Consumers are taking charge of their shopping experience using all their preferred tools and channels to become better educated before they even engage with retailers. Consumers have easy access to shopper reviews and can both solicit, interact and share opinions and customer experiences via the web and social channels throughout their shopping experience.
Consumers are driving the future of retail—from when, where, and how they engage with a retail brand to demands for higher standards in data privacy and secure shopping. Technology will usher in a new era of intelligent retail experiences across every storefront, physical and digital.
Retailers have experienced changes in the last decade, a trend that is not likely to slow in 2020. The only certainty in the new decade is the need for technologies that help retailers stay nimble, relevant, and anticipate customer needs and shopping preferences.
Microsoft Dynamics CRM Solution for Retail
Microsoft’s dynamics 365/CRM is a360-degree approach to drive sales, productivity and marketing effectiveness through social insights and segmented and targeted campaign management.
Dynamics 365/CRM helps you gather information about each of your customers, including preferences and demographic data. You can use such information to segment your market and customize your approach to each group of customers. For example, if you find you have a large number of young families in a segment, you can create a family-friendly retail environment. If your data shows you have many seniors, you can install ramps for wheelchairs and make your store more easily accessible. The effect of segmentation based on CRM data is to adjust your retail strategies to better suit the customers you have.
The data you gather within a CRM system lets you not only target a market segment with promotions that appeal to its members, but also to target individual customers. If you see that a customer has visited your website and looked at particular products, you can include promotions of those products in his/her mailings. In this way CRM reduces promotions that are of no interest to the recipient and increases the relevance of material you send out.
A Dynamics 365/CRM system keeps records of customer purchases and customer service calls. You can keep track of the products each customer has purchased and whether there have been any warranty or dissatisfaction issues with the purchase. This information allows you to send out special offers to customers when the products they have purchased reach the end of their lives. Such a strategy keeps your products in front of the customer just when he might need them and gives him the benefit of lower pricing if he buys from you again. On your side, the costs of such a targeted promotion are lower than marketing to a large group and receiving only a few responses.
The overall effect of CRM is to increase the retention of customers by serving them in a more focused and convenient way. You can further increase this effect by using the CRM software to implement customer loyalty programs. Since the applications already track purchases, you can issue reward points and bonuses to keep valuable customers. Such programs let your further reduce costs because sales to long term customers are less expensive than sales to new customers
Dynamics 365/CRM Gives your field sales, mobile professionals and technicians flexibility in their work with Integrated Mobile ERP and CRM capabilities. It helps in creating new records, scheduling new meetings, update new information, and get real time information. With Dynamics 365/CRM it is easy to access online and offline mobile support.
Retailers have to shift through lots of data, CRM helps to have robust business intelligence capabilities so you can collect and analyze data and generate reports with customizable dashboards. This allows you to gather insight on customers and trends to better plan inventory and sales planning.