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The evolution of CRM in India

by | Mar 22, 2023 | Accounting Software, Briefly explained, E-invoice

The evolution of CRM in India has been rapid.Customer Relationship Management (CRM) is a process that involves the management and analysis of customer interactions and data throughout the customer lifecycle, with the goal of improving customer satisfaction and retention, and ultimately driving revenue growth. CRM has become an integral part of business strategy across the world, and India is no exception. In this blog post, we will explore the evolution of CRM in India, its challenges, and its impact on Indian businesses

The early days of CRM in India

The concept of CRM was introduced to India in the early 2000s. At that time, businesses were mainly using traditional methods of customer engagement such as face-to-face interactions, phone calls, and emails. The initial focus of CRM was on managing customer data and automating the sales process. Indian businesses were slow to adopt CRM due to limited awareness and reluctance to invest in technology.

However, a few early adopters such as HDFC Bank, ICICI Bank, and Tata Motors started using CRM to manage customer interactions and enhance customer experience. These companies realized the importance of CRM in building customer loyalty and increasing sales. Gradually, other companies in India also started adopting CRM solutions.

The rise of cloud-based CRM

The adoption of CRM in India gained momentum in the early 2010s with the rise of cloud-based CRM solutions. Cloud-based CRM offered several advantages over on-premise solutions such as lower upfront costs, scalability, and easy accessibility. This made CRM affordable and accessible to small and medium-sized businesses (SMBs) in India.

The impact of mobile technology on CRM

The proliferation of mobile technology in India has had a significant impact on the evolution of CRM. With the increasing use of smartphones and mobile internet, customers expect to interact with businesses through mobile channels. This has led to the development of mobile CRM solutions that allow businesses to engage with customers through mobile devices.

Mobile CRM solutions offer several benefits such as real-time data access, location-based services, and personalized communication. Indian businesses have started using mobile CRM to enhance customer engagement and improve sales.

The rise of social media and CRM

Social media has emerged as a powerful tool for businesses to engage with customers and build brand loyalty. In India, the rise of social media platforms such as Facebook, Twitter, and Instagram has led to the development of social CRM solutions.

Social CRM enables businesses to monitor and respond to customer feedback, complaints, and queries on social media platforms. This helps businesses to build a positive brand image and improve customer satisfaction. For example, airlines such as Jet Airways and Indigo use social CRM to provide real-time updates to customers on flight schedules, delays, and cancellations.

conclusion

The evolution of CRM in India is far from over. With the increasing adoption of artificial intelligence (AI) and machine learning (ML), CRM is set to undergo another transformation. AI and ML can help businesses to analyze customer data, predict customer behavior, and offer personalized recommendations.

Chatbots, which use AI to interact with customers, are becoming increasingly popular in India. Chatbots can handle routine customer queries, provide real-time assistance, and even help customers complete transactions. This has the potential to revolutionize customer service and support.

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