Small and medium businesses are the very heartbeat of America. They account for more than 50% of all sales and netted 8 million hires in 2016, as compared to big businesses netting just 4 million. Needless to say, small business is big business when placed on the scale. And, wouldn’t you know it, most online businesses actually happen to fall under the small to medium business categorization, with 50 or fewer employees on average.
It’s a dog eat cat kind of online world. That means that if you’re running an online business, you have to do everything that you can to make ends meet while growing your bottom line and sustaining your workforce. With newer SaaS and XaaS solutions coming out all the time, cloud-powered ecommerce CRM is something that all online retailers should consider. Here are a few good reasons why.
Customers Are Your Lifeblood
CRM has forever been the staple to improving customer relationships and generating more revenue as a result of one’s efforts. But before ecommerce arrived, CRM was mainly focused on the business and personal side of the relationship. With online retailing, that’s all changed. Now CRM takes a new focus: To help businesses better connect with their existing customers by providing the data, history and analytics online retailers require to sustain, nurture and enhance the relationship.
Connecting Your Selling Channels
Most ecommerce shopping carts provide limited analytics. Usually an add-on, found in the form of an app, is required to dig deeper. None of these shopping carts or marketplaces talk to each other, either. But with newer ecommerce CRM, true cross-channel integration is a reality. Now, retailers can learn what’s going on across all their sales channels, enabling an easier way to make smart, revenue-producing marketing decisions.
Using Integrated, Predictive Data
Predictive data helps you easily meet your bottom line. Knowing what products are trendy, what shipping methods are favored and the aggregate return rate across all sales channels gives retailers the recipe for success. IT Pro Portal says that such predictive data will become the mainstay for online retailers and businesses in the years ahead because it gives them the upper hand by delivering clear-cut analytics. CRM for ecommerce gives retailers this same data, enabling them to make fact-based decisions that result in revenue windfalls.
Growing Your Customer Base
In the end, it’s all about growing your customer base while also sustaining your current customers and improving long term loyalty and retention. Retailers have forever sought the right combination of tools to meet these goals. Now, with newer CRM solutions, it’s no longer an uphill battle for them. Instead of having to combine several different applications simultaneously, retailers can now use an all-in-one solution. The results are smoother operations, better customer relationships, fewer returns, lower shipping costs and more inbound revenue.