There is no end to customer’s expectations. If you are already providing a premium product, they will expect from you to deliver it at the best price. Nowadays, it is harder to satisfy a customer and hardest to meet their need and requirement. However, there are CRM trends that can help you achieve this with higher success rate. For instance, relationship development with customers for retention and loyalty can be a solution to this. CRM or customer relationship management tools remain the game changer for retailers.
We know how challenging it is to manage a business. To minimize the work load, we have researched for top CRM trends that retailers can follow in 2020 and beyond. Read the forecast as a guide and know what to expect from the latest CRM software –
- Teaming Up The Big Data, CRM, And AI-based Analytics
It is the data that drives the success of CRM and personalisation of customer experience. CRM solutions are currently made with easy to understand approach that help retailers to accumulate information on leads and contacts.
The customer data stage programming and large information empower CRM to start consistent information stream. The most advanced and powerful CRM software will be able to fill the void between strategies and big data. Competitive CRM tools will be delivered with 360-degree insights and unified customer experience view.
Retailers can investigate CRM platforms to provide the AI technology for analytics. The technology will support improving CRM capabilities and predictive analytics to give accurate predictions on the basis of received data. Retailers will be ready to deliver real-time insights for consumer behavior and manage purchasing patterns utilizing the software.
- Single-channel approach
Older CRM software majorly focusing on multi-channel approach. With such type of approach, brands are able to make their presence on communication channels used by most customers. These policies help businesses to maximize commitment with the customer. The omnichannel strategy also gives a seamless consumer experience.
However, in 2020, the things will be different for retailers and Microsoft Dynamics CRM Developers. The year is showing a major move to a single-channel way to deal with CRM. A forecast is made by CRM specialists that these news channels will soon be collected into just one software that will lead all channels. This will help in streamlining the workflow for customer service agents and sales. There will be no such requirement of turning between various channels to support customer engagement.
With centralised customer engagement across multiple channels, advanced CRM software will help retailers to have seamless internal operations.
It is also possible for companies to attain a channel-less CRM strategy. AI technology will do it and detect the same customer profile using different channels to interact with the company.
- AI is approaching CRM
AI is already doing some news stories for media and now it is the CRM world. Some experts estimate AI-based CRM activities will grow the business revenue by $1.1 trillion in 2020-2021. It is also predicted that AI in the CRM world will reach the value of $72 billion in coming years.
The most important thing AI will introduce to CRM is the automation and enhanced conversational tools. With AI technology, CRM software will be able to automate manual tasks and save the time of the service agents. AI-powered CRM chatbots will leverage data points to predict queries of the customer.
- Voice Technology in CRM
It is expected that voice technology will make bigger waves for CRM software. It will be the next technology that CRM platforms will be exploring. CRM platforms will use the voice technology with Artificial Intelligence and ML. This will result in better customer insights and analytics reports.
- IoT fits well for CRM
Retail industry will soon reap the benefits of CRM and IoT integration. IoT will introduce critical enhancements just like CRM. Advanced software will leverage the trend by connecting to IoT feeds through devices.
It is expected that IoT devices will reach to 39 billion in numbers by 2025. Customers will have the option to send organization data on item execution issues utilizing IoT devices.
- Powerful integration
In future, CRM platforms will deliver more advanced integrations with data sources and 3rd-party software. This will be done to provide more details on customers and platform features expansion.
With powerful integration with business systems and data sources, CRM platforms will help retailers in tracking the outside interactions with customers.
Once the company integrates the CRM with different accounting tools, it will be able to streamline the billing process.
- New CRM user type
The CRM user base has more number of youngsters. About 28% of millennials find CRM software as a critical approach towards success. Freelancers also build an effective market for CRM platforms.
CRM companies can use these trends to have insights related to customer expectations from CRM platforms. Retailers can follow these trends to get more business opportunities in unique way.
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