch contributes to considerable financial losses.
CRM solutions allow you to leverage top-notch tools to market your services and track the results to make dynamic decisions. It helps you get all the reports you need to help you figure out what works best for your business. For instance, if you use multiple channels to circulate marketing messages like emails, messages, calls, etc., you can get real-time data about the responses and channel your efforts to where they work best.
Invest in the Future of Customer Relationship Management
Reports suggest that the global healthcare CRM market, which was valued around USD 8,400 million in the year 2017, is now expected to generate revenue of around 16,500 million by the end of the year 2024, growing at a CAGR of about 10.2% between 2018 and 2024 (Source).
Clear enough, to match pace with the evolving industry, each brand needs to gear up and embrace CRMs. It does not just keep you competitive in the global market, but also helps you create a consumer-focused strategy.
With the world offering an endless range of options, keeping your strategy customer-centric is a great way to attract new customers and delight the existing ones. CRM gets you all the opportunities that you need- you just need to tap into them.