paragyte Whitepaper The Significance of CRM in Retail Industry

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1 Whitepaper The Significance of CRM in Retail Industry

2 Retail Industry overview The retail sector has seen unprecedented growth in the last few years and according to research firm Lucintel, the global retail market is forecast to reach an estimated $20,002 billion in 2017 with a CAGR of 3.9% in the period Globalization, recessionar y trends in developed countries, growth of emerging economies and the rise of online retail have impacted the retail market dynamics to a great extent. The increasing adoption of digital, social, and mobile technologies is changing the way consumers buy. According to a research conducted by Deloitte, more than 74% of shoppers conduct online research before making in-store purchases. While consumers are reaping the benefits, companies are struggling to stay profitable in this changing landscape. With a multitude of choices, consumers are dictating terms today. The online retail revolution has changed customer preferences and expectations drastically. Customers can now make purchases from a variety of sources, get product reviews and information, compare deals and get rewards for loyalty. As the competition increases and consumers drive bargaining power, success will come to those who are able to provide multi channel sales, an engaging online and in-store customer experience, competitive pricing and a robust supply chain. They will need to break traditional moulds and focus on innovation when it comes to offering products and services. Analysts and industry observers believe that retailers will need to create new opportunities to acquire new customers and retain existing customers. Today retailers have the opportunity to capture and use to massive amounts of customer data such as web browsing patterns, social interactions, supply chain data, customer service interactions and reviews. To put all this data in perspective and derive actionable insights from it, retailers need to look to CRM technologies and have a sound customer data strategy in place. Companies will need to train a significant amount of focus on Innovation, technology enablement and customer centricity to stay ahead in this game. 1

3 Significance of CRM in retail Forrester - Age of the Customer A customer-obsessed enterprise focuses its strategy, its energy, and its budget on processes that enhance knowledge of and engagement with customers and prioritizes these over maintaining traditional competitive barriers. Forrester Research According to an analysis by Watermark Consulting, 10-year investment returns from publicly traded customer experience leaders (measured by Forrester's Customer Experience Index) were 43%, while investments from customer experience laggards generated negative returns. This shift towards customer centricity has led t o a n i n c r e a s e d a d o p t i o n o f C R M methodologies and technology solutions among enterprises over the last few years. In a market where grabbing customer attention is getting tougher by the day, CRM has helped retailers understand their customers better and improve revenues and customer retention. Retailers are betting on the potential of Big (customer) data to stay relevant in a market challenged by economic volatility, savvy consumers, mobile proliferation and growing number of channels. According to a research conducted by Superoffice.com, in 2008 only 12% of businesses used cloud based CRM that figure has increased to 87% in When it comes to investment in technology, CRM software leads, with 49% of businesses planning to increase spending. The chart below shows how businesses plan their CRM investment. Source: Superoffice.com The early adopters of retail CRM systems primarily used it for enabling targeted marketing. With ecommerce, the scope of CRM has expanded across the customer lifecycle, right from acquisition to supply chain and customer service, integrating disparate customer focused functions like marketing, sales and customer service. 2

4 Get closer than ever to your customers. So close that you tell them what they need well before they realize it themselves." - Steve Jobs 3

5 Benefits of CRM in Retail 1 Retention A recent study by Aberdeen Group found that 59 percent of retailers identified a lack of consumer insights as their top pain point. CRM provides visibility into customer interactions across the lifecycle, from marketing customer service. Retailers can use this data to analyze customer behavior and preferences and develop customer retention strategies such as targeted promotions and offers, product recommendations and loyalty programs. 2 Profitability CRM data can used to derive actionable insights on how to increase aspects such order size and revenue per customer. With a strong data based recommendation engine, retailers can drive more sales by creating cross-sell / upsell opportunities. Attracting new customers is typically 5 to 10 times more expensive compared to retaining old customers. CRM can help reduce cost of customer acquisition and retention by better customer targeting and offer marketing. Targeted marketing campaigns deliver better ROI than traditional marketing efforts. This helps companies optimize their marketing spend and get better results. 3 Effectiveness With CRM systems, companies can leverage marketing automation capabilities through seamless integration capabilities. Marketing automation adds tremendous value to marketing capabilities. These tools can be utilized to create targeted segmentation and personalize the offers and marketing communication. Campaign management becomes a lot more effective with easy scheduling and follow up functionalities. The reporting and analytics modules help them track key success metrics of specific campaigns, attach revenues to specific campaigns and measure ROI. This helps marketing become more revenue oriented and aligned to the business objectives. 4 Personalization According to Harvard Business Review, personalization can deliver five to eight times the ROI on marketing investment and boost sales 10 percent. CRM data can enable enhancement of consumer experience thorugh personalization by offer, timing and channel. Companies like Amazon and Macy's have mastered the art and science of customer experience and are paving the way for others to follow. 4

6 5 Performance Performance Analysis helps retailers make crucial business decisions and make the necessary course corrections when needed. Customer data analytics also enables identification of customer behavior and buying patterns, helping them develop accurate and timely revenue forecasts. A robust reporting mechanism can drive visibility and keep the entire organization aligned to business objectives. 6 Service Customer service is a crucial aspect of customer retention. With CRM, customer service teams can keep a close eye on customer satisfaction metrics and ensure high standards of customer experience. CRM systems help close loop the customer experience process right from acquisition to service. Customer Focus CRM puts the spotlight on the customer rather than the product. Armed with a combination of CRM, big data analytics and technology enablement, retailers are much better equipped to handle evolving market and customer dynamics. 5

7 Paragyte CRM Capabilities Paragyte offers the entire gamut of CRM capabilities, be it offshore development, or migration from a different CRM model, specific to business. With expertise in Microsoft Dynamic CRM and Salesforce and other leading technologies, Paragyte has helped SMEs and enterprises implement best-in-class CRM systems. Business Analysis CRM for a business goes beyond just coding and designing; it involves completely revolutionizing the way things work and propelling the business towards maximum growth. For this, it is necessary to understand the business domain. The team at Paragyte gives special importance to domain knowledge and ensures that the CRM solution adapts to the business environment. Change Management A migration from old to new is almost always accompanied with a challenging transition period. Paragyte's professionals strive to ensure that the change happens as smoothly as possible by devising solutions for all possible transitional issues. Mobility Readiness Paragyte has a proven track record in mobility solutions, and it brings this very expertise in its CRM solutions to provide its clients that cutting edge to their businesses. 6

8 Challenges There is no doubt about CRM's potential to add value in the retail industry. It does however bring its own share of challenges. Data Security The recent data breach at Target shows how vulnerable retailers are when it comes to customer data. The breach had a massive impact on Target's brand reputation and revenues. This is surely giving sleepless nights to a lot of retail executives. Target has subsequently invested a lot of time, money and effort in reinforcing its data security systems and processes. The solution lies in being prepared for the highest threats possible. IT organizations need to ensure that there are systems and processes in lace to avoid such incidents. Data driven culture In the business environment today, there is no shortage of data. There is rather an overload of data. Organizations need to adopt and encourage a data driven culture across the board. This takes guesswork out of the process and brings in better accountability. Such a culture needs ownership from staffing, HR, Learning & development and quality functions. Adoption and compliance the success of CRM depends on availability of good quality of data. That means across the customer lifecycle, concerned functions need to ensure that relevant customer data is fed in to the system. Executives need to ensure that the right metrics are being measured and reported on a regular basis. When it comes to a data driven culture, executives need to lead by example and the organizations need to encourage and reward positive adoption and compliance behavior. Conclusion CRM has shown demonstrable business impact in the retail industry and it definitely here to stay. CRM Technologies will continue to revolutionize online and brick and mortar retail. What it also certain is that consumers will drive the trends and retailers will need to adapt. Retailers will need to think beyond merchandising and tactical operations and focus on acquiring and retaining customers. The combination of CRM, big data analytics and technology is going to determine the success and longevity of retail companies. When it comes to CRM adoption, fortune will favor the brave and those left behind will isk oblivion. References: Superoffice.com, Lucintel, Deloitte, Forrester, Aberdeen, HBR 7

9 About Paragyte Paragyte provides innovative solutions in a wide range of technologies and domains, to various small and large organizations. We strive to provide solutions that increase our clients' efficiency, reduce costs and maximize their return on investment. With a team of skilled and enthusiastic technical experts, who are ever-eager to better themselves in the quality of services they provide, we have turned challenges into opportunities for many of our customers and helped them yield significant results through their partnership with us. To know more about Paragyte, visit United States New York 77 Water Street, 8th Floor New York, NY Ph: Seattle NE 8th Street, #207 Bellevue, WA Ph: India Pune R&D Center 1 201, World Trade Centre Pune, Ph: Pune R&D Center 2 7 Kemps, Road 13 Kalyani Nagar, Pune, Ph: Paragyte Technologies

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