CRM in retail refers to the use of customer relationship management (CRM) software and strategies to manage and analyze customer interactions and data throughout the retail customer lifecycle. This includes tracking customer purchases, preferences, and touchpoints to provide personalized experiences, improve customer loyalty, and drive sales.
CRM in retail is important because it helps businesses understand their customers better, build stronger relationships with them, and increase customer lifetime value. By tracking customer data, retailers can identify trends, segment their customers, and target them with personalized marketing campaigns. This can lead to increased sales, improved customer satisfaction, and reduced churn.