Tue. Jan 19th, 2021
Future-Of-Retail

Customer Relationship Management is one of the most critical functions of Retail biz. When implemented successfully, CRM software helps you in knowing your customers, motivating them, contributing to increased retention rate and hence, business growth.

Future Of Retail- And, as the old Greek adage goes, “The only constant is change”, it also applies to CRM industry, which continues to evolve due to change in technology.

Also, owing to COVID-19 crisis – retailers are revisiting their strategies and upgrading their CRM systems.

Here are some top predictions for CRM industry in 2021 including robust features, automation, easy integration etc.

1. Artificial intelligence and Chatbots

AI-powered chatbots will enable users to perform their everyday tasks more efficiently, automate customer conversations, predict customers behaviour, increase customer retention etc.

“As per a study by IDC, “By 2021, AI-powered CRM activities could increase global business revenues by $1.1 trillion.”

2. IoT and CRM

While we discuss the trends shaping CRM in 2021, Internet of Things (IoT) is one of the biggest game changers in the coming year.

Internet of Things is the ‘connection of devices’ using internet while Customer Relationship Management is the ‘collection of customers data’ through data mining which provides useful customer insights for market segmentation.

Benefits of IoT and CRM integration

  • Provides an advanced level of personalization
  • Increases customer satisfaction
  • Improves customer retention
  • Reduces response time
  • Provides personalized CX
  • Provides personalized marketing campaigns
  • Detects product performance issues
  • Provides valuable real-time data to CRM systems to help product companies in increasing sale, product/service promotion.

IoT holds assured promise for Customer Relationship Management. Brands can reap the benefits from this integration by delivering tailored services and exceptional support.

3. CX when put together with CRM, will be the game-changer

Customer experience will always be at the core of CRM. To build a successful CRM software, brands need to keep CX at top priority.

“The key to great CX is Customer convenience” – Shep Hyken

A CRM system should have an interface that is user-friendly, makes it easy to access and analyse data, caters to business’s unique needs, gives a 360-degree view of customers and makes it convenient to interact with customers.

Read more at BW

 

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