This paper will talk about the prospects of CRM in Retail Industry. The paper will highlight the need and evolution of CRM. A look towards as how at most industries are showing that each of them in turn is doing their utmost to gain customer focus. It will reveal how retailers experience a vast difference when they treat their customers as a partner.
The importance of CRM in retail lies in their partnership as it prove and aims to success. Market analysts’ disputes about the correct figure but all are of opinion that companies are pouring billions of dollars into CRM and this is certainly because of maneuver of customer relationships in the direction of profitability, support marketing, sales and work processes. The author will also examine the critics to this approach before switching to the prospects .The paper will help to overcome the traditional product centric and mass marketing mentality. The past few years has witnessed a strong upsurge in the number of retailers looking for a lifetime strategy that will cater to their customer requirements. The paper will answer to the questions like Why should retailers opt for CRM? What does it offer the retail industry?
The bottom line of paper is that, that retailers need CRM!! This is one strategy that the retail industry cannot afford to gloss over because of the rewards that are huge and needed in this competitive world.
Table of Contents
- Customer Relationship Management in Retail
- Retail Industry: An Overview
- The Need for Customer Focus
- CRM: A Customer Strategy
- What is CRM?
- The Evolution of CRM
- Managing Customer Relationships
- Issues in Front of CRM
- Implementation Issues
- Adoption Issues
Objectives and Key Themes
This paper explores the potential of Customer Relationship Management (CRM) in the retail industry, particularly in India. It aims to demonstrate the importance of CRM in today's competitive market, where customer focus is paramount. The paper will examine the evolution of CRM and its applications in the retail sector. It will also discuss the challenges and criticisms faced by CRM implementation.
- The growing significance of customer focus in the retail industry
- The evolution and applications of CRM in retail
- The challenges and benefits of implementing CRM strategies
- The need for a holistic approach to CRM that integrates various departments
- The importance of user adoption and effective implementation for CRM success
Chapter Summaries
The paper begins by providing a brief overview of the retail industry in India, highlighting its significance and the dynamic competitive landscape. It then underscores the increasing need for retailers to prioritize customer focus, as consumers are becoming more demanding and informed. The paper introduces CRM as a customer strategy that addresses these needs, providing a detailed explanation of what CRM entails and its evolution over the years.
Further, the paper delves into how CRM can be effectively implemented to manage customer relationships individually. It emphasizes the importance of gathering and analyzing customer data to tailor promotions, products, and communication strategies for optimal customer retention and satisfaction. The paper also addresses key challenges that hinder successful CRM implementation, including poor planning, inadequate adoption, and inadequate integration of CRM systems within the organization.
Keywords
The paper focuses on the application of Customer Relationship Management (CRM) within the retail industry in India. Key themes include customer focus, strategic implementation, challenges to adoption, and the benefits of CRM in enhancing customer relationships and achieving profitability. The discussion highlights the evolution of CRM from a software-based approach to a comprehensive business strategy that encompasses all customer-facing departments.
- Citar trabajo
- Dr. Raisi Dangi (Autor), 2011, Customer Relationship Management in Retail, Múnich, GRIN Verlag, https://www.grin.com/document/231552
