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International Journal of Applied Research
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ISSN Print: 2394-7500, ISSN Online: 2394-5869, CODEN: IJARPF

Impact Factor: RJIF 5.2

International Journal of Applied Research

Vol. 2, Issue 1, Part A (2016)

CRM for retailers: Business intelligence in retail CRM

Author(s)
Dr. Rashmi Gujrati
Abstract
In the current era it is very important to develop a direct contact with the customers because customers are the definitive determinants and the success of the company depends on customer happiness. So companies are using different techniques to provide information about the product to the customers like e-commerce, call center, on-line shopping etc. rnNowadays, in Indian business an effectual way of integrating enterprise applications in real time is introduced. This is done to create the competitive advantage. For this purpose companies are implementing business intelligence tool (BI). The paper explores the theoretical concepts of BI, its components, benefits of BI. Through business intelligence tools, companies can achieve the strategic goal which leads to success. In this highly competitive environment retailers are emphasizing on customer intelligence so that it can also reduce the cost. Business Intelligence techniques are used by the companies to improve the skills, knowledge and wakefulness of customers and it is also helpful in increasing the turnover of the company. It is also helpful in improving customer preservation. The improved business intelligence system helps the companies to predict customer demand. It helps in pleasing customers and building strong relationship and also helps in turning one-time purchasers into long term customers. As more retailers evolve into customer-centric and segment-based business, business intelligence (BI) and customer relationship management (CRM) systems are playing a key role in achieving and maintaining competitive advantage. For the past ten years, the authors have had the unusual opportunity of observing and interviewing employees and managers of three different management teams at three separate Fingerhut companies as they experimented with various ITs for their companies. When the first Fingerhut Company peaked in 1998, as many as 200 analysts and 40 statisticians mined the database for insights that helped predict consumer shopping patterns and credit behavior. Data mining and BI helped Fingerhut spot shopping patterns, bring product offerings to the right customers, and nurture customer relationships. By 1998, Fingerhut was the second largest catalogue retailer in the U.S. with revenues nearing $2 billion. However, after Federated acquired Fingerhut in 1999 and made it a subsidiary, Fingerhut Net, it suffered great losses and was eventually liquidated. Finally, a new company, Fingerhut Direct Marketing, was resurrected in 2002 under a new management team, and it once again became successful. What went right? What went wrong? The paper concludes with CRM and BI systems success factors and a conversation of lessons learned.
Objectives: To study the concepts of BI in CRM and its benefits. To understand successful implementation of BI in retailing.
Research Methodology: Secondary data has been used in the study. The data has been collected through internet, magazines, journals, and other sources.
Pages: 24-29  |  735 Views  29 Downloads
How to cite this article:
Dr. Rashmi Gujrati. CRM for retailers: Business intelligence in retail CRM. International Journal of Applied Research. 2016; 2(1): 24-29.
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