Why Ecommerce CRM Should Be in Your Small Business Playbook
What tricks do you have up your sleeve that will help you succeed with your online business? Did you know that the majority of online retailers are comprised of small to medium businesses? Many of these are “mom and pop” shops that are often family owned and operated with fewer than 50 employees.
These businesses can sometimes struggle to compete in an ever-expanding online world where juggernaut retailers can often have the upper hand. According to the E Marketer, ecommerce accounts for about 7% of all retail at the present. It’s a $2 trillion annual industry that’s rapidly growing. And there’s plenty of room for the little guy to survive and thrive, but it’s all about having that ace when you need it.
One way that smaller retailers are finding success is with getting to know their customers better. Studies have proven that by connecting with consumers and personalizing the relationship, brands grow exponentially. Emerging ecommerce CRM solutions that are cloud-powered, like ReadyCloud, are helping cement this online revolution. But how can these solutions help your online business succeed?
Learning Customer Habits
Knowing what your customers are going to do, within a reasonable extent, gives you the ability to better plan your next marketing campaign. CRM can feed you the cross-channel data from all your sales channels, providing critical analytics on trends, popular products, selling points, shipping costs, and more. This gives you the ability to really hit home with your marketing message and products by knowing what the shopping habits of your customers are.
Forecasting Shipping Cost
Shipping cost is, easily, one of the biggest costs any online retailer has to absorb. Sure, you likely charge for shipping, and you may even offer a free shipping threshold. But what if you had a better idea of what you were going to spend on shipping before you even rolled out your marketing plan? You could then take measures to insulate your bottom line and perhaps even pad your profits a bit more by being able to forecast your shipping cost in advance.
Returns are always going to be a part of ecommerce. But how you choose to handle them will make the difference between you getting more customers or seeing high bounce and abandonment rates. Newer CRM can help you learn the reasons for returns, identify serial returners and fine-tune your return policy so it’s more conducive to sales.
Without cross-channel integration, Strategy&, an online retail think tank, predicts that retailers are doomed. That’s because retailers need to keep multi-channel offerings in place to attract as many consumers as possible to their offerings. But these retailers also need to track these analytics and connect with customers to build the relationship, too; something that only cross-channel CRM can accomplish.
Making the Winning Calls
At the end of the day, you call the shots at your online store. The goal is to make educated predictions that are based on fact and trends. Doing this will enable you to claim your stake in the $2 trillion annual online retail pie. Along the way, make sure you harness as many weapons as you can. Because CRM is in every winner’s playbook.