Retail CIO Outlook Weekly Brief
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Businesses are under immense pressure to improve their customer experience to stay relevant in the dynamically evolving market. The pressure is driving enterprises to transform their existing digital platform into a commerce ecosystem that caters to the demands of customers efficiently. Organizations need to start looking beyond legacy tools and adopt modern marketing tools to gain comprehensive insights into customer behavior.
Customer Relationship Management (CRM) technologies offer a better understanding of the relationship between the customer and the company. Organizations should integrate the CRM systems with Customer Data Platforms (CDP) to provide their customers with a wholesome digital experience. CDP systems assist in tracking and gather real-time user behavior and unifying the customer data in a single view. The system helps companies to provide a customized buying experience by offering an all-round view of a customer’s buying journey.
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According to a report by Salesforce, 63 percent of customers feel that retailers don’t have a comprehensive idea about their buying behavior. This perception can impact business negatively and hamper business growth. A CDP integrated CRM system can provide brick-and-mortar stores with actionable insights into their customer’s shopping behavior. This insight can help retailers to adopt technologies and processes that can help them to make the shopping experience more customer friendly. For example, Amazon uses CRM and CDP technologies to offer products based on a customer’s requirement by anticipating their needs based on the insights.
Organizations need to develop a unified customer profile that includes data from CRM and CDP to understand their customer and market. A unified customer profile can allow a company to act with more informed mindset. Companies should include multi-phase release into their CDP and CRM strategy, aligning each phase with success metrics. A multi-phase release allows businesses to get buy-in to implement a more comprehensive solution using CDP.
CRM and CDP systems help businesses to enhance customer experiences with more tailored and insightful data to make customer-driven decisions. These systems also help organizations to gain new customers.
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