Customer Relationship Management (CRM) software is evolving to meet the present day needs of online retailers. While traditional CRM has been designed to help sales teams improve relationships, the ecommerce variant is helping online retailers capture cross-channel activity to put a name and face to orders while also highlighting shipping activity—in aims of helping retailers improve their bottom line and enhance relationships with customers.
The following facts about CRM can help online retailers determine if it can be benefit their bottom line.
17 CRM facts you should know for your online business
01. The CRM industry estimated to be a $36 billion industry and growing. By the year 2020, projections are showing it could surpass $40 billion, as software makers adapt to growing markets such as e-commerce (Forbes).
02. CRM has one of the highest growth rates of all software industries, with year-over-year growth estimated at 27%. The only software industry that is outdoing it are operating systems (IBM).
03. The ROI on CRM can equate to an astounding 245%. In a recent study that followed more than 2,000 employees at several companies, it was determined, that the actual ROI of CRM is approximately $5 for every $1 that is invested (Forrester).
04. Approximately 87% of all CRM solutions are hosted in the cloud; namely because it offers a more advanced, secure and real-time, anywhere connection (Software Advice).
05. Increasing demand has led to mobile CRM solutions, with statistics showing that mobile CRM users achieved at least 65% of their sales quotas, as compared to non-mobile users, which achieved just 22% (Innoppl Technologies).
06. CRM helps reduce the cost of customer service. Recent studies have found that with the right CRM solution in place, businesses can decrease the cost of customer service by as much as 40% (Microsoft).
07. Overall, most businesses will stand to improve the relationships they have with customers when using a CRM system. Recent surveys have found that 74% of businesses reported improved relationships by adding CRM (Super Office).
08. Adoptions rates for CRM are quite healthy. The average adoption rate is approximately 26%. When the solution is cloud-powered, this number increases (Customer Think).
09. Having the right CRM solution in place at a business can increase revenue by as much as 41% within 36 months of integration (Information Age).
10. Leads nurtured by CRM have a higher average conversion value. If your team uses this software to nurture leads, studies show that the average conversions value is 47% higher (HubSpot).
11. A CRM system can help your company improve the average purchase value by 40% or more (Big Contacts).
12. CRM drastically reduces the cost of leads, averaging a 23% cost reduction overall (Super Office).
13. With the right CRM in place, businesses can improve their customer retention rates by 26% or more (Client Look).
14. Of all the features offered by modern CRM systems, emailing is the most popular and demanded one, accounting for 60% of usage by small and medium businesses (Forbes).
15. 47% of companies currently using CRM report an increased customer satisfaction rate (Capterra).
16. More than 70% of companies using CRM are using it as a customer service tool, and not as a lead nurturer (Tech News World).
17. More companies are opting for mobile CRM, with studies showing that adoption will increase by 500% by the year 2020. Furthermore, mobile CRM helps improve company productivity by as much as 20% (Forbes).
Download the 2017 Pitney Bowes Global Ecommerce Report report to learn more about the buying preferences of global buyers. This is the first report to analyze the global ecommerce landscape from both the retailer and consumer perspectives.
About the author: Michael Lazar is the Executive Director of Marketing at ReadyCloud, a cloud-based ecommerce CRM software solution that offers a Pitney Bowes compatible desktop shipping solution (ReadyShipper Shipping Software), available as a premium plugin. As an established digital marketer, Mr. Lazar’s posts are syndicated nationally in a wide variety of mediums. Connect with ReadyCloud on Facebook and Twitter.