CRM in eCommerce
eCommerce have completely changed the paradigm of how people shop in today's world. People are connected all the time and technologies also shape the way people communicate, especially when it comes to eCommerce. People become ambassadors themselves for brands that deliver timely and personalized communications through any digital channel.The customer journey starts even before they visit any eCommerce website. They may either express interest on your product by commenting in any of the social forums or by sending inquiry directly. Converting these prospects is seen as a critical element to any online site and this is where a Customer Rleationship Management or CRM will be of great help.
What is a CRM?Customer relationship management (CRM) is an approach to manage and analyze customer interactions and data throughout the customer lifecycle. It usually refers to the practices, strategies and technologies that companies use to enhance the customer's overall experience. As per SalesForce, CRM or Customer Relationship Management is a strategy for managing an organisation's relationships and interactions with customers and potential customers. A CRM system helps companies stay connected to customers, streamline processes, and improve profitability. In today's world, CRM solutions have cemented their need as a useful post sales tool for businesses to connect with their customers, determine cusotmer preferences, and understand their expectations.
CRM in eCommerceThe best way for a company to build strong relationships with their customers is to build up customer loyalty. A CRM for eCommerce will enable you to get to know your customers, to better understand the decisions they make, to tailor to their preferences, and tie all your marketing together seamlessly. CRM system can also give customer facing staff detailed information on customer’s personal information, purchase history, buying preferences and concerns.
A CRM platform can benefit your eCommerce website in the following ways:
- Get a better understanding of the customer
- Attract new customers
- Retain current customers
- Decrease customer management costs
- Personalization opportunities
- Tracking customer behavior and preferences
- Customer Segmentation
- Up-to-date information on the customers
- Strong customer support
ConclusionCRM helps the brands or companies to create long-term customer loyalty and profitability by serving every customer as an individual. In today’s competitive marketplace, customer relationship management is critical to a company’s profitability and long term success.
The wave of change in eCommerce: Outlook for 2019
The integration of ecommerce in consumerism has been seamless and exponential in the past few years, having transformed the manner in which worldwide business is conducted today.
The global ecommerce market is ascending at a mammoth growth rate of 12.7% year-on-year with the current revenues standing at $2.012 trillion. 1The Indian ecommerce sector has also seen tremendous surge. The digital revolution aided by proliferation of smartphones (560.01 million internet users), affordable data (120 million online shoppers), personal disposable incomes (29.8 million credit card holders), consolidation of industry players, and government initiatives such as Digital India, Start Up India, and Digital Udaan have all cohesively contributed to its growth2. In addition, the country’s ecommerce revenue is expected to catapult from $39 billion in 2017 to $120 billion in 2020 growing at an annual rate of 51% as per IBEF. The Indian consumer is in turn presented with a plethora of domestic and international products delivered at their doorsteps, allowing businesses to flourish like never before. Hence, it becomes interesting to observe the current shape of the Indian ecommerce sector including areas which may be further moulded in 2019.