An Analytical study on impact of Customer Relationship Management in Retail sector

With the entry of multiple corporate groups in the Indian retail sector over years, the retailing business has become fiercely competitive and dynamic. It has thrown a serious challenges to the managers of organized retail sector to retain their existing customers and develop loyalty. The big organised retailers were able to attract thousands of shoppers everyday but unable to identify their regular customers and retain them, especially profitable ones. To meet these challenges, most of the organised retailers implemented Customer Relationship Management (CRM) under which they adopted multiple customer relationship building practices focusing aggressively on creating and strengthening long-term relationships with their customers. The process of developing a cooperative and collaborative relationship between the buyer and seller is called customer relationship management shortly called CRM. This is a term that refers to practices, strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifecycle, with the goal of improving business relationships with customers, assisting in customer retention and driving sales growth. The study made an attempt to analyse the impact of Customer Relationship management in Retail Sector with the help of secondary data. Through the study it was found that Customer relationship management has a certain impact on the profitability of the retail industries by customization of the product, maintaining interaction with the customers regularly and providing good quality product etc