Retailers are undergoing a significant transformation in their supply chain patterns, driven by the increasing expectations of buyers who want deliveries anytime and anywhere. As a result, multi-channel delivery has evolved from a luxury to a necessity.
To succeed in the omnichannel environment, businesses need a comprehensive platform that provides a 360-degree view of the customer journey, promotes customer-centricity, and facilitates cross-functional collaboration. A CRM tool is the ideal solution to analyze customer buying patterns, history, and preferences, ultimately leading to improved customer satisfaction. In fact, 61 percent of sales distributors are already using CRM to access customer information, resulting in a 300 percent increase in sales conversions.
According to a Hubspot report, engaging customers through a CRM system increases the likelihood that they will spend more in their next transaction by 20-40%. Additionally, CRM systems enhance the buying experience, making customers more inclined to recommend the product or service to others.
Why do omnichannel retailers need a CRM?
Managing the right data at the right place and time becomes easier.
Seamless integration between various channels is enabled, meeting customer expectations.
Personalized and consistent communication enhances the retailer’s brand image.
E-commerce companies, retailers, and marketers can customize their solutions to meet customer requirements.
Offers, deals, and promotions can be provided consistently across all channels.
Returns optimization is simplified, whether through physical stores or online channels, giving the business a competitive edge.
Communications can be tracked automatically across departments (marketing, logistics, sales, and creative) on a single dashboard, promoting transparency without added work.
The effectiveness of a CRM in omnichannel retailing is evident. According to Gartner, the customer relationship management market is projected to be worth $36.4 billion worldwide by 2017. With omnichannel retailing, marketers have access to valuable data, including buying patterns, social media interactions, loyalty program performance, buyer personas, and website interactions. This enables more targeted and channel-specific messaging, leading to improved campaign results, cross-selling, up-selling, store/channel growth, RFM analysis (recency, frequency, monetary), and Customer Lifetime Value (CLV) achievement.
Moreover, the integration of CRM with social media channels such as Facebook, Instagram, Twitter, LinkedIn, and Google+ has revolutionized customer service in the omnichannel landscape. Additionally, CRM can be incorporated with accounting systems to provide prompt responses to customer inquiries regarding inventory, transit location, and transaction details, enhancing the overall customer service experience.
If you are an omnichannel retailer seeking to enhance customer experience, increase sales, foster loyalty, and improve overall business performance, it’s time to consider hiring a third-party support service to fill the gaps with a CRM system. This investment will save you time and money while guiding you every step of the way towards success.