How Has CRM in the Retail Industry Evolved Over the Years?

By: Retail CIO Outlook | Monday, March 09, 2020

In a retail business, retailers must deal with customers directly, and they must approach them to take care of every detail so they can have loyal customers and the number of buyers. With the advent of technology, the customer and retailer relationship move to a whole new level with a better experience.

FREMONT, CA: The past decade saw retail apocalypse, but the reality is that retail is far from getting transformed. It's anticipated that the retail journey in the coming years will include an expanding number of touchpoints as it becomes embedded in everyday lives.

The critical retail trend is that the shopping at the edge of traditional spheres like on evolving digital purchase points like voice, social media, or even the gaming consoles, beyond retailers' properties. The technology will shape the shopping experience as the store will come to the customers in the apps and other social platforms the users use every day, transforming the definition of shopping.

CRM stores combine all the information and profiles of the customers comprising their last purchase, business cards, phone numbers, and a lot more. The acquired data with the recordings of all purchasing history of the customers will aid the retailers to know each customer individually and helps to know their regular customers and what their needs are.

CRM software helps retailers to track all the customers individually. This offers them with accurate data as to which the customers are beneficial for and which are not, which customers have proven to be loyal, which have not. So, the retailers can also offer them with industry-best service and, at times, reward the loyal customers for keeping up their loyalty and get more buyers indirectly.

CRM enables the retailers to track each customer's purchase separately so that they will know their interests and if the product had any issue or any kind of damage as well. This way, the retailers will be able to provide them better service by having their interests added in their emails or newsletters. In case of damage or issue, the retailers will be able to give the customers the same item at lower prices in their next purchase or even give free service to offer them to gain more customer satisfaction.