The retail sector, especially the organized retail is witnessing drastic changes, be it the competition from foreign brands or the rapid change in customer expectations as of result of global exposure of customers. The consumer of today has plenty of options while deciding on a purchase from any of the stores. The highly cluttered market and the arrival of world-class brands and retailers have given the customers of today the choice to shift brands at a click of their fingertips. As the competition is going up day by day, retailers, be it Indian or foreign are finding it extremely challenging to attract and retain customers. The Tier 2 and Tier 3 city consumers are becoming more aware of brands and latest products and are demanding the state of the art service when it comes to business. As a result of this, the brands are forced to innovate on a regular basis and come up with ideas to retain the customers. Research proves that acquiring new customers is costly compared to retaining the old ones due to the increased cost of marketing and brand awareness promotions. The paper aims at finding the different types of CRM techniques available and their benefits. It also gives a view of how organized retailers in India have designed or developed their CRM systems over the years based on their customer needs and expectations. It also explores the operational factors that affect the proper implementation or success of the CRM techniques and how they can be modified.
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Author: Dr. Raja Roy Choudhury