CRM: An Emerging Trend in Retail Industry

Managing relationships with customers is often challenging because firms engage in many different types of transactions and their customers vary considerably as to their wants and needs. To meet these challenges, firms are turning increasingly to customer relationship management (CRM) programs. Because of their ability to enhance inter firm relationships in business-to-business marketing, firms often turn specifically to customer-needs–driven CRM strategies. These strategies focus on the use of database technology to aid in developing long-term cooperative relationships with key customers. This paper discusses CRM concept and the process of applying it in retail industry. It also highlights various CRM strategies adopted by organized retailers