CUSTOMER RELATION MANAGEMENT IN RETAIL SECTOR

Abstract

Retail is most important industry of India. Retail industry in India is at the crossroads. In retail, one of the major factors playing a role is income–Increase in disposable incomes of customers across various sectors. The simple answer to effective CRM is a way of separation between customers to provide greater value to more valuable customers since the customer today is far more discerning than he was earlier. Every retailer today is aiming at an attempt to make a casual customer into a loyal customer who develops a bond with the retail store he/she visits. Customer relationship management as a transactional exchange helps the marketer to understand the customer's sentiments and buying habits so that the customer can be provided with products and services before he starts demanding them. In this paper describe the role of Customer Relationship Management (CRM) in Indian retail market and how to enhancing the Customer Lifetime Value (CLV). A successful and effective CRM programmed results in increase of Customers Lifetime Value for the store. The importance of the tangible and the intangible offerings are also discussed. A good CRM Strategy should focus on: Building dynamic relationship with the customer, CRM is the key element to building customer loyalty to a store brand and to build a significant competitive advantage.