Paradigm Shift: CRM’s $40 Billion/Year Industry Enters Ecommerce Arena
ReadyCloud, a cross-channel ecommerce CRM solution, has just dropped a brand-new report. It gives readers the complete scoop on the biggest paradigm shift in software in years, as the $40 billion/year CRM industry enters e-commerce territory.
“The CRM industry has one of the highest adoption rates in software, measured at 24% on the bottom and as much as 90% at the top, with modern CRM solutions gaining the most traction. As this software shifts focus to the $4 trillion/year ecommerce industry, the sky’s the limit,” comments Michael Lazar, an Executive at ReadyCloud CRM.
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How useful is CRM to online retailers? With emerging cross-channel shopping statistics revealing that 66% of shoppers are buying from two or more channels during the purchasing cycle, and that the average consumer makes 9.5 visits to an ecommerce site before completing a purchase, having a CRM that consolidates this data and helps improve relationships across multiple sales channels is an essential component to any marketing plan.
“The average lifetime value of today’s cross-channel shopper is 30% greater as compared to single channel shoppers,” Lazar says. “But just 5% of marketers have the necessary tools to market across multiple channels and build relationships with these high-value, high-retention power shoppers.”
The most recent CRM statistics also find that 50% of teams currently using a CRM report at least a 50% increase in productivity. Meanwhile, companies that adopt a CRM solution realize an average revenue uplift of around 2% annually.
Digital marketers are embracing CRM, too, because the average annual marketing budget saves at least $75,000/year with it in place. Topping the cake of CRM benefits is the fact that overall labor costs decrease companywide by as much as 20% when the right solution is in place.
“These statistics on CRM for 2018 demonstrate how it’s become a must-have tool in the marketing and relationship cycle. But up until just recently, CRM hasn’t had an ecommerce focus,” Lazar contends.
With new reports revealing that companies pursuing a cross-channel presence are growing on average by 9.5% annually, it’s essential to have the right marketing and ecommerce customer relationship management tools in place to successfully compete in the highly competitive ecommerce industry.
“The CRM paradigm shift is underway,” Lazar infers. “Smart online retailers will capitalize on these newer marketing tools to improve their bottom line with immediacy; make better relationships with customers; send stronger marketing messages; and improve their return-on-investment exponentially.”