Retailers seek better ties with shoppers
By Andrea Lillo -- Home Textiles Today, 3/31/2003 12:00:00 AM
Retailers plan to significantly increase their efforts to attract and maintain their relationships with their customers, according to a recent study released by the National Retail Federation.
Despite the difficult economy and cautious spending, more than 60 percent of retailers polled plan to grow their expenditures for Customer Relationship Management (CRM) over the next two years, according to the CRM Retail Survey, conducted for the NRF by Gartner Dataquest in conjunction with Ogden Associates.
The study also found that 80 percent of retailers are endorsing CRM as a strategy to extend business, up from 74 percent last year. More than 60 percent are also using CRM to boost current initiatives.
Sixty-five percent of the companies surveyed have already implemented one or more CRM applications, and most of the remaining ones said that they are likely to do so within the next two years. The survey also stated that retailers with revenues of excess of $1 billion lead CRM initiatives in the industry, with 79 percent of the largest retailers using CRM systems.
"In our business, the customer means everything and retailers must be committed to that relationship," said Tracy Mullin, president and ceo. "Retailers clearly recognize that invaluable merits of CRM and are using it in highly effective ways to attract and retain customers while increasing sales."
Approximately 100 retailers participated in the poll, conducted in early March.
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