Importance Of Customer Relationship Management In Retail

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The ImOrganized retail is gaining a lot of importance in the recent times. At the same time, the retail industry is also facing severe competition and those who are able to survive and retain their customers are the one who are able to achieve success in the market.

The retail industries are striving hard and spending a lot of their marketing resources to maintain existing customers instead of attracting new customers. Customer satisfaction plays a very important role in customer retention and also is a major differentiating factor among retail stores. Satisfying the customers’ needs has become one of the major drivers of profitability.

In this scenario, the firms have concentrate on what attracts the consumers and what makes them not to
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In the past businesses took their customers for granted, because at that time the customers were not aware of the various variety of products available in the market nor had alternative source of supply to fulfil their demands. But today there is a transformation of how the customer purchase their products, there is some sort of change and expectations from consumer end regarding the product which they consume. They are very particular about the quality and value of purchase…show more content…
As markets grow more competitive retail players are trying to retain customer satisfied and happier. Customers are satisfied and happier when all the expectation of customers are met. Customer satisfaction means that customer needs, wishes and expectations are met or overcome during the product/service period, giving way to repeat-purchasing and customer loyalty. Customer Relationship Management (CRM) is a versatile process, interfered by set of information technologies that focuses on creating two ways of exchange with customers so that firms have an intimate knowledge of their expectations, needs and buying behavior patterns in this method CRM assist companies grasp as well as foresee the need of current and potential customers. A CRM is a vital tool to understand the customer in a broader way & know about the customer expectations and
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