E-CRM IN E-TAIL ORGANIZATIONS - A BOON FOR TECHNOLOGICAL INFRASTRUCTURE DEVELOPMENT - Allied Business ...
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Academy of Marketing Studies Journal Volume 26, Special Issue 2, 2022 E-CRM IN E-TAIL ORGANIZATIONS — A BOON FOR TECHNOLOGICAL INFRASTRUCTURE DEVELOPMENT Md Wadood Alam, Maulana Azad National Urdu University Mohammed Abdul Azeem, Maulana Azad National Urdu University Md Rashid Farooqi, Maulana Azad National Urdu University Md Faiz Ahmad, Malla Reddy University Mohammed Arshad Khan, Saudi Electronic University Mohd Janey Alam Khan, G F College Shahjahanpur ABSTRACT The implementation of e-CRM in e-tail Organization cannot be overlooked. This will act as a boon for technological infrastructural development. In this research paper we try to highlight the significance of e-CRM in e-tail sector and how technology play a crucial role in it to develop as a giant infrastructure. With a powerful CRM technology system and a proactive approach, we can gather a lot of information about customer base and use the data to enhance the sales volume, forecast a better market and increase the business and profit effectively. Because of dynamic growth of internet there is a fast change in the view point of e-tail sector regarding customer relationship management. With the help of e-tailing, e-CRM can be expressed which allow the sector to communicate with the existing and potential customer, acquiring and retaining customers in a convenient way. The main objective of this paper is to analyze the impact of e-CRM for enhancing the services delivered by e-tail sector with the help of respective applications of e-CRM i.e., Chatbots, AR (Augmented Reality)/VR (Virtual Reality, Virtual Customers, Interactive Voice Response, Voice over Internet Protocol etc. Keywords: CRM, e-CRM, Chatbot, IVR, VoIP. INTRODUCTION "The customer is the king of market"? Because consumers determine the product's and services' lifespans, they decide loyalty towards a particular product for a long time or abandon it after a short amount of time. E-Customer Relationship Management (e-CRM) has evolved into a fairly complete corporate approach in recent years. e- CRM technologies have grown more important in the age of internet and blossoming of information technology for the benefit of the business sector (Bishnoi, 2014). As a result, Electronic Client Relationship Management (E- CRM) is a method through which a firm may associate with their potential and existing customer not only for single transactional relationship but also for multiple transactions in the future as well. Due to technological advancement shoppers have become very active and they search everything within a click of mouse. They dislike to receive unnecessary information related to products and services, they just want to know accurate and straightforward information (Authors, F., 2019). CRM is a traditional concept for managing customer relationships and enabling the customer to stay with an organization for a long time. 1 1528-2678-26-S2-131 Citation Information: Alam, M.W., Azeem, M.A., Farooqi, M.R., Ahmad, M.F., Arshad Khan, M., & Alam Khan, M.J. (2022). E-crm in e-tail organizations — a boon for technological infrastructure development. Academy of Marketing Studies Journal, 26(1), 1-8.
Academy of Marketing Studies Journal Volume 26, Special Issue 2, 2022 However, as technology advances customers do not want to pass time in visiting brick and mortar shop to purchase most of the products. As a result, a new concept known as e-CRM emerges. Companies may collect vast amount of data using an e-CRM system, which allows them to categorize customers on micro level segment with the help of that every information regarding customer data, company can easily recognize consumer’s needs and wants very sharply. Now-a-days, e-tail organizations are become more active, and they want to spread their product information rapidly, for all these smooth transactions they are applying e-CRM applications like - VoIP, VC, Web design and many more. e -tail organization also employs CRM solutions that allow them to quickly discover the characteristics of the consumers. Also, inform them time to time about new and soon-to-be-released items. E-CRM has a wide range of software technology applications and implementations in the business. COVID era is the burning example, in which about 87% of the mobile app seeker enjoys online marketing and ordering products without visiting brick and mortar shopping house. In the boom era of IT (Information & Technology) e-tail sectors depends heavily on information technology. Traditional retailers easily manage due to its small size, and most businesses were managed by the owner-manager without the use of an effective and reliable IT system (Farooqi & Iqbal, 2019). However, modern e-tail formats such as supermarkets and supply chain management impossible to operate without the use of e-CRM and information & communication technology Literature Review Customer Relationship Management (CRM) has evolved into a fairly complete corporate approach in recent years. CRM suits have grown more important in the age of internet boom, and become more efficient for the IT Business world. Customer relationship management depends upon shopper acquisition and retention, which leads to lucrative transactions over a lengthy period of time with fewer customer defections (Mathew, 2017). Recently, several loyalties programmed have been implemented by Indian e-tail organizations, such as Reliance Fresh's "Reliance One" project, Big Bazaar's "EDLP," and Pantaloons' "green card" program. e-tailing refers to the selling of goods and services to the end consumers by individuals or businesses with the help of internet applications. There are several benefits of information technology, including increased supply chain efficiency, enhanced shopping experiences, and avenues for IT investment. Modern e-tail organization is primarily reliant on information technology (Farooqi et al., 2021). Traditional retailing was easier to manage due to its small size, and businesses were managed by the owners’-manager without the implementation of IT system. However, modern e-tail stores such as Flipkart, Amazon and large chains controlled by large corporations are impossible to operate without e-CRM application and ICT (Bishnoi, 2014). Analytical CRM is the collection of customer’s data as a regular process. In this type of CRM mainly focuses on the characteristics of customer needs and wants, on that basis create new business opportunities. Operational CRM means the multiple way of communication with customers by the use of application software like- Chatbots, voice over internet protocol, web- based email etc. (Farooqi et al., 2013). Although the e-tailing sector in India is booming these days and providing convenient services to its customers, one should keep in mind the security of web services. However, in the era of boom technology, organization try to reduce the threats over the internet website with the help of warning signs on your website (Singh, 2013). 2 1528-2678-26-S2-131 Citation Information: Alam, M.W., Azeem, M.A., Farooqi, M.R., Ahmad, M.F., Arshad Khan, M., & Alam Khan, M.J. (2022). E-crm in e-tail organizations — a boon for technological infrastructure development. Academy of Marketing Studies Journal, 26(1), 1-8.
Academy of Marketing Studies Journal Volume 26, Special Issue 2, 2022 The process of CRM framework (Operational, Analytical, and Collaborative) is a comprehensive approach to technology innovation that provides real-time business assistance. Because of the cost and time reductions, and resulted in the profit maximization (Srivastava, 2012). E-CRM refers to all parties involved in the development of value for the client. Delivering goods at lower price, and high-quality products & services, a steady stream of demanding products and services, and customizing product and services based on the characteristics of consumers on a regular basis, all of these things may add value to the customer (Dawn & Chowdhury, 2011). Insight from Related Studies E-CRM is evolving in its early stage of development, there is little literature of work in this field, and there is a research gap; however, in our research paper, we attempt to bridge this gap by understanding the tools and applications of e-CRM in e-tail Organizations in terms of use and outcome prospects. Organizations with a complicated hierarchical structure that use of information & communication technology-enabled Customer Relationship Management system (Chatterjee et al., 2020). Customer Relationship Management (CRM) is primarily concerned with the process, strategy, and software/technology that enable businesses to manage relationships with the potential and existing customers, vendors, and suppliers not only for single transactional purpose but also for multiple transactions in the future as well. CRM solutions are the modern ways of collecting customer data and leveraging communication to categorize consumers' requirements and wants very precisely in the expanding age of information technology (Bahrami et al., 2012). Traditional CRM and internet business applications are combined in e-CRM. While it may appear to be a task of achieving effective e-CRM is itself a remarkable. It allows an organization to extend its infrastructure to customers and partners in ways that offer new opportunities for learning customer needs, gaining new economies, reaching new customers, adding value, and doing so in real time. Organizations agree that e-CRM play a vital role for their success, but few of them don’t know how to transition their current database marketing strategies to an e- CRM system (Deshmukh et al., 2013). Within the context of strong risk-management processes, modern-day technology in e-tail organizations may offer novel customer solutions to achieve growth and profitability. Online services are being used by tech-savvy e-tailers to usher in a new era in relationship management, allowing them to develop one-to-one and one-to-many partnerships to boost their competitive edge. Recent advancements in important areas of information technology have altered how client connections are managed. The following are some of the innovative e-CRM tools and techniques used by e-tail organization to improve smooth transaction for their customers: Augmented Reality (AR)/Virtual Reality (VR). Augmented reality (AR) is a digitally enhanced depiction of the real world created by combining digital visual components, audio, and other sensory inputs. It's becoming increasingly popular among companies dealing with mobile computing and commercial apps. Augmented reality may be used by e-tailers and other organizations to sell products and services, create a new market campaign, and collect unique user data. For example, IKEA offers an app for 3 1528-2678-26-S2-131 Citation Information: Alam, M.W., Azeem, M.A., Farooqi, M.R., Ahmad, M.F., Arshad Khan, M., & Alam Khan, M.J. (2022). E-crm in e-tail organizations — a boon for technological infrastructure development. Academy of Marketing Studies Journal, 26(1), 1-8.
Academy of Marketing Studies Journal Volume 26, Special Issue 2, 2022 furniture. Stores might include augmented reality into catalogue applications to allow buyers to view how different things may seem in various settings. Virtual reality (VR) It is a computer-generated simulation in which a person interacts with an artificial three- dimensional environment using electrical devices such as special spectacles with screens or sensors-equipped gloves. In this artificially created world, the user may have a realistic-feeling experience. According to International Data Corporation Research (IDC, 2018), investment in virtual reality and augmented reality will increase 21 times over the next four years, reaching 15.5 billion euros in 2022. Chatbots It is powered by Artificial Intelligence (Iqbal & Islam, 2016) real time supportsystem between the organization and customer. Most of thee-tail and world using this application to resolve the customer grievances shortly. Virtual Customers Virtual customer service system provides full support to staff in organization, from agents to management. Although this workforce is situated out of the company, they are trained in the company's goods and brand to deliver a level of service that consumers cannot distinguish from the "real thing." Contact channels include customers’ chat box, email, phone calls, social media, and direct messaging. Interactive Voice Response Interactive Voice Response (IVR) is an automated phone system technology that allows incoming callers to access information via a voice response system of pre-recorded messages without having to speak to an agent," according to TTEC. "They can also use menu options via touch tone keypad selection or speech recognition to have their call routed to specific departments or specialists." Customers can use call center of organization technology solutions to complete ordinary transactions over the phone, such as paying bills, tracking deliveries, making bookings, and so on, without the need for a third party. So that they may receive responses faster and the client and the company can save time and money. Voice over Internet Protocol It is the medium of multimedia and voice content over Internet Protocol networks. The use of voice over internet protocol in organizations to call records, custom caller ID and voicemail to e-mail. It is also helping the organization in integrating communications Figure 1. 4 1528-2678-26-S2-131 Citation Information: Alam, M.W., Azeem, M.A., Farooqi, M.R., Ahmad, M.F., Arshad Khan, M., & Alam Khan, M.J. (2022). E-crm in e-tail organizations — a boon for technological infrastructure development. Academy of Marketing Studies Journal, 26(1), 1-8.
Academy of Marketing Studies Journal Volume 26, Special Issue 2, 2022 FIGURE 1 E-CRM TECHNOLOGIES AND SERVICES IN E-TAILING The complexity of work may be reduced with improved framework design, corrective measures to be taken as competent and efficient planning inside this conceptual framework (Farooqi & Iqbal, 2017). e-CRM applications (Chatbots, voice over internet protocol, virtual customer interactive voice response) used input. After processing of customer satisfaction, it categorizes into three categories i.e., pre-sale services, during sale services, and after sale services. If customer fully satisfy by the services provided by e-tail organizations then the customer loyalty automatically generated. The outcome of e-CRM and technology helps the organization in gathering customer information, transaction history, and product information etc. which leads to customer analysis and satisfaction. If shoppers are dissatisfied with the organization's product, the organization will adapt them to meet their demands, and if customers get satisfied with their expectations, then it means no problem and transactions of goods & services completed successfully. Application of e-CRM tools and technique in Organizations E-CRM not only improves customer management efficiency, but it also improves customer service, protects current customers' privacy, and assists organizations in categorizing consumer requirements (Adlin et al., 2019). Information & Communication Technological aspects In order to acquire client transactional records, rising retail organizations are employing technical instruments such as- Customer Service Helpdesk Electronic Point of Sale (EPOS), Sales Force Automation, Call Centers and 1800 concept, Personal Data Assist (PDA), and so on. It aids in the long-term retention of customers and the customization of products & services to the customer's preferences (Srivastava, 2012). 5 1528-2678-26-S2-131 Citation Information: Alam, M.W., Azeem, M.A., Farooqi, M.R., Ahmad, M.F., Arshad Khan, M., & Alam Khan, M.J. (2022). E-crm in e-tail organizations — a boon for technological infrastructure development. Academy of Marketing Studies Journal, 26(1), 1-8.
Academy of Marketing Studies Journal Volume 26, Special Issue 2, 2022 Based on the Application of Artificial Intelligence CRM Artificial Intelligence-based CRM aids in the optimization of business operations, such as automating routine tasks, lead customization, customer service and retention, guiding the team, and providing virtual assistance. All of this aid the sales team in saving time and money while successfully building long-term customer relationships (Authors, 2019). CRM software like-SugarCRM, Zoho Salesforce, HubSpot CRM have successfully apply Artificial Intelligence-integrated CRM systems into their platforms. Zoho CRM is one of Zoho's many business applications. Both SMBs and large enterprises may benefit from Zoho CRM's services like- pipeline management, Sales automation, marketing automation, and process management are among the elements included in the CRM software. Through a single interface, you can communicate with your leads on several platforms. Zia is a Zoho AI bot that assists organizations in finding patterns, forecasting sales, and data patterns. Salesforce Sales Cloud is a customer relationship management (CRM) platform. Customer account & contact management, opportunity management, lead management, easy workflows, information sharing, and sales forecasting are just a few of the capabilities included in the CRM platform. Mobile CRM allows business managers and salespeople to keep track of their sales efforts on the go. HubSpot CRM aids in the management of your sales funnel, the creation of automated e- mail sequences for your leads, communication with prospects via live chat or e-mails, and the tracking of customer transaction across e-mail, social media, and phone conversations. SugarCRM "Hint" is the name of this item. It can search, modify, and give inputs automatically to help construct a thorough company and personal profile. The outcomes are seen in a short period of time. Contemporary Issues of e-CRM in Organizations Personalization software enables you to adjust your material to the tastes and behavior of your customers. These platforms add-on help in businesses, improve in services by providing a more personalized experience for their clients. Personalization software recognizes trends in a company's consumer behavior and uses that data to deliver content in a more familiar way. Customization software reduces product aggravation for consumers by more precisely matching their experience with their perspective. Because clients will want to deal with your company again as a consequence of this alignment, customer loyalty may increase. According to a 2017 Accenture report, 44 percent of consumers were unsatisfied with companies that did not provide personalized shopping experiences. In the previous year, 41% of clients moved companies due to "poor personalization." Personalization software not only minimizes client turnover, but it also increases customer satisfaction, resulting in increased revenue for your business. Personalization software that can accurately analyze user intent will increase digital firms' revenue by 15% by 2020, according to Gartner. One of the most significant parts of the e-commerce sector is customer relationship management (CRM). CRM software, when used correctly, may help you get to know your customers, inspire them, and so increase client retention and, as a result, business success. As a result of the COVID-19 issue, e-tailers are rethinking their strategies and changing their CRM systems. 6 1528-2678-26-S2-131 Citation Information: Alam, M.W., Azeem, M.A., Farooqi, M.R., Ahmad, M.F., Arshad Khan, M., & Alam Khan, M.J. (2022). E-crm in e-tail organizations — a boon for technological infrastructure development. Academy of Marketing Studies Journal, 26(1), 1-8.
Academy of Marketing Studies Journal Volume 26, Special Issue 2, 2022 The following are some of the top CRM market projections, which include sophisticated functionality, automation, and simple integration, among others. Artificial Intelligence and Chatbots Artificial Intelligence powered virtual assistants and make it easier for the users to complete daily chores, automate customer communications, forecast shoppers’ preferences, and enhance customer retention. “As per the study of International Data Corporation (IDC), “By 2021, Artificial Intelligence-powered CRM activities could increase global business revenues by $1.1 trillion.” CRM on Social Media and Android devices lead the way WhatsApp, one of the most popular instant messaging programs, is rapidly gaining traction as a CRM tool (Ahmad & Farooqi, 2020). In today's corporate environment, notifications such as offer alerts, payment notifications, and appointment reminders are used to keep customers engaged. Mobile CRM may help you improve your client relationships and expand your business. "According to Forrester Research, 50% of teams increased their productivity by utilizing a mobile CRM." Discussion & Conclusion In today's world of information technology, everyone knows that the customer is the king of the market. Because of the fierce rivalry in the market, it's difficult to keep clients and keep them loyal to the corresponding business. Customers are becoming more proactive in the age of technological innovation, and they are seeking accurate information about the products they are purchasing. Customers search for the greatest product quality, trending brand name, operations, and service support via social media and Android phones. In all of these areas, a customer support system is critical. Customers' demands and desires are the goal of businesses. Due to manual processes, the traditional notion of Client Relationship Management faced issues such as delays in responding to customer inquiries and delays in providing timely service assistance. Due to technological advancements, the letter "e" has evolved in CRM systems, and these can only be achieved using the best business practices of e-CRM, as it assists organizations in providing virtual customers, voice over internet protocol, high quality, interactive multimedia customer support systems, and the main aims is to enhance customer retention, acquisition and profit maximize transactions. CRM has transitioned to e-CRM as a result of the introduction of sophisticated high-tech solutions. As a result, customer care and support systems are becoming more efficient, time- saving, and focused on both company and consumer needs. CRM's major goal is to explore customers' futures, manage current customer databases, track existing and potential customers' purchasing habits, and track purchasing processes such as date and time of purchase, and customer cycle of purchase, among other things. REFERENCES Adlin, F.N., Ferdiana, R., & Fauziati, S. (2019). Current Trend and Literature on Electronic CRM Adoption Review Current Trend and Literature on Electronic CRM Adoption Review. 7 1528-2678-26-S2-131 Citation Information: Alam, M.W., Azeem, M.A., Farooqi, M.R., Ahmad, M.F., Arshad Khan, M., & Alam Khan, M.J. (2022). E-crm in e-tail organizations — a boon for technological infrastructure development. Academy of Marketing Studies Journal, 26(1), 1-8.
Academy of Marketing Studies Journal Volume 26, Special Issue 2, 2022 Ahmad M.F. & Farooqi, M.R. (2020). “WhatsApp: A Business Tool in Unorganized Retail with Reference to TAM”. In Kumar A., Paprzycki M., Gunjan V. (eds) ICDSMLA 2019. Lecture Notes in Electrical Engineering, vol 601. Springer, Singapore. Authors, F. (2019). Are CRM systems ready for AI integration? A conceptual framework of organizational. Bahrami, M., Ghorbani, M., & Arabzad, S.M. (2012). Information Technology (IT) as An Improvement Tool For Customer Relationship Management (CRM). Procedia - Social and Behavioral Sciences, 41, 59–64. Bishnoi, V. (2014). Role of Information Technology and ECRM in 21 st Century Retail Organisations. International Journal of Emerging Techonology and Advanced Engineering, 4(1), 433–440. Chatterjee, S., Chaudhuri, R., Vrontis, D., Thrassou, A., &Ghosh, S. K. (2020). ICT-enabled CRM system adoption : a dual Indian qualitative case study and conceptual framework development. May. Dawn, S.K., &Chowdhury, R. (2011). Electronic Customer Relationship Management ( E-CRM ): Conceptual Framework and Developing a Model. International Journal of Business & Information Technology, 1(1), 75– 84. Deshmukh, S., Deepa, N., &Shravanthi, A. (2013). E-Crm: an Ultimate Strategy for an Organization. International Journal of Management Research and Reviews, 3(3), 2557. Farooqi, R., Kumari, S., Shoeb, M., & Email, W.S. (2013).Recent Trend of e-CRM in Commercial Banks of India. International Journal of Application or Innovation in Engineering and Management (IJAIEM), 2(4), 287– 291. Farooqi, R., & Iqbal, N. (2017). Effectiveness of Data mining in Banking Industry: An empirical study. International Journal of Advanced Research in Computer Science, 8(5), 827-830. Farooqi, R., & Iqbal, N. (2019). Performance evaluation for competency of bank telemarketing prediction using data mining techniques. International Journal of Recent Technology and Engineering, 8(2), 5666-5674. Farooqi, R., Tiwari, A., Siddiqui, S., Kumar, N., & Iqbal, N. (2021). Big Data Analytics for Market Intelligence. In Big Data Analytics (69-86). Auerbach Publications. Iqbal, N., & Islam, M. (2016). From Big Data to Big Hope: An outlook on recent trends and challenges. Journal of Applied Computing, 1(1), 14-24. Mathew, J. (2017). Impact of Customer Relationship Management Initiatives in Indian Retail Scenario : A Review. 10(1). Singh, R.K. (2013). E-Retailing In India-Risk & Remedies. 2(12), 2011–2013. Srivastava, M. (2012). Customer Relationship Management (CRM): A Technology Driven Tool. Resarch Journal, IV (March), 14–25. 8 1528-2678-26-S2-131 Citation Information: Alam, M.W., Azeem, M.A., Farooqi, M.R., Ahmad, M.F., Arshad Khan, M., & Alam Khan, M.J. (2022). E-crm in e-tail organizations — a boon for technological infrastructure development. Academy of Marketing Studies Journal, 26(1), 1-8.
You can also read