Customer Relationship Management in Retail

Essay from the year 2011 in the subject Business economics - Customer Relationship Management, CRM, grade: none, , course: Management, language: English, abstract: This paper will talk about the prospects of CRM in Retail Industry. The paper will highlight the need and evolution of CRM. A look towards as how at most industries are showing that each of them in turn is doing their utmost to gain customer focus. It will reveal how retailers experience a vast difference when they treat their customers as a partner. The importance of CRM in retail lies in their partnership as it prove and aims to success. Market analysts disputes about the correct figure but all are of opinion that companies are pouring billions of dollars into CRM and this is certainly because of maneuver of customer relationships in the direction of profitability, support marketing, sales and work processes. The author will also examine the critics to this approach before switching to the prospects .The paper will help to overcome the traditional product centric and mass marketing mentality. The past few years has witnessed a strong upsurge in the number of retailers looking for a lifetime strategy that will cater to their customer requirements. The paper will answer to the questions like Why should retailers opt for CRM? What does it offer the retail industry?The bottom line of paper is that, that retailers need CRM!! This is one strategy that the retail industry cannot afford to gloss over because of the rewards that are huge and needed in this competitive world.