6 Important Benefits of CRM for ECommerce and Retail Business
By Amer Wilson
With the sharp growth of e-commerce and m-shopping in the recent years, CRM technology has undergone a progressive evolution in the B2C space. Most major CRM solution providers have recognized the emergence of e-commerce industry as one of the hottest business models, and are now offering scores of features tailored for this industry. If you work in the ecommerce industry, you have come at the right place to learn about the benefits of CRM for ecommerce and retail business.
As competition between online retailers becomes fiercer, the need for providing improved customer experience has grown steeply; now, more and more businesses are adopting CRM systems customized for online retail. This post will explore the many benefits of having a customized CRM for ecommerce and retail business.
1. Customer Segmentation
The moment I scroll through my social media accounts after looking up stuff on search engines, my feed is flooded with highly relevant sponsored ads and I end up clicking on most of them. I am sure you have experienced the same. By learning our search patterns, social media displays ads for us that we are likely to click. If you are running an online retail business, wouldn’t you want the same with your end users?
At Rolustech, our clients from retail industry have demanded precise segmented data of their customers in order to provide personalized customer service to all their customers.
By viewing customer groups sorted by gender, interests (fashion, gadgets, etc.), spending history and so on, sales agents are able to communicate with customers in the best possible way.
2. Access to Most Relevant Information
How many customers visit your online store and leave without placing an order or paying for items they added in their cart?
Smart CRM systems give you deep insights into such data so that your team can take appropriate actions before it’s too late. In my personal experience as an Ali Express shopper, I have received many polite reminders from sellers every time I forget to check out an item.
According to Baymard, the average cart abandonment rate is a whopping 68.81%. With a smartly implemented CRM, you can take action to convert these visitors into shoppers!
3. Effective Use of Time
Turns out, sales agents are only able to spend 11% of their total time on active selling. Most of the time is spent on administrative issues and problem solving.
A well-customized CRM for ecommerce can automate a series of self-service processes that can save your agents’ time and enable them to focus on their main job. Enterprise workflows now need to be smarter and the best way to achieve that is to acquire CRM Consultancy services before opting for a solution.
4. Centralized Social Media Interactions
If you’re running an online retail business, we bet you are not doing it without actively managing your social media pages.
A large part of e-commerce traffic comes through social media referrals and paid campaigns. Social media is also the source of customer queries, and your responses to these queries are how customers judge your customer service.
42 percent of consumers complaining in social media expect 60 Minute response time. Our clients have managed response time much better than that through our social media integrations.
5. Payment Data
If your site is supporting multiple payment channels, it is never easy to view and analyze all payment data at once. With CRM, you can manage everything from invoicing and billing to payment failures.
Advanced analytics in CRM serve to track payment trends that empower you to analyze best revenue sources, highest value customers and a number of metrics that can help you customize your services.
6. Order Management
Order management includes steps from lead generation all the way through to revenue. You can view and act upon order placement, order processing, shipment tracking, delivery and customer feedback against each product.
If you are looking for a CRM for e-commerce, order management is one of the most important functionalities to look for.
Lets have a look at how we have assisted our clients from the retail industry overcome diverse challenges- A few Case Studies
1. Audio Geer
Audio Geer, an independent manufacturer’s rep firm based in California, brings over 14 years of experience to the Professional Audio, Musical Instrument, Broadcast, Audio/Visual, Live Sound and Sound Contracting markets. Audio Geer used to buy equipment from ten to twelve manufacturers and sell it to its clients. The employees were using excel sheets to manage all the interactions with the manufacturers and the clients and had no prior experience of using a CRM. As their client base expanded, excel sheets couldn’t handle the burgeoning operations and Audio Geer approached Rolustech for advice regarding how CRM could automate their business processes.
Read the complete details here.
Refractiv specializes in delivering best of breed cloud, web and mobile solutions to online businesses to drive innovation and growth. Refractiv approached Rolustech to develop an iPad app for a leading international fashion house based in United Kingdom that specialized in women’s clothing. The sales team of the fashion house needed access to the product catalogue while they were on the move, visiting different retailers.
Read the complete details here.
So what do you think? Have you decided which CRM to choose for your ecommerce business? Contact us to let us help you choose the perfect tech savvy, up to date and state of the art CRM for you.