Tag: Customer loyalty

How Customer Experience Can Combat Customer Churn

Posted on by Omprasad Devadiga

Customer Experience (CX) is the sum total of all interactions a customer has with your brand. It’s the emotional journey a customer takes from initial awareness to post-purchase satisfaction. A positive CX can lead to increased customer loyalty, repeat business, and positive word-of-mouth. Conversely, a negative CX can result in customer churn, negative reviews, and lost revenue.

The Impact of CX on Customer Churn

Customer churn, the rate at which customers stop doing business with you, can be influenced by various factors, including:

  • Poor customer service: Inefficient or unresponsive customer support can frustrate customers.
  • Difficult purchasing process: A complex or time-consuming checkout process can deter customers.
  • Lack of personalised experience: Generic interactions can make customers feel undervalued.
  • Technical issues: Website glitches or app crashes can negatively impact the customer journey.

Strategies to Enhance Customer Experience

Streamline Customer Touchpoints:

  • Consistency: Ensure a consistent brand experience across all channels (website, physical store, social media).
  • Accessibility: Make your products and services easily accessible through user-friendly platforms.
  • Personalisation: Tailor your interactions to individual customer preferences.

Reduce Response Times:

  • Prompt Support: Implement efficient customer support channels (live chat, email, phone) with quick response times.
  • Self-Service Options: Provide helpful resources like FAQs and knowledge bases to empower customers.

Optimise Billing Processes:

  • Simplicity: Keep billing and invoicing straightforward and easy to understand.
  • Flexibility: Offer multiple payment options to cater to diverse customer preferences.
  • Transparency: Clearly communicate pricing, fees, and payment terms.

Incentivise Loyalty:

  • Reward Programs: Implement loyalty programs with attractive rewards to encourage repeat business.
  • Personalised Offers: Send targeted promotions and discounts based on customer behavior.
  • Exclusive Access: Offer exclusive benefits to loyal customers, like early access to new products or special events.

Collect and Act on Feedback:

  • Customer Surveys: Conduct regular surveys to gather feedback on product quality, service, and overall experience.
  • Social Listening: Monitor social media for customer sentiment and address issues promptly.
  • Analyse Customer Data: Use data analytics to identify trends and areas for improvement.

As the retail landscape continues to evolve, customer experience will remain a critical differentiator. By investing in innovative technologies, personalised interactions, and seamless journeys, businesses can stay ahead of the curve. Let’s embrace the future of retail, where customer satisfaction is the ultimate goal.

How ETP Unify’s CRM Can Help You Retain Customers and Increase Revenue

ETP Unify’s CRM module is a powerful tool to combat customer churn by fostering strong customer relationships and driving loyalty. By centralising customer data and enabling personalised interactions, retailers can significantly reduce customer attrition.

Key Strategies to Combat Churn:

  • Personalised Customer Experiences: ETP Unify’s CRM allows retailers to segment customers based on demographics, purchase history, and preferences. This enables personalised marketing campaigns, product recommendations, and loyalty programs.
    • Tailored offers and promotions can be delivered through various channels, including email, SMS, and in-app notifications.
  • Proactive Customer Support: The CRM module can help track customer interactions and identify potential issues.
    • By promptly addressing customer concerns and resolving problems, retailers can prevent dissatisfaction and maintain customer loyalty.
    • AI-powered chatbots can provide instant support and answer common queries.
  • Effective Loyalty Programs: ETP Unify’s loyalty management features allow retailers to create and manage loyalty programs that reward customer loyalty.
    • By offering exclusive discounts, rewards, and personalised offers, retailers can incentivise repeat purchases and reduce churn.
  • Data-Driven Insights: The CRM module provides valuable insights into customer behavior, preferences, and churn patterns.
    • By analysing customer data, retailers can identify at-risk customers and take proactive steps to retain them.
    • Predictive analytics can help anticipate customer needs and offer timely solutions.

By implementing these strategies, retailers can strengthen customer relationships, increase customer satisfaction, and ultimately reduce customer churn. ETP Unify’s CRM module empowers businesses to deliver exceptional customer experiences and drive long-term growth.

How Can Retail Leaders Define the Store’s Role in the New Era?

Posted on by Omprasad Devadiga

The battle between brick-and-mortar and the rise of e-Commerce has been well-documented in retail for decades. Enter unified commerce: a seamless, omni-channel experience where the distinction between channels fades. But amidst the talk of e-Commerce dominance, a crucial question arises: how can stores thrive in the new era?

Once a Silo, Now the Strategic Hub: The Store

Traditionally, stores operated as independent entities, managing inventory and transactions in isolation. A unified commerce platform shatters this siloed approach. Customer data is unified across channels, and stores become strategic hubs fulfilling various roles:

Inventory Fulfillment

Stores are no longer just for browsing. They can act as mini-fulfillment centers, processing online orders for click-and-collect or same-day delivery. This reduces reliance on centralised warehouses and expedites deliveries, enhancing customer convenience.

Personalised Customer Experience

Armed with a unified customer view, store associates can personalise interactions. Imagine a salesperson greeting a customer by name, acknowledging their recent online purchase, and suggesting complementary products. This level of personalised service fosters brand loyalty and increases conversion rates.

Showrooming and Experiential Retail

While some products translate well online, others benefit from a physical experience. Stores can showcase these products, allowing customers to touch, feel, and try them on. This showrooming approach can be further enhanced with interactive displays and augmented reality experiences, creating a more engaging environment.

Returns and Exchanges

Returning or exchanging an online purchase can be a hassle. Stores can streamline this process by offering easy in-store returns, eliminating the need for customers to print labels or ship packages.

Community Building and Brand Advocacy

Stores can foster a sense of community. Events, workshops, and loyalty programs can attract customers and create a destination beyond just shopping. Engaged customers become brand advocates, promoting the brand organically and driving sales.

Challenges and Considerations

While the benefits are clear, embracing the store’s role in unified commerce presents challenges:

Technology Integration

Connecting online and offline systems requires robust technological infrastructure. Investment in robust point-of-sale systems, inventory management solutions, and customer relationship management (CRM) platforms is crucial.

Employee Training

Store associates need to be trained on unified retail commerce principles and equipped with the skills to leverage customer data for personalisation and fulfillment tasks.

Operational Efficiency

Integrating inventory across channels can be complex. Effective processes for in-store fulfillment, click and collect, and return management are essential.

ETP Unify: Empowering Retailers to Reimagine the Store

As a leading unified commerce company, ETP Group understands that retailers face unique challenges in today’s competitive landscape. Our powerful cloud-native Unified Commerce Retail Solution, ETP Unify, empowers you to:

  • Deliver Seamless Omnichannel Experiences: Provide customers with a consistent and personalized experience across all channels, from your website to your physical stores.
  • Optimize Inventory Management: Gain real-time visibility into your inventory levels across all locations, reducing stockouts and overstocking. Our intelligent inventory management tools help you optimize your supply chain and minimize costs.
  • Enhance Store Operations: Empower your store associates with the tools they need to provide exceptional customer service and drive sales. Our mobile POS systems, customer data access, and training programs equip them to handle everything from in-store sales to click-and-collect orders.
  • Drive Sales and Increase Customer Loyalty: Leverage customer data to personalize marketing campaigns, offer targeted promotions, and provide relevant product recommendations. This helps you build stronger relationships with your customers and increase repeat business.

By embracing our unified commerce retail solution and reimagining the store’s role, retailers can create a truly customer-centric experience. ETP Group is here to partner with you in this exciting journey, helping you unlock the full potential of your stores and build a thriving unified commerce strategy.

The Future of Retail: A Collaborative Experience

The future of retail isn’t about online versus offline, but rather a seamless collaboration. Stores, empowered by unified commerce, will become hubs for personalised experiences, efficient fulfillment, and community building.

ETP Group stands ready to be your trusted partner in this transformation, ensuring your stores remain relevant in the ever-evolving retail landscape.

How Customer-Centricity Fuels Success in the Omni-Channel Retail Landscape

Posted on by Omprasad Devadiga

Welcome to the future of retail, where shopping isn’t just an activity—it’s an experience. In our hyper-connected world, customers hop effortlessly between online stores, physical shops, mobile apps, and social media, expecting a smooth and personalised journey at every turn. As a leading Unified Software company, ETP Group is here to show you how to build a customer-centric business that shines in this omni-channel retail universe.

Imagine walking into a store where everyone knows your name, your favourite products, and even your latest purchases. That’s customer-centricity. It’s all about making your customers feel special, understood, and valued. In an omni-channel world, this means creating a unified experience across every touchpoint. Whether your customers are browsing your website, shopping in-store, or scrolling through your app, the experience should be seamless, engaging, and tailored just for them.

Why does providing an omni-channel experience matter?

So, why should offering an omni-channel customer experience matter to you? Before we dive in, let’s check out some eye-opening statistics that underscore the importance of an omnichannel approach.

  • Businesses with omnichannel strategies see 91% higher year-over-year growth.
  • A robust omni-channel CRM strategy retains 89% of its customers.
  • 71% of shoppers use smartphones for in-store research.
  • Omni-channel customers spend 10% more online and 4% more in-store.

These stats clearly show that omnichannel customers are more valuable, driving better revenue and business growth.

How can omni-channel retail experiences help you create more valuable customers?

Enhanced Personal Experience: An omnichannel shopping experience allows customers to interact with your brand and shop through their preferred channels. They can compare and finalise products online and purchase them in-store. This level of hyper-personalisation and seamless transition between channels leads to a superior customer experience and higher satisfaction.

Boosted Customer Loyalty: When customers enjoy a stellar experience, they are more likely to stick with your brand and continue shopping with you. This increases customer loyalty and retention. Since loyal customers spend three to five times more than other customers, offering omnichannel experiences can significantly boost your revenue.

Step-by-step Process to Create an Omni-Channel Retail Experience for Your Customers

Every omnichannel customer engagement strategy should aim to provide a consistent experience across all channels. This requires identifying and integrating all customer touchpoints to deliver a seamless, unified experience.

If this seems challenging, follow this step-by-step process to create an effective omnichannel experience for your customers.

1. Research Your Customers and Create Buyer Personas

To create an effective omnichannel experience, understand what your customers need and their preferred channels. Conduct thorough research to identify who your customers are, which channels they use, and how they interact with your brand.

For example, Gen Z and millennials may favor online channels like social media, while older customers might prefer physical stores. Balance your online and offline channels based on these insights.

Then, compile this information to create detailed buyer personas. These personas help streamline your target audience, customer segments, and marketing campaigns, allowing you to run behaviorally targeted ads that are twice as effective as regular ads.

2. Identify Customer Touchpoints and Map Customer Journey

To optimise the experience across channels, identify where your customers connect with your brand—be it organic content, search engine ads, mobile apps, social media, third-party marketplaces, offline ads, in-store, and more.

A common misconception is that more touchpoints equal more sales. While multiple touchpoints can attract more customers, it’s not necessary to be present on every channel. Instead, focus on mastering a few key channels.

After identifying major touchpoints, map out your customers’ purchase journeys. Keep in mind that 92% of first-time visitors to a retailer’s website aren’t there to buy. Consumers often take a zig-zag journey, moving between channels and touchpoints. By mapping these journeys, you can spot opportunities to deliver seamless omni-channel retail experiences and better engage your customers.

3. Leverage the Right Tools and Technologies

With the rise of technology, offering an omni-channel CRM is now more accessible. However, the key is to choose the right tools that ensure seamless data flow between channels and touchpoints.

Essential tools for an omni-channel retail experience include:

  • Live Help Tools such as Chatbots and live chat solutions
  • Customer Relationship Management (CRM) tools to collect and unify customer data
  • Operations Management Solutions for omni-channel inventory management and order management
  • Social Media Management Tools to handle interactions across social channels
  • Helpdesk Support Platforms to provide high-quality, multichannel support
  • Ad Management Tools to manage advertisements across various channels

4. Recognise Elements that Impact Omni-Channel CRM

Many factors influence customer experience. For website visitors, ease of navigation, loading time, and content are crucial. In-store, product availability, and service quality matter. Each channel has unique elements that affect the customer experience.

As an omnichannel brand, identify and optimise these elements. Monitor customer behavior closely. If many customers abandon their cart at checkout, revamp the checkout page. If store visitors aren’t making purchases, consider hiring new sales staff.

5. Collect and Analyse Customer Feedback

Mapping your customers’ journey and monitoring their behavior provides insights into their shopping experience. However, to truly understand their thoughts and feelings, collecting feedback at every touchpoint is essential.

There are various methods to gather customer feedback. Prompt customers to complete feedback forms after purchases, send follow-up emails and social media messages requesting their input and use polls or surveys to gather additional insights.

6. Cultivating a Customer-Centric Culture

The heart of a customer-centric business lies in its people. It’s about fostering a culture where everyone is committed to delighting the customer. This involves training your team to anticipate and meet customer needs, empowering them to go above and beyond in service, and constantly seeking ways to improve. Leadership plays a key role here, setting clear goals, encouraging innovation, and celebrating customer-focused achievements.

Wrapping It Up

In today’s omni-channel retail world, building a customer-centric business is a must. By embracing omni-channel, harnessing the power of data, integrating cutting-edge technology, and nurturing a customer-first culture, you can create memorable, personalised experiences that keep customers coming back.

At ETP Group, we’re excited to help you navigate this dynamic landscape and put your customers at the center of your universe. Contact us today!

Fashionably Loyal: Win Customers Over in a Cutthroat Retail World

Posted on by Omprasad Devadiga

The fashion retail landscape is undergoing a seismic shift. Gone are the days of passive consumers simply browsing racks and accepting whatever a brand offers. Today’s savvy shoppers are bombarded with choices, empowered by technology, and fiercely loyal to brands that prioritize them. This “Fashionably Loyal” article explores the transformative customer landscape, the high cost of customer churn, and the power of a customer-centric approach in this competitive environment. We’ll then delve into actionable strategies for creating exceptional customer experiences, building long-lasting relationships, and ultimately, winning hearts (and wallets) in the cutthroat world of fashion retail.

1. The Modern Transformative Shift in the Consumer Landscape

The rise of e-commerce, social media, and mobile technology has fundamentally reshaped how consumers discover, research, and purchase fashion items. Today’s shoppers are digitally-savvy researchers, often armed with smartphones and a wealth of information at their fingertips. They expect a seamless omnichannel experience, transitioning effortlessly between online and offline touchpoints (think browsing online reviews before stepping into a physical store). Social media influencers heavily influence purchase decisions, and customer expectations for personalized recommendations and loyalty programs have skyrocketed.

This shift in consumer behaviour demands a response from fashion retailers. Those clinging to traditional, siloed approaches risk losing ground in the ever-evolving landscape. ETP Group’s Unified Commerce Solutions bridge the gap between online and offline operations, providing retailers with a single, holistic view of their customer data. This empowers retailers to deliver consistent messaging and a seamless shopping journey across all touchpoints.

2. The High Cost of Customer Churn

Losing a customer isn’t just a missed sale; it’s a missed opportunity for future purchases, brand advocacy, and referrals. Studies by Bain & Company show that a mere 5% improvement in customer retention can lead to a profit increase of 75%. The cost of acquiring new customers can be five times greater than retaining existing ones.

Customer churn is a serious threat to a fashion retailer’s bottom line. It’s crucial to understand why customers leave and implement strategies to win them back. ETP Group’s Omni-channel Retail Solutions offer powerful analytics tools that help retailers gain insights into customer behaviour and identify potential churn factors. By proactively addressing customer concerns and creating personalized experiences, retailers can turn disengaged shoppers into loyal brand advocates.

3. Customer-centricity, a Competitive Advantage

In an environment of fierce competition, customer-centricity is no longer a luxury; it’s a necessity. Shifting the focus from selling products to building long-lasting customer relationships unlocks a multitude of benefits:

  • Customer Loyalty: By prioritizing customer needs and exceeding expectations, retailers foster trust and loyalty. Loyal customers are more likely to make repeat purchases, even at premium prices.
  • Referrals: Loyal customers become brand ambassadors, enthusiastically recommending the brand to friends and family. This organic word-of-mouth marketing is invaluable and cost-effective.
  • Resilience to Market Fluctuations: Loyal customers are less likely to be swayed by competitors’ promotions. They understand and appreciate the value proposition of their preferred brand, providing a buffer during economic downturns.

Building a customer-centric culture requires a strategic shift in thinking. It involves understanding your customers, their needs, and their preferences. It’s about creating personalized experiences that make them feel valued and appreciated.

4. Strategies for Delivering Exceptional Customer Experiences

Fashion retail success hinges on delivering exceptional customer experiences across all touchpoints. Here are a few key strategies:

  • Personalized greetings and recommendations: Train staff to greet customers by name and offer personalized recommendations based on past purchases and browsing history.
  • Streamlined checkout processes: Implement frictionless checkout options like self-service kiosks and mobile wallets to minimize wait times.
  • Engaging online experiences: Create a user-friendly website with high-quality product images, detailed descriptions, and easy-to-use navigation.
  • Omnichannel rewards programs: Offer a unified rewards program that allows customers to earn and redeem points across all channels, online and offline. ETP Group’s solutions facilitate the seamless integration of such programs, fostering a more rewarding customer journey.

By focusing on these strategies, fashion retailers can create an exceptional customer experience that fosters loyalty and drives revenue growth.

Stay tuned for Part 2 of “Fashionably Loyal,” where we’ll delve into the essential building blocks of customer-centricity – comprehensive customer understanding, data-driven personalization, and seamless omnichannel experiences.

ETP group is omni-channel technology partner at ET Great India Retail Summit & Awards 2024

Posted on by Omprasad Devadiga

The Economic Times Great India Retail Summit (GIRS) 2024 – India’s largest retail intelligence event – is being held at The Westin Mumbai Powai Lake, India on 15th & 16th February 2024. This exceptional two-day live event is poised to reshape the course of the Indian retail landscape. Bringing together leaders from every corner of the retail world, this conference and summit is a gathering of ambitions, innovations, and forward-thinking. With representation from diverse sectors, including FMCG giants, retailers, e-commerce leaders, D2C pioneers, policymakers, industrialists, industry experts, and technology solution providers, it promises an unmatched exchange of ideas.

ETP is the Omni-channel Technology Partner at #ETGIRS2024.

ETP Group is a leading Retail Software Solutions company with a 35 year track record of delivering top-of-the line retail technology products across 24 countries in Asia Pacific. ETP’s strength lies in its ability to provide robust and innovative retail solutions built with the latest technology, architecture and design. ETP V5 includes omni-channel modules like POS, CRM, Promotions, and Analytics so you can drive more traffic to stores, have a higher fulfilment percentage, and gain customer loyalty.

The “Great India Retail Summit 2024 (ETGIRS)” stands ready to script a new chapter in the annals of commerce. Prepare to embark on a journey where aspirations meet action, where innovations shape industries, and where the future of retail is not just imagined – it’s realized.

Do meet the ETP team at the ET Great India Retail Summit & Awards 2024 to know more about how ETP can help you in elevating your retail performance and e-commerce business. Connect with us to gain insights on how to kick-off your journey to creating amazing customer experiences!

How retailers can leverage O2O effectively!

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etp-blog-online-to-offline-o2o

The O2O concept is not new, rather it has been a buzzword for a few years now but in the last couple of years this concept has started gaining importance. In simple words O2O means online-to-offline where online channels are used to drive customers to the offline stores. The main aspect here however is to make this experience flow between the virtual and the physical channels seamless and impressive.

Below are three ways how retailers can use their existing resources to leverage O2O effectively.

Brick And Mortar Stores:

By treating stores not just as sales channels but also as distribution centers, retailers can leverage their store network to satisfy customer needs by using store level inventory to deliver orders to customers’ homes as well as for click-and collect orders. With these new fulfillment options enabled by the store, consumers can click, collect and return goods as per their convenience. Modern day customers are demanding a better combination of value, convenience and experience and brands who strike the right balance between delivering great product value and offering superior customer experience and convenience will emerge as customer favorites.

Combination Of Channels:

About a few of years ago retailers went about developing websites and mobile applications to expand their presence and some retailers also shifted to an online-only presence without having any offline stores since the trend seemed like the customer was increasingly going ‘digital’. Moreover running and managing brick-and-mortar stores were seen as an expensive and time consuming affair. But the modern day retailers have realized the need to go ‘omni-channel’ i.e. seamlessly integrating both their online and offline channels to enable customers to research, purchase, earn and burn loyalty points, and return, across channels. Brands focusing on getting their omni-channel right will definitely win the customer experience race.

Data Management:

In order to get it right in omni channel retailing, retailers need to manage their customers and inventory across channels. As customers randomly switch between channels while shopping it is imperative for retailers to ensure that the customer demands are satisfied, irrespective of the channel they choose. Here is where data management will help. Having insightful customer data such as past buying patterns and purchasing history, as well as accurate information of the product inventory and stock, and having all this available in near real-time will allow retailers to be proactive towards managing demands across channels effectively and thus mitigating chances of lost sales. Moreover profiling customers will also enable retailers to create and execute targeted promotions and campaigns to spike customers’ interest in the brand and thus boost sales.

Also Read: How Can Retail Leverage The Benefits Of Blockchain

Reinventing the retail shopping journey!

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etp-blog-reinventing-the-shopper-journey

Retail shopping experience right from research to purchase to post sales service has seen a paradigm shift over the last few years. One of the primary reasons for this shift is a significant change in the consumer behavior. This change has had a global impact across industries including retail and it continues to drive innovations and advancements which will shape the world through 2030. Further, economic and technological shifts have reinvented the shopper journey holistically. Previously, shopping revolved around the purchase and was highly transaction focused. However today, shopping is an entire journey. It is a relationship building process for the retail brand with their consumers.

The modern day’s shopper journey can be broken down broadly into 3 stages: pre-purchase stage, purchase and the post-purchase stage. Today, the brand experience has to be infused into all of these stages seamlessly.

Taking a look at the pre-purchase stage, this stage is all about the brand connecting and framing a relationship with the shopper, by being able to answer the shopper’s questions about products they are exploring and helping them realize how their purchase can fit within their values and lifestyle. This stage is where customers research about brands and their products/service offerings, and based on their evaluations considering various factors would decide to make a purchase for a particular product, from brand. Hence this stage is a huge opportunity for retail companies to influence consumers and thus lay the foundation of a solid relationship while ensuring their patronage.

Meanwhile, in the purchase stage, being central to the shopping journey as the transactions happen here, there has been a reinvention in the overall perception of the transaction. Price still remains extremely important; however, today’s customer is not only paying for the product but also the convenience that is associated with the purchase. This convenience will also be integrated into the shoppers’ perception of value. Moreover, making things quicker is not only about speeding up the payment process, but other factors such as curating goods and services and information faster, also contribute to it. These will influence the purchase experience of the shopper and retail brands should ensure that this experience is positive, personalized and perfect to establish loyalty.

In the final stage which is the post-purchase stage, it is important for retail brands to extend their post-sale services to shoppers and continue efforts to cement brand-customer relationships as well as enrich loyalty. As such, the shopper’s journey with a particular brand may end at the purchase stage itself and this would be a huge loss as retail companies will miss out on repeat business from loyal customers. Thus the brand value should be extended to the shoppers in the post purchase stage as it enables connecting the brand with the consumer’s lifestyle thus making the brand experience relevant.

Making A Dent In The Retail Universe

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ETP blog Retail disruption

Disruptive innovation, a term of art coined by Clayton Christensen, is described as an innovation that helps create a new market and value network, and eventually disrupts an existing market and value network (over a few years or decades), displacing an earlier technology.  The retail business is experiencing tumultuous change and instead of fortifying a singular approach, retailers are adopting multi-dimensional technology through disruptive innovations which are fast establishing themselves within the industry. Emerging retail technology like Mobility, Digital Wallets, Big Data, Geo-fencing, etc. has helped retailers explore and expand to a global market. Simultaneously, it is providing the right system fitments that help reduce costs through optimized operations, gain profitable growth with better business intelligence and increase brand equity which becomes proportional to the rising customer connect and satisfaction.

The best example to support the above statement would be the continuing ascent that Apple has charted and secured for the future. In 2014, Apple retained its position as the world’s most valuable brand, increasing its brand value by 21% to $118.9 billion. The company trail blazed an era of disruption starting with mobile technology in 2007 and powering on with business apps and devices like iPod and iPad which fast became trendsetters in device technology.

Mobility in retail is changing the way customers interact with brands and consume products, services and information. Most retailers have gained and sustained increased productivity enjoying the ‘first mover advantage’ with mobile internet. The internet of things has made it possible for retailers to build assured ROI within the business. These are not device centric innovations but rather a universal solution that realizes projected growth and fulfills customer experience and the brand’s USP. Adding to the same, digital wallet technology is quickly catching on to become one of the key payment modes, especially in industries like retail, banking, entertainment, etc. Forrester research data reveals that 50% of US smartphone owners are open to using their mobile phones for in-store payments. While this technology lends access to finance and payment related functions on handheld or desktop devices, it also manages a behemoth of value added services like offers, discounts, loyalty credits, etc. and even one-click comparison shopping.

Big Data technology has changed retail market dynamics for good. Retailers are now targeting individuals rather than demographical sub-sets, building relationships and awareness over ‘sales pitches’. Recently, Walmart launched the social, mobile and retail-focused Walmart Labs in Silicon Valley, and it acquired a handful of tech startups, including Kosmix and Vudu. Walmart Labs developed the search engine, Polaris, which uses semantic search algorithms to understand what someone is searching for and thus boost sales. On top of that, the lab’s Social Genome Product culls through millions of tweets, Facebook messages, blog postings, YouTube videos and more to detect purchase intent and drive ecommerce.

Geo-fencing is the software application which uses Global Positioning System (GPS) or Radio Frequency Identification (RFID) to create a virtual geographic fence. This can be dynamically defined and tracked as per requirement. Although this technology has multi-dimensional uses e.g. hospitals, human resources, high security, etc., it is being quickly adopted in retail to creatively engage and inform customers – attract them to the store at the most opportune time when they are within the location parameters. Retailers can also use the registered and opt-in customer data to further provide relevant content, as per their previous buying or payment history. For example, the Walgreens app has adopted Apple’s Passbook feature which uses geo-fencing to remind users to refill or pick up their prescriptions when they enter a Walgreens store.

The above examples represent a snippet of how disruptive technologies are making it possible for retailers to infuse advantageous sophistication into their overall brand experience. It represents profound opportunities, especially considering the potential of varied fast emerging retail markets worldwide.

CRM Is A Two-Way Street In Retail

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Customer Relationship Management (CRM), as the name suggests, is primarily a customer-centric tool. But, it does have a multi-pronged effect on key business functions, proving to be the catalyst in organically evolving and optimizing retail planning and processes. Retail CRM helps retailers service, retain and grow their customer base.

The foremost and elemental expectation from a Retail CRM tool is to create more demand. It provides the necessary insights about the customer – her buying capacity, behavior or her preferences on products and promotions. It is no surprise then that many retail companies have begun implementing CRM programs in to the business. The promise of retaining and growing customer base through CRM is realized by these methods:

Loyalty programs: Global reports have shown that retailers can raise profits by 75% by retaining just 5% of the current customer-base. So, loyalty programs, if effectually planned and sustained, can be a substantial growth driving tool within the business. These programs can be planned to stay nimble as per the business objectives – to acquire more customers and make them stick, to increase transaction value from current base and to cultivate brand loyalty as a prestige token through preferential treatment.

Promotions: CRM based metrics help retailers evaluate their marketing campaigns and promotions. It applies the base of a seamless rewards and recognition program that can be automated and promoted through multiple channels. Determining the right channels for the promotions forms part of the strategy which can be allocated as per promotion phase, budget or target demographics. The promotions can be analyzed real-time to be revised or reinforced, basis customer feedback.

Personalized Offerings: This is perhaps the most significant part of retail CRM technology, albeit used inadequately, due to high dependency on external factors like trained staff, complete stock visibility, back-end system integration with real-time CRM information, etc. If these dependencies are adequately resolved, the retailer can break down his customer data and identify servicing factors which distinguish him from the competition. He can understand the product, payment, timing preferences and demographic details based on location, age, gender, race, etc. This information is worth its weight in gold, if employed successfully and executed perfectly towards providing superior shopping experiences.

ETP blog CRM

While increasing the demand side of the business remains sacrosanct, the course of action to achieve the same is subject to further correction. Most retailers reward the wrong customers and deprive the right ones by presenting equal or average service value to both.

With a powerful Retail CRM Software integrated across all operations, the retailers can have a 360° view of all business functions such as Omni-Channel and E-commerce, intuitive POS, Mobility, Daily Reports & Analytics, Social Media, Customer Support, Loyalty Programs, Promotions and Marketing Campaigns, which hold the potential to creating the desired demand from the right customer community.

At the same time, the customers’ expectations for a more delightful and better rewarding, personable experience and value will only increase through their consumption cycle with a retailer, making the transaction of knowledge and experience a two-way street.

Emerging technology is making it possible for retailers to match performance with desired pace in all channels across the globe. Cloud computing and marketing ensures that the process data shows the ‘one version of truth’ with real-time ease. Mobility in-store and online applications further provide the convenience and incentive to simply click, choose and buy. Through a powerful and engaging social media connect, brands can capture the most coveted real estate in retail – the customer’s mind. All these technological measures help improve the shopping experience, increase the brand equity and also keep feeding additional data to the CRM solution equipping it with the ability to harness potential with strategic speed.

The above points illustrate how CRM is a comprehensive tool, which can be used to not just grow the business but also to support it to stay competitive, apply sharper focus and merge the art of customer engagement with the science of derived business value.