Global Retail Ecommerce Sales Will Reach $4.5 Trillion by 2021, making it a necessity rather than a choice. In 2016, 1 billion people purchased goods and/or services online which constitutes 53% of global internet users (Remarkety). With such a huge customer base, ecommerce companies are facing fierce competition in the field of customer experience deliverance.
Why should ecommerce bother about customer experience so much?
Customer Experience will overtake price and product as the key brand differentiator by the year 2020 (Walker) . Over and above this, 55% of consumers would pay more for a better customer experience (Returnonbehaviour). Clearly, customer experience is the numero uno in augmenting revenue and ensuring business expansion.
How CRM solution will revolutionize ecommerce business?
By 2020, smart personalization engines will be able to recognize customer intent and enable digital businesses to increase their profits by up to 15%(Gartner ).
CRM solution: It ensures continuous updating of customer history with each channel visit. This enormous customer information use is not limited to analysis but also to monitor trends, buying habits, return patterns, cost vs. profit, lead origination sources, conversion funnel tendencies and more.
This also aids in customer segmentation, thereby attributing more
personalization to products, offers, suggestions, etc.
Omni channel integration:
64% of customers expect to receive real time assistance regardless of the customer service channel they use (Onereach). Not to forget, consumers prefer assistance over the following channels: Phone (61%), email (60%), Live Chat (57%), online knowledge base (51%), “click-to-call” support automation (34%) (Econsultancy).
CRM solution: Omni channel (email, sms, chat, social media) integration and automation renders the ability to address complaints or other interaction of customers, often made through multiple channels, all at the same time. Also, sales campaigning through multiple channels can becomes possible, making way for easy lead generation.
89% of customers get frustrated because they need to repeat their issues to multiple representatives (Accenture).
CRM solution: By virtue of unified customer history availability in a single real time panel and dedicated intelligent telephony system it ensures calls being taken by the same representative who has access to the complete purchase history by the customer. This is further enhanced by ticket management feature of the solution.
By 2020, customers will manage 85% of the relationship with an enterprise without interacting with a human (Gartner). 45 % of companies offering web or mobile self-service reports an increase in site traffic and reduced phone inquiries (Destination CRM).
CRM solution: A well-customized CRM for ecommerce can automate a series of self-service processes with intelligent IVR and omni-channel automation.
It is 6-7 times more costly to attract a new customer than it is to retain an existing customer (White House Office of Consumer Affairs). Customer switching is a matter of seconds with hyper informed customers using multiple ecommerce websites, selling same products.
CRM solution: The solution allows real time continuous customers visibility through multi-channel integration. It can cull complete customer information to deliver buying trends, habits and even shipping preferences and return data. Such a rich customer information base may go miles in delivering signature moments with customer and earning many referrals.
45% of transactions estimated to take place on mobile devices by 2020 (Business Insider). Also, 80% of shoppers used a mobile phone inside of a physical store to either look up product reviews, compare prices or find alternative store locations (Outerbox Design).
CRM Solution: It lets businesses get real time update about delivery/ refund status while customers, delivery partners, staff is on the move. It also conducts
CSAT reviews, thereby, minimizing logistics cost and maximizing conversion of negative reviews to positive ones.
42% of customer service agents are unable to efficiently resolve customer issues due to disconnected systems, archaic user interfaces, and multiple applications (Coursehero). Order management, customer support, dispatch systems, etc are disjointed systems in ecommerce without seamless communication among them.
CRM solution: It powers ecommerce portal by managing enterprise workflows, enabling businesses to view and act upon order placement, order processing, shipment tracking, delivery and customer feedback against each product, all visible at a single glance.
Most ecommerce sites have outsourced their logistics, packaging, procurement and other functions. For example, 43% of online shoppers are dissatisfied with ecommerce delivery system which is not under the sole control of ecommerce company (MetaPack 2016 State of eCommerce Delivery Consumer Research Report).
CRM solution:It enables integration with third party software. CRM platform allows ecommerce business to share data between banking records, suppliers, contractors and more. This directly impacts speed of complaint resolution. It may be noted 82% say that getting their issue resolved quickly is the number 1 factor to a great customer experience (Liveperson).
To sum up,
CRM solution and platform simultaneously lets ecommerce business have a bird’s eye view of the customer’s journey and affords a drill down to each minute segment of it, be it lead,order, delivery or refund. Facilitating a unified 360 degree of view of customer and offering a single view of entire customer interaction are crucial to achieve superior customer experience in ecommerce business. Given the tides of time, CRM integration with ecommerce is not just desirable but indispensable!