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By;
1) Palak Patel2) Shrikant Rana
CRM IN RETAIL
Overview of Retail
5th largest in the worldGDP- 14%- 15%Organized retail stores- 6%Unorganized retail stores- 94% Example of organized stores- Reliance, Big Bazaar, Pantaloons, Shopper Stop etc…Example of unorganized stores- Kirana shop, Paan shop, etc…
What is CRM?
Information industry.Methodologies, software & websitesManage Customer RelationshipsOrganized in Efficient manner
CRM CYCLE
Advantages…
Increase relationship with clientsIncrease the salesReduction of sale cycleBetter communication channelsCreate detailed profileNew selling opportunitiesProvide better customer service
Disadvantages…
Small companies- not possibleHigh costRequires continues Maintenance, Up Gradation of info.Difficult to integrate with other MISTraining cost increases
CRM @ Reliance Retail
CUSTOMER LOYALTYCUSTOMER RETENTIONCUSTOMER COMMUNICATIONCUSTOMER SATISFACTIONCUSTOMER GRATIFICATION
Customer Loyalty
Reliance one MembershipGet Redeemable pointsOpportunity of getting 4 different insurance
Customer Retention
Zonal levelOffers & DiscountsRepeated, if it works with products
Customer Communication
Forms of SMS or email (members only) Organized special eventsThank you & festive cards
Customer Gratification
Trained salespersonThank you with smileGifts & discounts coupons
CRM @ Big Bazar
Database is formed through the issue of future cardCustomer profitability analysis (CPA)Differentiate customers in terms of their need and value to companyInteract with individual customers
Analysis of CRM
Four types of analysis done :-
Periodic SurveysCustomer loss rateMystery ShoppersMonitor Competitive performance
Customer Satisfaction through Service…
Problems identificationManaging customersEffective communicationAnalyzing customer perceptionsManaging service behaviorsDealing with long-term consequencesNegotiating solutionsGenerating an action plan
CUSTOMER COMMUNICATION
Customer Perceived Value (CPV)
Is calculated by the retail store in order to asses the cost and benefits received & give to the buyers.
CRM as a Solution for Retail
Helps increase wallet-share by brand building and trade promotion to maximize product sales using performance details, profiling information plus transaction and feedback data.
Enables servicing customer needs and complaints across channels using a single system to prevent information leaks.
THANK YOU…
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