As an established e-retailer, how can you expect better turnover rates? Maximum customer retention, brand loyalty and profit-driven revenue growth.
So, in this age of digital disruptions, it’s almost impossible to keep your market alive without adapting smart digital upgrades and tools to restructure your business model into a future-secure growth.
One such digital implementation is: CRM or Customer Relationship Management.
CRM is what you call a “one-stop set of business relationship empowerment techniques” that consists of a set of smart, secure and intelligent business development tools using customer databases, business intelligence, mobility technologies and robust analytics.
In this article, we shall keep this discussion limited to CRM advantages in retail and e-commerce platforms.
1. Customer Segmentation: Personalised Way
Simply: putting the right products to the right customers!
Yes, this logic may sound extremely novice, but wait! The hurdles in understanding customer behaviour grows with higher amounts of searches, buying history, the time they spent on each product, related reviews and the list continues…
Without proper data analyzing skills, this might prove to be a troublesome part.
To cater to the different behavioral and demographic expectations and demands of each valuable consumer, you need a segmented data approach to deal with them.
For showcasing the right product, data segmentation shall help you target each consumer with his/her likes and dislikes: CRM tools store your product information as well as it’s each engagement with every visitor.
Then a detailed mapping of various features, their correlations are carried out internally giving you a near-precise estimation of the viable product options to offer to the customer.
Software Advice reports 74% of all CRM using enterprises obtained “offered improved access to customer data”, also 61% of sales distributors claimed CRM allowed them to easier access to key customer information and data
This way you are already helping your customer filter their search content. Advanced methods imbibe real-time personalisation of products: attaining better customer experience in a much shorter time.
2. Repeated Engagements: Multi-Channel Reminders
Heard about implicitly converting your visitors into actually buying your retail products?
Yes, this is another exciting CRM software application in retail businesses.
Your online users may search for a product, save it into an e-cart or wish-list, and check-out: simply because they may plan to buy them later or waiting for the prices to drop.
This problem is termed as “Cart Abandonment” which costs e-retailers dearly for not converting them into potential consumers.
According to Baymard, the average cart abandonment rate is a whopping 68.81%
By issuing personalized push notifications and email alerts on their smartphones, you can earn back your user’s interest in your products:
either they will buy their selected items or will go on to explore more, either way, you are enjoying profit!
Reminders can be of the form of price alerts, new stock availability, expiring coupon codes, warranty renewal request, and more!
Personalized reminders can be generated using the data processed from segmented analysis in-built into the CRM software.
But be careful: this feature has to be used strategically depending on your user activity and acceptability as too much dependence on reminders may get you an annoying experience. Read our article on Push Notifications Best Practices to know how to optimize your reminder strategies.
3. Responsive Social Media Integration
With the millennial population more closely connected on social media platforms, it’s always the right decision to pay close attention to your presence here:
this will not only improve your brand visibility but also encourage more customer interactions digitally.
Mobile shoppers who read product reviews on social media channels show conversion rates of up to 133%, which represents billions of dollars worldwide.
This is evident from the shift from “like” to “buy” buttons on Instagram’s Shoppable Feed, Pinterest’s Buyable Pins, ‘Swipe Up’ features to external links in many social platforms.
A CRM software helps you address your client queries efficiently over social-media channels.
Over 42% of consumers complaining in social media expect a 60 minute response time.
These social-media interactions earn you organic loyalty and longer business relationships without spending a single dollar on outsourcing.
4. CRM in Payment Gateway
Setting-up an in-app payment gateway is good but not enough to empower your business. The reason is:
With Powerful Analytics Comes Powerful Growth!
Yes. CRM helps you with powerful and accurate analytics to understand the changing buying options preferences, revenue segments and identifying potential high-value consumers.
Such an intuitive insight gives you the ability to track and deliver a personalised experience to the customers.
Payment gateway integrable CRM software plugins support 3rd party integration so as to align your business models with different buying options.
Following the users’ permissions, advanced features include automatic payment from the user account securely: this relieves the user to remind himself to initiate payment manually.
Such customers feel themselves “valued” and hence start to “own” your brand:
more frequent purchases, referring to their friends and family, following your business activities like new product launches, sales, etc.
5. Advanced Pipeline Management
Businesses often get challenged by future risks involving:
- Sales growth or slump
- Demographic trends
- New business opportunities
- Small brands explosions, etc.
Hence, CRM tools bring pipeline management systems that enable real-time trends and directing future sales strategies.
More advanced CRM tools integrate multi-channel analysis factors that enable your enterprise to accommodate distributed monitoring of sales growth.
Suppose you are a computer hardware company selling motherboards, CPU, keyboards, monitors, speakers, etc.
A single pipeline CRM software will report your sales of any one item at a time, independent of other’s existence.
But, in multi-channeled support, you will understand not only segmented sales but also useful correlations between 2 or more products. This will be immensely helpful in managing your assets so as to neither fall short during peak periods nor lose money by storing items in bulk during lean periods.
Implementing the CRM software gives you an important edge over others regarding business intelligence: an increasingly persuaded topic in Industry 4.0
The Bottom Line
Taking note of the turnover-rates accelerated in enterprises using CRM software, it can be unanimously voted to be one of the key business management tools that encourage your strategies.
Its in-built flexibility allows it to dynamically scale up to any business size you might consider working upon!
Be it marketing, sales growth, revenue analysis or customer retention, CRM has been automating the processes efficiently, helping businesses forge better customer relationships and engagements.
With this, we advise you to choose your CRM software wisely as this way pays off incredibly in a short span of time.