Customer relationship management is the kernel for any successful business, whether big or small. Used initially for B2B companies mainly, it has slowly gained prominence in B2C aka E-commerce businesses as well. With several competitors in the same line of business, the competition in E-commerce sector is indeed a fierce one. Only survival of the fittest, who displays the superior-most customer service, takes the winner’s cup. The price of a commodity comes second to winning a customer’s preference. It takes easy accessibility to find products on websites coupled with agile customer service for nurturing an everlasting customer relationship. E-commerce CRM is what the online businesses need to stay ahead in the competition
As per recent demographics, a staggering 91% of generation Y resort to online research before purchasing any product and 55% make actual purchases online. Having a clear advantage of providing efficient operations at a much lower cost, many companies are opting for E-commerce distribution channels. CRM system essentially helps businesses have easy access to market data and a panoramic view of shoppers, customers as well as website browsers. Using this data, marketers can easily probe into the likes and preferences of their customers and plan a business strategy accordingly.
The right CRM solution can solve all customer management related woes by consolidating all customer information into a single view across all channels in real time.
5 reasons why every online business must integrate E-commerce CRM, irrespective of their size are:
Almost all retailers have incorporated some kind of loyalty program to encourage potential customers for redundant visits. In the changing E-commerce scenario, customers don’t just expect retailers to be in touch with them online or in-store. E-commerce CRM plays a significant role in connecting retailers and customers at various touch points.
Major CRM systems can be integrated along with third party software. Correctly applied CRM solution will provide end-to-end solutions for all your logistics, payment tracking, product handling, and refund process requirements. All relevant information from these systems can be consolidated into a customer relationship management tool that can be accessed and controlled via a single dashboard.
Without an E-commerce CRM software, marketers will go bananas while trying to interact with each customer at various touch points like emails, social media portals, reviews, etc. The customer’s choice of the device like the web browser on laptops or mobile application also needs to be considered. CRM can come to the rescue and consolidate all customer related data in one place for a seamless panoramic view of a customer’s minutest details.
Post sales tracking and customer segmentation
Customer relationship management tools have come handy while monitoring customers during a post-sales process. With a CRM, it is easy to know whether the customer is happy with the product or not based on his/her reviews and complaints. You can offer products and services to the customers according to their liking and preferences. With E-commerce CRM, segmenting customers based on demographics, geographic location, characteristics, etc., becomes easy. So you can target a specific segment of customers and send emails about a product launch that they might be interested in buying. Targeted messaging is proven to have higher customer engagement.
Creates CLV (Customer lifetime value)
The cost of retaining an existing customer is definitely cheaper than acquiring a new one. In order to hook an existing customer to make repeated purchases, it is imperative to create an optimum CLV. By creating long-term strategies for customer retention, companies can bank on a steady flow of revenue.
Remember, CRM software and solutions are dynamic and not static. They are constantly being re-designed and improvised to meet the current and future business needs. CRM solutions, if integrated correctly, proves to be an investment rather than a cost incurred by the company, especially E-commerce business.