When it comes to running any business, especially in the ecommerce sector, there is a real need for companies to avoid standing still. Even if you are very successful at what you are doing, it does not mean those successes are going to carry forward into the next few years.
Ecommerce is transforming at such a rapid rate thanks to new technologies and other players entering the market, which means a company must use every tool to try and find an edge. And one of those tools you will want to exploit is customer relationship management (CRM) software that is tailor-made for ecommerce. Here are four ways a CRM solution will boost your business.
Data Collection and Analysis
The primary goal of CRM software is to make it easier for your company to help customers and provide them with superior service. The main functions of the system are related to data collection and analysis. When you have a CRM system that is operational through the cloud and working across your network, it means that you are in a stage where every bit of data is being monitored and assessed. It also means that you are going to get to a point where every interaction that a customer is having with your company, whether it is through the online store or by calling customer service, is recorded and stored.
Data collection is great, and a CRM helps a great deal in this department. But data is no good if you have no means of aggregating and understanding what it means. The great thing about using CRM software is that you are getting a package where the analysis is even deeper than most individual analytics software packages. Instead of paying crazy money for a separate analytics software program, simply use the in-depth analytics that are available and automatic with your CRM software.
Every bit of data is factored into the analytics helping you to improve the business, ensure that previous mistakes are not repeated, and that trends and opportunities to improve your customers’ shopping experience are not missed.
Connectivity and Efficiency
One of the most underrated aspects of a CRM is how it improves team communication and collaboration in a way you did not think was possible. When we converse with most ecommerce company heads, we are given the impression that their organizations are disjointed. Even though there are talented people within the company, too often that talent is focused on their narrow area of responsibility. There is not enough communication, especially if those teams are not located in the same office or city. A CRM helps to resolve these issues in a very big way.
With a CRM, it is much easier for employees within a department and in different departments to chat with each other while viewing the same analyses and easily sharing files. And since every bit of communication is stored within the CRM database, it is much easier to access those communications as well.
The CRM software will also make it a lot easier for your online retail business to handle the process of assigning and completing different tasks to finish bigger projects. Task management is a key part of any CRM program, and the ones designed for ecommerce are no different. Team and department heads will have a much easier task in assigning jobs to employees, identifying the progress on those jobs, and being notified when they are finished. And others within the company who have access to all the data on the CRM platform can monitor progress easily, as the transfer of information and files is all done through the system.
Nurturing Leads and Understanding Trends
One of the hardest things that a company must do, in any industry, is come out on top where trends are concerned. The thing about trends is they are very easy to spot when they are happening, but not so easy to predict. The good news is that with CRM software, companies have a much easier time identifying trends. Sure, you can wait for one of your employees to spot these trends, but the CRM system is going to get there much faster, and it will save time.
For instance, if you have four different sales channels, and the data is showing that the percentage of leads being turned into purchases is much greater on two of those channels, you will begin to get a clearer picture of what is going on. Understanding that such a trend exists would give you the information you need to improve the lead conversion percentage on your other channels – or double down on the two channels that are performing at a higher level.
A CRM system is also vital when it comes to nurturing leads because its data collection and analysis tools can help in every aspect of the customer’s relationship with the company. From the moment a customer comes onto your site, whether it is through an email ad or social media, their progress is tracked. The company can better understand what marketing channels are working, what pages on the site are generating a lot of interest and where they need to make some tweaks.
Once you have those leads, connecting them to a mailing solution like MailChimp CRM software can help you craft powerful messages that resonate with your audience. The ability to know what customers should be targeted or engaged with what message can help you boost open rates and click-throughs, which lead to engagement and sales.
It is never easy running an ecommerce business, and returns are one of those aspects of online retailing that companies must tolerate. The percentage of returns is much higher with ecommerce than running a traditional business – mostly because customers cannot physically see a product before completing a purchase.
The great thing about a CRM is that it makes it easier for your company to manage the process of returns. Not only can it make things more efficient when a customer calls or attempts to chat with customer service to process a return, but it can help you understand where the most returns are occurring. Is there a sales channel that results in more returns than others? Are certain products being returned at a higher percentage than others? When you have all the information, you’re in a better position to rectify the problem.