The fact that the world of e-commerce is built on stiff competition is not an overstatement, but an observation. Those businesses looking to stay ahead of their game in these uncertain times are turning to Customer Relationship Management (CRM) tools. It is a solution that has been helping fashion businesses stay informed when it comes to trends and changing customer needs. Also, CRM software helps companies see what type of products their customer purchased last season so that they can make similar suggestions the following season.
The Multi-channel Approach
Although IBM has reported that CRM adoption rates are as low as 24%, Market Research Future, a company that provides optimal quality research and granular research, has predicted that the CRM software market will be worth at least $35 billion by 2023. It is a prediction supported by ScienceSoft, a software development company, who believe that CRM is a powerful solution that could help companies win more customers, increase customer retention, and build brand loyalty.
Providing a multi-channel approach, CRM is considered to be one of the most effective tools when it comes to grabbing the attention of customers. The solution gives businesses a 360-degree view of their target customers. This valuable advantage will make it simpler to personalize your marketing efforts and customer service while bolstering the conversion rate of your customer journeys.
Depending on your needs, you can either have a platform-based solution or a custom solution. If you choose to build your CRM solution, you will be able to create a custom tool uniquely tailored to your needs. Your CRM can be purpose-built to streamline and reflect your existing processes. It is worth taking note that with a platform-based solution, you most likely won’t see results straight away. Some experts believe that you should see a change in 3-6 months after implementation. If you prefer a platform-based solution then maybe Microsoft’s Dynamics 365 could be the tool that helps you get a single view of your customers in real-time, by unifying all your customer data across the full range of sources.
It’s All About The Features
The great thing about CRM is its features. Most of them are designed to help run your eCommerce store better. Some must-have features include a 360-degree customer review that gives you access to data that will provide you with a deeper understanding of your customer base so that you can improve and personalize offers and discounts. Another feature is the ability to map your customer’s journeys, so you can manage and adjust your interactions with them.
Then there is the ability to be able to perform personalized mass email campaigns. Imagine CRM software being able to give you the kind of knowledge that will make it easier to communicate with your customers on topics that interest them. A must-have feature for any business is data analytics. Having access to information will help you identify the best customer acquisition channels, marketing campaign effectiveness, and popular products. You will also be able to get to know what customers are actively buying so you can adjust your marketing strategy.
Let’s not forget about automation capabilities. They can range from customer data entry to communication. Or the feature case management, which provides your support agents with a convenient one-window multi-tab workspace where all the necessary customer data and working tools are gathered. Then there are the more familiar chatbots. A popular choice for many fashion e-commerce stores already, they have been designed to help customers be able to do things like check delivery status or resolve simple queries. Lastly, we cannot leave out customer satisfaction tracking. It is a feature that allows fashion businesses to gain insight into where their brand stands with customers. They also get feedback on what they can do to improve their experience.
Time To Adopt a CRM Technology Solution?
To get the best out of CRM software, you need to make sure that the solution you integrate with can not only collect the customer data you need but also can be easily combined with all of your communication channels. Your chosen software should also be able to create an accurate picture of your customer base collected via customer interactions. Lastly, to get ROI, some experts advise that businesses should first start with basic CRM functionalities and then gradually add new features as and when they need them.