Meaning of customer relationship management (CRM)
1. A management philosophy according to which a company’s goals can be best achieved through identification and satisfaction of the customers' stated and unstated needs and wants. 2. A computerized system for identifying, targeting, acquiring, and retaining the best mix of customers. Customer relationship management helps in profiling prospects, understanding their needs, and in building relationships with them by providing the most suitable products and enhanced customer service. It integrates back and front office systems to create a database of customer contacts, purchases, and technical support, among other things. This database helps the company in presenting a unified face to itscustomers, and improve the quality of the relationship, while enabling customers to manage some information on their own. Growth of retail sector in india
The India Retail Industry is the largest among all the industries, accounting for over 10 per cent of the countryï¿½s GDP and around 8 per cent of the employment. The Retail Industry in India has come forth as one of the most dynamic and fast paced industries with several players entering the market. But all of them have not yet tasted success because of the heavy initial investments that are required to break even with other companies and compete with them. The India Retail Industry is gradually inching its way towards becoming the next boom industry. The total concept and idea of shopping has undergone an attention drawing change in terms of format and consumer buying behavior, ushering in a revolution in shopping in India. Modern retailing has entered into the Retail market in India as is observed in the form of bustling shopping centers, multi-storied malls and the huge complexes that offer shopping, entertainment and food all under one roof. A large young working population with median age of 24 years, nuclear families in urban areas, along with increasing workingwomen population and emerging opportunities in the services sector are going to be the key factors in the growth of the organized Retail sector in India. The growth pattern in organized retailing and in the consumption made by the Indian population will follow a rising graph helping the newer businessmen to enter the India Retail Industry. In India the vast middle class and its almost untapped retail industry are the key attractive forces for global retail giants wanting to enter into newer markets, which in turn will help the India Retail Industry to grow faster. Indian retail is expected to grow 25 per cent annually. Modern retail in India could be worth US$ 175-200 billion by 2016. The Food Retail Industry in India dominates the shopping basket. The Mobile phone Retail Industry in India is already a US$ 16.7 billion business, growing at over 20 per cent per year. The future of the India Retail Industry looks promising with the growing of the market, with the government policies becoming more favorable and the emerging technologies facilitating operations. current growth rate of retail sector in india
This is a discussion on India retail growth within the Investment forums, part of the Financial Services category; India's retail industry, led by the growing number of urban and suburban malls, is expected to grow six percent annually. India's retail industry, led by the growing number of urban and suburban malls, is expected to grow six percent annually to touch $17 billion by 2010, an industry study states.
"The organised retail sector is expected to grow at six percent annually by 2010 and touch a business of $17 billion as against its current growth level of three percent and estimated worth of $6 billion," states the Associated Chambers of Commerce and Industry of India (ASSOCHAM) study released Sunday.
Releasing the study `Retail Scenario in India', ASSOCHAM president Mahendra K. Sanghi said: "The organised sector retailing is all set to...
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