Customer Relationship Management in Retail Sector Big Bazaar

INTRODUCTION
OVERVIEW OF THE INDUSTRY AS WHOLE

The Indian retail industry is now beginning to evolve in the line with the transformation that has swept other large economies. The liberalization of the consumer goods industry initiated in the mid-80 and accelerated through the 90s has begun to impact the structure and conduct of the retail industry. The concept retail which includes the shopkeeper to customer interaction, has taken many forms and dimensions, from the traditional retail outlet and street local market shops to upscale multi brand outlets, especially stores or departmental stores. The Retail Marketing Revolution - An Introduction Any business that directs its marketing efforts towards satisfying the final consumer based upon the organization of selling goods and services as a means of distribution By 2010, the list of India's top 10 retailers will have at least 5 Indian corporate. Retail Marketing will go through a tremendous change in India this millennium. It will change India's cities, its people, and its households. The Indian consumer is reportedly the largest spender in Singapore and London. It is, therefore, strange that there have, so far, been few efforts to present the product in the right kind of environment in India. Indeed, the right shopping experience does induce Indian consumers to spend more. This is evident from the experiences of retail-outlets like Music. World, Big Bazaar, Spencers, Crosswords, The Home Store, Ebony, Bigjos, Saboos, Standard, Nanz, Vijay Store and Janaki Das & Sons, Westside etc.
Retail Marketing In India

There are various ways of making goods available to consumers like: Company to distributor to wholesaler to retailer to consumer Company to salesperson to consumer Company to consumers (online/ phone/ catalog ordering)
These three are among the most common ways of making the goods available to consumers. But in India the three layered system of distributor, wholesaler and retailer, forms the backbone of the front-end logistics of most of the consumer-good companies.
The History of CRM

Following on from Enterprise Resource Planning or ERP (the business strategy that promised to automate the back-office), the term CRM was first coined in the mid1990s. CRM in those days referred to the software used to help businesses manage their customer relationships. From sales force automation software (SFA) that focused on customer contact management to integrated knowledge management solutions, these were the early foundations of CRM. The last couple of years have seen the term broaden to encompass a more strategic approach and the investment of billions of dollars worldwide into CRM solutions and services has followed. First Things First Successful CRM always starts with a business strategy, which drives change in the organization and work processes, enabled by technology. The reverse rarely works. The key here is to create a truly Customer-Centric philosophy that touches every point and more importantly every person in the company. From CSR to CEO everyone must live and breathe customer focus for all of this to work.
The Right Technology

It is estimated that the global market for CRM services and solutions is currently worth $148 billion. That means a lot of choice when selecting your technology - from webbased solutions aimed at small businesses with less than 10 employees to solutions suitable for multi-national enterprises with millions of customers.
The Future
CRM has already made a big impact in the world of Customer Service and will continue to do so. As more and more companies become customer-centric those that fail to do so will lose competitive advantage. As technology increases to develop at a startling rate the key emphasis will be how we can fully utilize it within our business. However let's not lose sight of the fact that Customer Relationship Management is about people first and technology second. Thats where the real value of CRM lies, harnessing the potential of people to create a greater customer experience, using the technology of CRM as the enabler.
CRM In Retail Marketing( Big Bazaar)

Customer relationship activities have the most impact on customer retention. Every customer service encounter has the potential to gain repeat business or have the opposite effect. The expectation of personalized, relevant offers and service is becoming a primary driver of customer satisfaction and retention in financial services.
Advantages Of CRM for Big Bazaar

Using CRM, at the management of Big Bazaar can: Provide better customer service Increase customer revenues Discover new customers Cross sell/Up Sell products more effectively Help sales staff close deals faster Make call centers more efficient Simplify marketing and sales processes
By applying this methodology Big Bazaar learned more about customers' needs and behaviors in order to develop stronger relationships with them. They implemented CRM as a process that brought together lots of pieces of information about customers, sales, marketing effectiveness, responsiveness and market trends. CRM helps businesses use technology and human resources to gain insight into the behavior of customers and the value of those customers.
Challenges For Big Bazaar in CRM implementation:

Difficulty in acquiring new customers can be a result of any one, or combination, of the following problems. .Inaccurate and Slow Quoting Organizations may be unable to accurately estimate and quickly deliver successful proposals, often leading to missed opportunities, bad profit margins and upset prospects. Lack of Product Knowledge Within their Sales Force Problems can arise when products were sold that didnt fit company's profitability strategy such as selling a customer one product when another would be better for the customer and more profitable for you. Difficulty and Delay in Updating Pricing and Product Information
When the sales force is relies on incomplete product, pricing and customer information, then they're probably not selling the most profitable products you offer.
Customers prefer a combination of differing channels in which to deal with your company. Self-service on the web can even be done for complex products. Plus, self-service on the web offers retail banks the opportunity to shift cost out to the customer.

Customer Relationship Management in Retail Sector Big Bazaar

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Customer Relationship Management in Retail Sector Big Bazaar

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INTRODUCTION

OVERVIEW OF THE INDUSTRY AS WHOLE

Retail Marketing In India

The History of CRM

The Right Technology

CRM In Retail Marketing( Big Bazaar)

Advantages Of CRM for Big Bazaar

Challenges For Big Bazaar in CRM implementation:

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