CRM (or Customer Relationship Management) systems have been around for a while now, and their popularity and functionality have continued to grow. Companies have learned the importance of developing a customer-centric focus and maintaining strong lines of communication with their customers.
Now, you may think that a CRM system is only meant for huge companies with massive amounts of customers. Or that a CRM system is simply too expensive for a small business to use and maintain.
The truth is that a CRM system can benefit and add value to businesses of every size. Keep reading to discover why adding a CRM is a no-brainer for your business.
What Is Ecommerce CRM Software?
Customer Relationship Management refers to the strategies, technologies, and systems that companies use to manage and analyze customer interactions and data throughout the customer lifecycle.
A CRM system helps businesses track their interactions with customers across various channels, such as email, social media, phone calls, or in-person meetings.
The ultimate goal of a CRM system is to improve business relationships with customers, assist in customer retention, and drive sales growth.
Ecommerce CRM software enables a company to accurately and intelligently manage their customer relationships through different stages of the business relationship. That is, CRMs basically give you a snapshot of your relationship with a given customer at any point in time, as well as tools to help manage that relationship.
How Does Ecommerce CRM Work?
Ecommerce CRM systems work by collecting and organizing data from various touchpoints with customers. This can include data from sales, marketing, customer service, and social media interactions.
The system then uses this data to create a comprehensive profile of each individual customer, providing businesses with valuable insights into their preferences, behaviors, and needs.
The global CRM software market is projected to reach $57 billion by 2025 (Source: Statista)
Why You Should Use CRM for Ecommerce
If you’re wondering, “Do I need CRM for ecommerce?” the answer is a resounding yes. Here are five reasons why adding CRM to your small business can benefit your ecommerce success.
Improve Customer Retention
This is typically what’s advertised as a CRM’s premier feature. CRM systems help you gather and analyze customer data, making it easier for you to spot customers who might not stick around or leave early.
Rather than waiting until a customer stops buying from you, a CRM can help your small business proactively reach out to these customers and provide a solution, thereby retaining customers.
Grow Revenue
Along with improving customer retention rates, implementing a CRM system can also increase revenue for your small business.
With a CRM system, you can tap into customer purchase history to spot happy customers and connect with them for potential cross- or upselling opportunities at the perfect moment.
Enhance Team Communication
These days, your employees might be working remotely in different locations. Despite the popularity of video calls, it can be tough to communicate important customer information across departments and keep your small business on top of everything that’s happening with your customers.
An effective CRM system helps foster communication among your employees by tracking your company’s interactions with each customer. This allows each employee to get an accurate picture of the brand’s relationship with a customer and feel confident interacting with them.
Centralizing customer data helps the sales team get on the same page for smoother operations
Increase Customer Satisfaction
With the amount of competition in the market today, consumers are paying greater attention to what sets one company apart from the rest. For small businesses, that can often mean putting more emphasis on managing relationships and keeping your customers happy rather than simply providing a service or selling a product.
CRM systems compile data and information to give you a snapshot of your relationship status with a given customer. This can help you identify when to reach out to certain customers with specific messaging. For example, you can send a customer satisfaction survey after the customer makes a big purchase.
When customers know you’re paying attention to their needs, they are much more likely to be satisfied in their business relationship with your business.
Reduce Waste
Coordinating and tracking customer data and information across your business’s separate departments can be tricky, leading to duplicate work and wasted resources. When you add remote working and online hosting of the most digitized customer information, keeping work streamlined can be even more challenging.
A CRM system can reduce waste and improve efficiency by automating some processes and workflows, such as sending specific templated emails to certain customers at various stages of the sales process.
CRM systems also cuts down on duplicate work and human errors, giving your employees more time and resources to focus on work that can’t be automated or requires a human touch.
Factors to Consider When Choosing CRM for Ecommerce Businesses
When choosing a CRM system for your ecommerce business, there are a few factors you should consider:
Ease of use: Choose a CRM that is user-friendly and easy to navigate for all employees, including those who may not be tech-savvy. Integration with existing systems: Make sure the CRM can integrate with your current ecommerce platform and other software tools used in your business. Customization options: Look for a CRM that allows you to customize fields, workflows, and reports to fit your specific needs. Scalability: Consider whether the CRM can grow with your business as it expands and gains more customers. Pricing plans: Compare different pricing plans and choose one that fits within your budget and offers the features you need. Customer service and support: Look for a CRM provider that offers reliable customer service and technical support to help with any issues or questions that may arise.
8 Best CRM for Ecommerce Businesses
Here are some popular CRMs that are recommended for ecommerce businesses:
Salesforce: A popular cloud-based CRM known for its customizable features and integrations with various platforms. HubSpot: Offers a comprehensive suite of tools for marketing, sales, and customer service, all within one platform. Zoho CRM: A user-friendly and affordable option with a wide range of features and customization options. Pipedrive: Focused on sales pipelines and lead management, making it ideal for small businesses. Freshworks CRM: Offers AI-powered automation, advanced analytics, and omnichannel communication capabilities. Pipeliner CRM: Known for its visual interface and easy customization options, it is ideal for businesses with complex sales processes. EngageBay CRM: Offers a range of features including marketing automation, sales, and support, all within one platform. Capsule CRM: A simple yet powerful CRM tool that tracks the people and companies you do business with, your communications, opportunities in the pipeline, and necessary tasks.
Creating an automated workflow within EngageBay CRM to engage with customers via email
Certain CRM tools can connect with ecommerce platforms, letting you automatically sync customer data from your online store to the CRM system. This makes managing customer information a breeze since you won’t have to transfer data between your online store and CRM manually.
For example, if you use Ecwid by Lightspeed as your ecommerce platform, you can sync your online store with Hubspot, Zoho CRM, Salesforce, EngageBay CRM, Capsule CRM, and more.
Alternative Options: Ecommerce Platforms with Built-In CRM
Aside from standalone CRMs, many ecommerce platforms now offer built-in CRM functionality to help you manage customer data and relationships directly within their platform. This option is incredibly convenient, as you don’t have to switch between multiple systems and can access all your store and customer data in one place.
Consider Ecwid by Lightspeed, a powerful ecommerce platform. Not only does it allow you to create an online store, but it also offers extensive features to grow your sales. One of them is the Customers dashboard that acts as your CRM tool.
The Customers page offers a comprehensive overview of essential data
When customers make a purchase in your online store, Ecwid automatically sets up a personalized account for them. Later, you can easily group these accounts into categories and target them effectively.
The Customers dashboard consolidates all your customer data, including their contact information, purchase history, and more.
Here are several features you can explore with Ecwid’s built-in Customers dashboard:
Access and manage customer information: View customer data, such as contact information, order history, and notes, in one place. You can also find, add, and edit some customer information. Segment customers for targeted marketing: Use the advanced filters to segment customers based on purchase history, location, customer group, and more. Export the customer list to send targeted email campaigns using your preferred email platform. Manage all business tasks from one place: Manage your customers directly in your Ecwid admin, just like your online store. This optimizes your workflow, especially when your team members have access to your Ecwid admin.
Learn more about managing customer relationships using Ecwid by Lightspeed in this article:
Get Started with Ecommerce CRM Strategy
With the right ecommerce CRM software in place, you can effectively manage customer data, personalize communication, and ultimately drive sales and grow your business. Choose one of the recommended CRMs or explore the built-in options in your ecommerce platform, and start building strong customer relationships that will benefit your company in the long run.
If you’re already using Ecwid by Lightspeed as your ecommerce platform, consider using its built-in customer management tool to streamline your processes. Remember, happy customers lead to a profitable business!
The post CRM Systems for Ecommerce: How to Streamline Customer Interactions first appeared on Ecwid | E-Commerce Shopping Cart.
Discover why adding a CRM is a no-brainer for your business, and check out our list of the best CRM systems.
The post CRM Systems for Ecommerce: How to Streamline Customer Interactions first appeared on Ecwid | E-Commerce Shopping Cart.
Amazon’s Foray into Entertainment: From Prime Video to MGM Acquisition
Amazon’s journey from a humble online bookstore to one of the world’s most powerful companies is a well-known story. However, its foray into the entertainment industry, which began with the launch of Amazon Prime Video and culminated in the acquisition of MGM, is a compelling narrative that illustrates the company’s ambition to become a dominant force in every aspect of modern life. This article delves into Amazon’s entertainment strategy, exploring how it has evolved, the significance of key milestones like the MGM acquisition, and the broader implications for the entertainment industry.
The Genesis of Amazon Prime Video
Amazon’s entry into the entertainment sector was a calculated move, born from a desire to enhance its ecosystem and drive customer loyalty. The launch of Amazon Prime Video in 2006 was initially part of the Amazon Prime subscription service, which offered members faster shipping for an annual fee. The addition of streaming video content was a strategic decision aimed at increasing the value proposition of Prime membership, thereby encouraging more customers to sign up and stay within the Amazon ecosystem.
At its inception, Prime Video was a relatively modest offering, featuring a limited library of licensed films and TV shows. However, Amazon quickly recognized the potential of the streaming industry, especially as competitors like Netflix and Hulu were gaining traction. The company began to invest heavily in acquiring more content and, crucially, in producing its own original programming.
The Rise of Amazon Studios
The establishment of Amazon Studios in 2010 marked a significant turning point in the company’s entertainment strategy. Initially, Amazon Studios took an unconventional approach to content development by inviting aspiring filmmakers and writers to submit scripts and project ideas. This crowdsourcing model was innovative but ultimately unsustainable, leading Amazon to pivot toward a more traditional production model.
In 2013, Amazon Studios made its first major splash with the release of Alpha House and Betas, two original series that were well-received but did not achieve widespread popularity. The real breakthrough came in 2014 with Transparent, a drama series that received critical acclaim and won multiple awards, including a Golden Globe. Transparent established Amazon as a serious player in original content production, paving the way for future successes like The Marvelous Mrs. Maisel, Fleabag, and The Boys.
Amazon’s investment in original content has been substantial, with billions of dollars poured into production each year. The company’s willingness to spend big on high-quality programming reflects its commitment to becoming a leader in the entertainment space. However, content production is only one piece of Amazon’s broader entertainment strategy.
The Acquisition of MGM: A Game-Changing Move
Amazon’s $8.45 billion acquisition of MGM in 2021 was a bold and significant step in its entertainment journey. MGM, one of Hollywood’s most iconic studios, boasts a vast library of content, including the James Bond franchise, Rocky, The Handmaid’s Tale, and thousands of other films and TV shows. The acquisition was not just about adding content to Prime Video’s library but also about gaining valuable intellectual property (IP) that could be leveraged across Amazon’s various platforms.
For Amazon, the MGM acquisition provided a treasure trove of content that could be used to attract new subscribers, retain existing ones, and compete more effectively with other streaming giants like Netflix, Disney+, and HBO Max. The move also underscored Amazon’s broader strategy of integrating its entertainment offerings with its other services, creating a seamless ecosystem that keeps customers engaged and loyal.
The acquisition was met with a mixed response from industry analysts. Some viewed it as a savvy move that would strengthen Amazon’s position in the highly competitive streaming market. Others, however, questioned whether the price tag was justified, especially given the challenges of integrating a traditional studio like MGM into Amazon’s tech-driven corporate culture.
The Broader Implications for the Entertainment Industry
Amazon’s aggressive push into entertainment has had significant implications for the broader industry. The company’s deep pockets and willingness to spend have forced traditional studios and other streaming platforms to rethink their strategies. The rise of streaming has already disrupted the traditional film and television business models, and Amazon’s entry into the space has accelerated this transformation.
One of the most notable impacts has been the escalating “streaming wars,” where companies are competing fiercely for content and subscribers. Amazon’s willingness to invest in original content and its acquisition of MGM have raised the stakes, prompting other companies to make similar moves. Disney’s acquisition of 21st Century Fox and WarnerMedia’s merger with Discovery are examples of how traditional media companies are consolidating to better compete in the new landscape.
Moreover, Amazon’s integration of entertainment with its broader ecosystem—ranging from e-commerce to cloud computing—represents a unique approach that other companies are beginning to emulate. The ability to cross-promote content across multiple platforms, offer exclusive deals to Prime members, and leverage data analytics to tailor content to individual preferences gives Amazon a competitive edge that few can match.
However, Amazon’s growing influence in entertainment has also raised concerns. Critics argue that the company’s dominance in multiple sectors, including retail, cloud computing, and now entertainment, could lead to antitrust issues. There are fears that Amazon’s expansion into entertainment could stifle competition, reduce diversity in content, and concentrate too much power in the hands of a single corporation.
The Future of Amazon in Entertainment
Looking ahead, Amazon shows no signs of slowing down its push into entertainment. The company continues to invest heavily in original content, with upcoming projects like the highly anticipated The Lord of the Rings series, which reportedly cost over $1 billion to produce. Amazon is also exploring new ways to integrate its entertainment offerings with its other services, such as bundling Prime Video with other Amazon subscriptions and offering exclusive content for Alexa-enabled devices.
Additionally, the MGM acquisition opens up new possibilities for Amazon to expand its content offerings, including potential reboots, spin-offs, and new franchises based on MGM’s extensive library. The acquisition also positions Amazon to be a major player in the licensing and distribution of content, giving it more leverage in negotiations with other studios and platforms.
In conclusion, Amazon’s foray into entertainment, from the launch of Prime Video to the acquisition of MGM, is a testament to the company’s ambition and vision. By investing in original content, acquiring valuable IP, and integrating its entertainment offerings with its broader ecosystem, Amazon has positioned itself as a formidable player in the entertainment industry. As the streaming wars continue to heat up, Amazon’s role in shaping the future of entertainment will be one to watch closely.
