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    CRM Practices in NEXT Retail: Submitted by Kanika Sahni

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    1) The Indian retail sector is poised for phenomenal growth fueled by India's growing population, urbanization, and working population. 2) Customer relationship management (CRM) is important for retailers to track, retain, and profit from customers. CRM integrates people, processes, technology, and data to understand customer behavior and provide desired products and services. 3) Retailers use technologies like barcoding, RFID, internet, and payment systems to improve the customer experience. CRM systems also allow analysis of purchase behavior to increase customer value over time through promotional schemes, financing options, and building customer loyalty.

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    CRM Practices in NEXT Retail: Submitted by Kanika Sahni

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    55 views11 pages
    1) The Indian retail sector is poised for phenomenal growth fueled by India's growing population, urbanization, and working population. 2) Customer relationship management (CRM) is important for retailers to track, retain, and profit from customers. CRM integrates people, processes, technology, and data to understand customer behavior and provide desired products and services. 3) Retailers use technologies like barcoding, RFID, internet, and payment systems to improve the customer experience. CRM systems also allow analysis of purchase behavior to increase customer value over time through promotional schemes, financing options, and building customer loyalty.

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    CRM next

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    1) The Indian retail sector is poised for phenomenal growth fueled by India's growing population, urbanization, and working population. 2) Customer relationship management (CRM) is important for retailers to track, retain, and profit from customers. CRM integrates people, processes, technology, and data to understand customer behavior and provide desired products and services. 3) Retailers use technologies like barcoding, RFID, internet, and payment systems to improve the customer experience. CRM systems also allow analysis of purchase behavior to increase customer value over time through promotional schemes, financing options, and building customer loyalty.

    Copyright:

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    Download as ppt, pdf, or txt
    55 views11 pages

    CRM Practices in NEXT Retail: Submitted by Kanika Sahni

    Uploaded by

    splender
    1) The Indian retail sector is poised for phenomenal growth fueled by India's growing population, urbanization, and working population. 2) Customer relationship management (CRM) is important for retailers to track, retain, and profit from customers. CRM integrates people, processes, technology, and data to understand customer behavior and provide desired products and services. 3) Retailers use technologies like barcoding, RFID, internet, and payment systems to improve the customer experience. CRM systems also allow analysis of purchase behavior to increase customer value over time through promotional schemes, financing options, and building customer loyalty.

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    CRM practices in NEXT

    RETAIL

    Submitted by
    Kanika Sahni
    Retail scenarios in India
    Population Median Age (In Years):
    Growing urban & Working population
    2008E
    • 2nd largest urban population: 29% of the total
    50 44
    (2007)
    37 38
    40 34 • Projected to reach 37.8% by 2025.
    30 25

    20 • To register the largest addition to the working


    10 age population in the world by 2010.
    0
    • Largest working age population worldwide
    by 2050.
    U
    S
    ia
    d
    In

    aC
    h
    in

    n
    p
    a
    J
    ia
    u
    s

    Powerful production & consumption force


    • Enormous consumption force: Large youth
    population
    60yrs & • Global production force in service:
    above
    7.5% 0-19 yrs • Large pool of professionals and technocrats
    20-59 yrs 41.8%
    50.7% • Largest pool of English speaking manpower after
    the US

    • Manufacturing force: Labour costs, as a % of


    value added - one of the lowest among Asian
    countries.
    Retail Sector poised for
    phenomenal growth

    Current Size & Future growth of Organized Retail in


    India
    The Indian
    Retail Sector,
    currently the
    Fifth largest in
    the world, is
    poised for
    phenomenal
    growth in the
    coming years

    Source: ORGANISED
    India Shopping Trends, RETAIL EXPECTED TO GROW 35-40% CAGR
    2008 - Technopak
    CRM
     The concept of CRM is premised on the
    simple logic of business : it must keep
    tracking customers once attracted; retain
    them in business portfolio and profit from
    their growth.
     CRM epitomizes the ‘ marriage of
    relationship marketing with the emerging
    information technology’.
     Integration of “people, process , technology
    and data”
    CRM in Retail
     Expectations of customer is increasing, he asks for
    more and more value for the same price, and whoever
    provides him increasing value for money, he buys
    products from that marketer.
     Every retailer today is aiming at an attempt to make a
    casual customer into a loyal customer who develops a
    bond with the retail store he/she visits.
     Customer relationship management as a transactional
    exchange helps the marketer to understand the
    customer's sentiments and buying habits so that the
    customer can be provided with products and services
    before he starts demanding them.
    What is so special in CRM programs which drive the
    customer back to the store?

    TANGIBLE PLUS INTANGIBLE LOYALTY


    BENEFITS BENEFITS TO BRANDS
    Softwares used
    The hardware and software tools that have now become almost
    essential for NEXTretail can be divided into 3 broad categories
    1.Customer Interfacing Systems
     Bar Coding and Scanners
     RFID (Radio Frequency Identification) is now the buzzword in retail. It is
    real time tracking of every single product, from manufacture to checkout
    and compared to Universal Product Code (UPC) bar coding, which RFID
    promises to replace
    2.Internet
    Internet is also rapidly evolving as a customer interface, removing the need
    of a consumer physically visiting the store.
    3.Payment
    Payment through credit cards has become quite widespread and this enables a fast
    and easy payment process. Electronic cheque conversion, a recent development
    in this area, processes a cheque electronically by transmitting transaction
    information to the retailer and consumer's bank
    Operating system
    ERP System

    CRM (Customer Relationship Management) Systems, allows the retailers to


    study the purchase behavior of consumer in detail and grow the value of
    individual consumers to their businesses
    Advanced Planning and Scheduling Systems
     APS systems can provide improved control across the supply
    chain, all the way from raw material supplier’s right through
    to the retail shelf.
    CRM activities
    PROMOTINAL SCHEMES
     To keep the sales rate high, retailers from time to time, offer
    different promotional schemes and special discount on products.
    FINANCE OPTIONS
     Apart from that, the customers are also provided with various
    finance options from banks and leading financial institutions.
    Freedom to Choose Offer’- `Choose Your Products at Your Price’.
    Under the offer, NEXT Retail promised consumers to help them in
    getting the products of their choice, through various finance options
    from banks and leading financial institutions,
     These kind of scheme helps consumer to get the best products at
    competitive prices and also entitle to various incentive schemes like
    assured gifts, scratch card offers and extended warranty, which
    makes the scheme more attractive to them."
    Customer Loyalty
     For customer loyalty:
     unique location (over a long period of time, bad customer
    service will result in brand and profitability erosion.)

     Good shopping experience


     Maintaining Proper and updates database
    of the company’s customer.
    Thank you

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