Retailers to Deepen their Engagement with Customers in 2014
As the mounting toll of unsuccessful High Street brands has proven, retailers that lack intricate knowledge of their customers run the risk of failure.
Successful organisations across various industry sectors are recognizing Customer Experience Management as a key component in their overall strategy and are consequently channelizing major resources into this focus area. While the financial sector sees customer engagement as key to elicit trust and loyalty from a disillusioned customer base, heavy industries like airlines also view customer engagement as the key differentiator in a highly competitive market.
Confirming this view, recent research from London-based consultancy firm Ovum (http://www.ovum.com/
Retailers in this situation require a partner who understands their business, and who can shoulder the technical and support burden of these crucial, yet sophisticated and massive data base systems.
Hardeep Singh Garewal, Europe President of IT services specialist ITC Infotech (http://www.itcinfotech.com/
Customer Experience Management (CEM/CX) has become the new differentiator for success. Organisations are also increasingly using analytics to help determine how they can improve their approach to CEM and get significant business benefits. Operational analysis is becoming increasingly essential as companies move from an ‘inside-out’
Explaining the challenge Hardeep said, “Failing to respond to the customer’s preference; their likes and dislikes, can lead to a bad customer experience, or at least something that is far from optimal. Retailers simply cannot afford to do that in the tough and competitive business environment of today. In addition, new channels of expression like social media are allowing customers to share their experience whether good or bad, potentially causing more damage to the hard-pressed retailer. Many of the factors that affect the customer experience negatively can be tracked back to an inability to recognize customers across channels, and across lines of business. These are areas that intelligent use of CRM should be able to address.”
Hardeep concludes, “A radical approach is needed to handle burgeoning data from overlapping sources such as mobile, social, in-store, e-commerce sites, and to use this data to enhance customer experience management. Skilled IT service partners like ITC Infotech can optimize CRM performance to enhance CEM while eliminating responsibility for massive and sophisticated enterprise CRM database systems. This will allow retailers to devote more energy towards improving their relationship with customers and utilizing their CRM in a way that truly adds value to their business.”
About ITC Infotech
ITC Infotech, a fully owned subsidiary of USD 7 billion ITC Ltd, provides IT services and solutions to leading global customers. The company has carved a niche for itself by addressing customer challenges through innovative IT solutions.
ITC Infotech is focused on servicing the BFSI (Banking, Financial Services & Insurance), CPG&R (Consumer Packaged Goods & Retail), Life Sciences, Manufacturing & Engineering Services, THT (Travel, Hospitality and Transportation)
For more information, please visit www.itcinfotech.com
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