Impact of Customer Relationship Management in Retailing Sector -With Special Reference to Big Bazaar-An Empirical Evidence
In today’s first-paced competitive business environment it’s more important than ever to create and maintain long-losing business relationships. Today, Customer Relationship Management (CRM) manages business process spanning sales, support, and marketing creating effective customer interactions. Given the purpose of CRM, the functionality is straightforward, and the benefits of successful deployments clearly generate value and profitability for any company. Grate CRM solutions need to encourage users to interact with the application as well as be in-tune with the business and IT cost-saving needs. “For the modern-day CRM to be world class it needs to be revolutionary in market incursion and evolutionary in technological up gradation.” Today the major business focus is towards endowing value addition to the sales cycle, and customer retention rather than constructing a new customer base which is costlier and also an uncertain chase from business perspective. The basic philosophy behind CRM is that a company’s relationship with the customer would be the biggest asset in the long-run. It is now vital for CRM vendors to develop a sound understanding of their target organizations customer and deliver them with solutions which help in achieving long-term business relations with their customers. Vendors must also build long-term customer relationship management strategies with the end-user organizations to assure a series of deployments, and hence ensuring a regular revenue stream for themselves as well as their customers.
Increase in the level of satisfied customers make them to retain with the company, which makes company to be successful in terms of profit, more customer attention and to create a benchmark in the market. Hence a study is conducted on customer relationship management at big –bazaar. The data for the study is collected by means of observation, potential interaction with various customers through distribution of questionnaire. And the opinions of the customers are collected through personal interactions. The study has helped to find the satisfactory levels of the customers with the offers or the loyalty programs provided by the big – bazaar and also to study the programs and its effectiveness in the real time. Hence with the help of the study we can conclude that implementation of new offers, and upgrading the existing offers to next levels will play a significant role in attracting more and more new customers, as well as helps in retaining the customers, and creating more loyal customers day – by –day.