How Can Retailers Enhance CRM Using Latest Technology?

By: Retail CIO Outlook | Monday, March 02, 2020

CRM commands a massive share of the retail market, and it's only going to grow massive in the years to come. By getting ahead of these CRM trends, the enterprises can find out what features to look for in a CRM platform.

FREMONT, CA: CRM remains a considerable part of the game, and staying ahead of CRM trends can help give the business an edge over the competition. At present, having the best products and services is not enough to ensure business profitability. Building relationships with customers to promote loyalty and retention, for example, can influence the bottom line. The CRM trends of 2020 involve technology and its abilities to aggregate customer's data and transform the customer experience. B2B CRM trends predict the rise of CRM solutions for specific particular markets, like healthcare and manufacturing.

Analytics and CRM

CRM entirely relies on data that drives the personalization of CRM. These solutions are transforming to make it easier for the users to collect the data on leads and contacts, with systems applying real-time updates to the data possible. Big data and customer data platform software make it possible for the CRM to facilitate a ceaseless flow of data.

Trends in CRM systems point to the platforms, being able to collect and analyze customer data from various touchpoints, comprising sales, marketing campaigns, social media, and also contact centers. Moreover, the advanced CRM software has evolved to bridge the gap between big data and also the strategies, and the rest of the market expected to follow suit.

AI and CRM

AI enables the CRM to automate time-consuming manual tasks, which, in turn, result in enhanced productivity for service agents. In the coming years, AI-powered CRM chatbots will be able to use data points to predict customers' following questions or make predictions about the information customers may need. These will help service agents to be more proactive about resolving customer issues.

With AI and machine learning capabilities, advanced chatbots may be able to execute the next best action while handling the multiple questions. Through natural language processing, these chatbots will be complex enough that the customers will find to tell if the customers are talking to a machine.

Augmented and Virtual Reality

AR and VR change the way organizations engage their customers. AR and VR are becoming realities in experiential marketing, and CRM with these technologies will give organizations a distinct edge.

CRM platforms integrate AR and VR give companies more advanced tools for marketing campaigns and sales. Such devices can significantly increase customer experience and can mean the difference in conversion success.

AR also allows the potential for enhancing the efficiency of sales training and coaching. AR hardware can produce real-time data that employees can use in the hands-on application of knowledge and skills. The same device can use to give trainees real-time remote assistance from more qualified experts when needed.