As the COVID19 pandemic is thriving exponentially, it has made a humongous impact on the retail industry including consumer behavior, product demand, supply chain, and logistics services availability. This global pandemic has also changed the concept of shopping dramatically and now, every customer is showing an inclination towards online shopping. This has created a push for retailers toward a greater online presence. Even local businesses are trying to enhance their online presence so that they can allure the customers with their products/services.
In retail businesses (particularly online retail businesses), you need to handle a chunk of customers every day. It is imperative for you to approach them in the right way and take care of every detail so that you can have loyal customers and more buyers in the future. One of the best ways, then, that you can embrace your customers with tailored experiences and can also manage their details in a hassle-free way is by employing the right customer relationship management software (CRM).
Here, we are going to discuss how can a CRM system help your retail business to survive in this global pandemic.
An effective CRM software stores all imperative information about a customer like his/her last purchase, business cards, phone numbers, shopping preferences, and demographic data. All these data are very important for you if you want to proliferate your business during this pandemic. From these data, you can know every customer personally and can identify who are your customers and what are their preferences. These data are also useful if you want to segment your market and make a customized approach to your audiences. If you find that a large number of young families are interested in your products, then, you can create a family-friendly retail environment for them. On the other hand, if your data depicts you have many senior customers, you can incorporate more products related to them into your online store. This data segmentation with a CRM software will help you to take more robust retail strategies for your customers even during this pandemic.
Since the global economy becomes standstill because of the pandemic, every business including the retail ones should adopt the right promotional strategies to survive in the market. Because promotions help you to target the right customers for your business. The data that you will get from CRM will help you to target each customer individually. This will help you provide them with a better service. When a potential customer visits your site, you can check what exactly he/she is looking for and include the promotion of that particular product so that they can easily convert into your loyal customers. If your online store deals with sports-related products and a customer is looking for some fitness wear, then you can incorporate the promotion of that particular product in their newsletter, emailers, etc.
This is another prime benefit of CRM software if you integrated it with your retail business. A CRM system keeps records of your every customer’s purchases and service calls. You can get information like what products they have purchased and whether they are satisfied or not with that purchase. Now based on this valuable information, you can send special offers to customers when the products they have purchased reach the end of their lives. This strategy makes your products always visible in front of your customers just when he might need them.
Customer retention is an important thing that you can’t ignore if you want to survive during this pandemic. A CRM software enhances the retention of customers because it helps you to serve your customers in a more customized, focused and convenient way. You can even use CRM software to implement customer loyalty programs. Since CRM tracks all the purchases of your customers, you can issue reward points and bonuses to feel them special and valuable. These programs also lessen costs because sales to long term customers are less expensive as compared to new customers.
During this global pandemic, every retail business is going for cost reduction to sustain itself in the market. Hence, they need effective CRM solutions that will manage customers in a cost-effective way. Moreover, CRM implementation is a cost-effective endeavor and it saves a lot of money for you as you need only a few staff and resources. CRM not only helps you in managing your existing customers but also identifies the potential leads for you and helps you to convert them into your loyal customers
Since the retail industry deals with a lot of customers, hence this industry will always get endless benefits from CRM solutions. During this global pandemic, a CRM software will escalate the business of a retailer by identifying new customers who are inclined to the products of the company. But you need to choose the right CRM solution for your retail business which you can easily be leveraged with other solutions.
Jaidev Chatanat is a thought leader in the space of marketing intelligence, customer service and digital transformation. He has been an advocate for applying the right digital transformative strategies and techniques for many decades for fortune 500 companies.
He is reachable for consultation on firstname.lastname@example.org