Written by Demi Oye
The customer is always right but how well do you ensure you are not always in the wrong?
Every business understands the effect and benefits of having and maintaining a strong customer relationship. Customer Relationship Management (CRM) system play a significant role in enhancing these relationships and staying organized, most especially as an E-commerce business.
With a diverse audience and many activities or transactions that take place in an E-commerce business, it can become confusing and created the need for a CRM System.
Understanding an E-commerce Business
A business model whereby products are bought and sold through an electronic medium, usually the Internet is Electronic commerce or an E-commerce. The E-commerce runs in the four Key market segments such as the Business to Business (B2B), Business to Customer (B2C), Customer to Business (C2B), and Customer to Customer (C2C). An E-commerce Business can be considered as an advanced form of mail-order purchasing via a catalog. This business model has enabled businesses to establish an online market presence and also to improve a current market position.
Understanding Customer Relationship Management (CRM)
Customer Relationship Management (CRM) is increasingly becoming a top priority for most online businesses. Many companies or organizations, especially those operating online are embracing CRM as a major corporate strategy tool. Customer Relationship Management system helps online businesses stay connected to their target customers, make processes more efficient and enhance profitability.
The Importance of CRM to the growth of E-commerce business
For the growth of your e-commerce business, you will need to integrate CRM strategies as they both work together. These are the importance of incorporating a CRM system as well as its strategy into your E-commerce business.
- Customer Relationship Management or CRM helps to monitor the E-commerce interactions of your business and stores data that can be used later in the future.
- Integrating a Customer Relationship Management system into your E-commerce business will help in streamlining the E-commerce experience on the two ends of a transaction.
- CRM can be turned into a powerful tool that suits the unique workflow of your company when you use your Ecommerce platform to supply information into your Customer Relationship Management (CRM) software.
Benefits of Using CRM
- By using a Customer Relationship Management (CMS) system, you will be able to anticipate the wants of any customer that visits your website/E-commerce site. A CRM enables a business to offer a personalized experience for any customer who uses their website, by keeping track of a particular customer’s information. From the customer’s purchase history to their customer support interactions.
- CRM systems help to save effort and time, thereby increasing efficiency and productivity. You get to keep the information about your clients organized and easily reachable.
- Using CRM increases repeat purchases, helps in diagnosing common problems with a product or questions about it. It boosts loyalty in returning clients.
- With CRM, the needs of your customers are indeed taking care of in the shortest possible time.
Applying the tools of a CRM system
Before you start implementing the processes of Strategic planning to customer-centric procedures, you will need to inaugurate the methods and devices to gather relevant information about your target customers. This will help you to process this information efficiently also to segment the market.
The customer-centric systems implementation consists of key stages which are:
- Collection of customer’s information
- Calculation of the customer’s lifetime value
- Customers segmentation in terms of value- profitability
- Establishment of the priority segments
Integrating CRM strategies into your E-commerce business- What it does to it?
A complex restructuring of business processes and elements is determined by the implementation of CRM systems in your online business. The methods of strategic planning will need to align with the new customer-centric procedures.
Make the best of the Knowledge
A CRM system reveals the best marketing strategies for your Ecommerce business to draw a specific customer closer, via customer behavior on your website.
Using the sales-force automation options, you will be able to access a returning customer purchase history or keep track of patterns involving new customers. This is to give specialized promotions and marketing for every unique visitor to your Ecommerce website. You can ensure that your E-commerce business doesn’t waste time displaying the wrong advertisements to customers with this CRM strategy. This strategy will enable your target customers who are likely interested in a specific product or service. As a result of this, the probability of making a sale increases to a very great extent.
By making use of the available statistical analysis in CRM software, it becomes easy to view your recorded sales history via your E-commerce platform. You will be able to analyze your present business state and predict where your next destination. Such new capacity will allow you to identify areas you need to make specific changes to enhance your general business practices and boost profits.
Every Ecommerce Business can integrate and use the CRM systems in different ways to generate productive results. B2B enterprises tend to use CRM differently from B2C enterprises. Smaller firms CRM needs also differ from the bigger ones. Your E-commerce business can be shaped to fit in with your preferred CRM system for your business to have the edge over several other competitors.