CRM Software for the Retail Industry Key Terms
Find key terms for Customer Relationship Management (CRM) software in the retail industry
CRM is a set of processes that a business uses to organize and track information about its customers in order to retain high-value customers. CRM software provides the integration and management of these processes between different departments within a retail company. It also uses customer information to create effective marketing strategies by identifying customers with common traits, such as demographics and purchasing history. This allows the retailer to send marketing information that is more likely to interest each customer.Retail intelligence
Front office
Front office generally refers to business functions, such as sales, that involve direct interaction with the customer. Back office functions, such as accounting, do not typically require direct interaction with the customer. However, in the context of retail CRM, the term "front office" also may refer to software that integrates front and back office applications.Opportunity management
Opportunity management is the process of identifying and managing the optimum strategy for making a sale. This is a common capability of retail CRM software.Target Account Selling (TAS)
TAS provides a repeatable methodology for making structured sales efforts. Retail CRM software commonly automates sales related activities, such as TAS.Customer-centric
The term "customer-centric" is used to describe a software, strategy or tool that puts the customer's needs ahead of the purveyor's needs. This term is becoming increasingly common in the CRM industry.Business Process Management (BPM)
BPM is the coordination of the applications, people and technologies that comprise a business process. A retail CRM solution should use BPM effectively in order to improve customer satisfaction.Copyright © 2013 Business.com, Inc. All Rights Reserved.
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