Growing prospects of CRM practices of retail trade in India

Indian retail industry is under its transformation stage as far as growth and investment trends are concerned. Some of the retail formats require consumers to visit the physical outlets while others sell their merchandise to customers without any physical visit. At present, due to cost saving and time saving, non store based retail format is growing at a faster rate. Online retailing is one such recent development where retailers communicate with the customers and offer goods and services for sale through internet. The final aim of retailer is to retain a customer as he is the most important person in any business. For any business to succeed with its consumers, they need to establish a working relationship that understands the customer. One way of doing so is by implementing CRM. It acts as a tool to acquire and retain a customer, meeting the objectives of the company.