An eCommerce store can be a challenging business to own in the midst of the continuously shifting online environment. To achieve success, you must be able to constantly monitor internal as well as external factors. And as your business grows, it becomes almost impossible to note all these factors without an automated system. Here we present to you CRM, the system that every eCommerce business needs for profound success.
What is CRM?
A Customer Relationship Management (CRM) is a system that is crucial for a well-functioning online store and for remaining competitive in the market. It provides store owners with:
- Reduced customer costs
- Optimized marketing campaigns
- Improved internal management
- Better customer relationships and higher satisfaction
- Coordinated customer information
- Customer data analysis
- Higher profitability (Better ROI)
А properly set up CRM system will also ease your logistics, product management, payment tracking, delivery and refund processes. CRM systems such as Revamp CRM allow you to connect all the different platforms you use and manage them from a central dashboard. According to a 2016 research, 91% of the companies who have more than 11 employees are using CRM. Why, you may ask? Here we have compiled a detailed list of benefits which your eCommerce business could attain by using CRM.
Customer Data Collection
CRM software allows you to plug in and control all of the sales channels that you are using from one place. Not only does it gather your customer information immediately for analysis, but also enables you to monitor customer trends, buying habits, return patterns, cost & profit, lead origination sources and conversion funnel tendencies. This localized knowledge base keeps pertinent customer information and support tickets in the cloud for instant access. To be able to utilize this data storing function, you need to implement data gathering methods such as offering customers the ability to create an account and log on to your website as well as maintain Wish Lists.
As a byproduct, your CRM will be fed the most coveted data and customer information such as email address, regional location, name, purchase history, age and gender. These pieces of information will jumpstart your CRM like nothing else, creating a 360 customer profile and allowing you to develop the most precise and effective marketing strategies. This data also allows you to recover sales from abandoned carts since CRM allows store owners to keep track of customers after the sale has been closed.
Tailored Email Marketing
Personalization; the cherry on top of the whole CRM system. Customization allows you to create strategies tailored to each individual customer. Here we’ve thoroughly discussed how CRM can help you customize your emails. But it’s not only limited to emails. Personalization can help smooth a customer’s checkout with stored credit card information, shipping address, shipment tracking and order history. This allows your marketing efforts to be more cost efficient as well as have a higher reach.
Re-engage customers who haven’t visited you recently through efficient CRM tools. In addition to giving you the customer trends, it will allow you to gauge the buying habits of your customers, the cost and profit margins as well as return patterns. You can have your CRM automatically engage customers with:
- Notifications about the Loyalty Points they’ve accrued
- Notifications about price changes on items in their Wish Lists
- Seasonal sales
- Personal coupon codes
- Blog snippets
- Local event invitations
- Calls to Action
Using the powerful CRM tools, you can better assess your leads and know what marketing steps you need to take in order to close the sale and attract repeat customers. With the right CRM in place, you’ll be able to evaluate the portion of leads that are organic online leads, newsletter signups, new customers, social leads or B2B leads. Knowing when your leads have entered the pool, how often you have engaged and nurtured them, and what steps you can take to vet them is crucial to your success as an online business. Thus, organizing leads and nurturing existing sales opportunities is one of the main functions of CRM systems.
Work with Your Team
One of the best internal benefits CRM provides is that your can have roles (Admins or users) and choose if you want your entire team to have access to your analytics, customer data and trends. It offers the team the ability to add tags, notes or files and assign tasks while reviewing any pertinent data about certain segment or customer from their end. This equates to time saved, progress achieved and productivity enhanced. This can also be applied to external relations such as being able to maintain timely communication with customers and B2B partners.
As mentioned above, CRM software allows you to deeply interact with your team. So it wouldn’t be complete without the ability to manage tasks. You can use CRM to create task lists that enable team member tagging with notes and even due dates. This improves your effectiveness as a team and eradicates the need to use a separate software solution for project management while simultaneously improving team answerability. As long as different members of your team don’t know which tasks are assigned to them, your business cannot grow. Therefore, in addition to improving the task management of your team, the CRM software also make them more prone to accountability. When everybody knows which task has been assigned to which team member, everybody will be on the same page Consequently, you’ll have a better involved team with better culture.
Store Insights and Deeper Analytics
In the digital world, your analytics are everything. Traditional methods provide you with obvious data like looking back over a whole year to view sales. But who is making these sales, when are customers buying products, what’s their average order value and how often do they make a return? Most sales channels do not offer the robust analytics that you need in order to fully assess your customer data. With the right CRM system in place, however, you are provided with deeper and more thorough insights. When empowered with this critical information, you now have the ability to:
- Create targeted sales campaigns
- Guide purchasing and marketing efforts
- Optimize sales channels
- Reduce cart abandonment rates and returns
CRM offers the ability to assess specific details to better evaluate your growth. If you want to get comprehensive and detailed analytics with deep information which would give you all you need to know about your customers, CRM is a must-have for you.