Retail Human Resources Human resources management and structuring a team are huge components of a successful business. As a retail establishment grows larger, these areas become even more relevant.   Making sure to stay current on all changes to employment laws can be a full time job. Creating proper documentation including job descriptions and personnel handbooks is a way to insure that expectations are known as soon as a new… Read More »Retail Human Resources

Information Systems in Retail and CRM Software The economic environment for retailers today is obviously extremely challenging and retailers continue to search for the right business strategy to keep their companies relevant. As they refine their business model to find the best multi-channel mix of online, brick and mortar, and all of the hybrids, they continue to invest heavily in technology to make their operations more efficient and bring their… Read More »Information Systems in Retail and CRM Software

Customer Retention Techniques Based on the CRM data of their customers, retail businesses use multiple techniques to encourage customer retention. We are all willing or unwilling participants in these activities on an everyday basis. Your morning email inbox is stuffed with news or offers regarding some sale or incentive from your favorite retailer. Your trip to the gas station may involve a reduced gasoline price based on your prior food… Read More »Customer Retention Techniques

Frequent-Shopper and Rewards Programs Customer retention is crucial to the success of any business given the high cost of acquiring a customer in the first place. It is estimated that it costs a business 5-25X more to acquire a new customer than to sell to an existing one. Further, established customers are thought to spend 67% more than new customers.[1] It’s no wonder that savvy businesses have brought a variety… Read More »Frequent-Shopper and Rewards Programs

Goals of Data Analysis Market basket analysis gives clues as to what a customer might have bought if the idea had occurred or been suggested to them. Other terms used are “impulse purchasing’ or “cross selling” to describe this consumer purchasing behavior. The availability of detailed information on customer transactions has led to the development of techniques that automatically look for associations between items that are stored in the database.… Read More »Goals of Data Analysis

Analyzing the Customer Database What you’ll learn to do: Examine the objectives for analyzing the customer database We will explore some of the techniques behind customer retention and customer loyalty programs. How does a retailer identify their best customers? What is market basket analysis and how does it help retailers tailor their product mix? How do retailers leverage their information systems to retain their best customers? What are the tactics used… Read More »Analyzing the Customer Database

Privacy Issues Retailers, among other businesses, push for greater customer service and transaction security through better information about their customers. CRM systems are becoming more sophisticated in order to handle the increased amount of data and provide management with better decision-making analysis. We can see that as retailers and their partners move to make retail transactions quick and easy–providing even more personal data for CRM systems–privacy issues are growing. For… Read More »Privacy Issues

Collecting Identifying Information Retailers have collected identifying information since the business of retail was born. Before modern technology, retail proprietors would rely on their memory to know their frequent customers by name and use basic technology such as pen and paper to keep track of their clientele. With the advent of Point-of-Sale technology (POS), retailers could more easily keep track of customers and their purchases. We have progressed rapidly from… Read More »Collecting Identifying Information

Customer Database For retailers, CRM systems store three primary categories of information: Customer profiles Customer activities Customer management Since CRM systems evolved from contact information applications from the 1960s and 1970s, customer profile data would include customer’s names, contact information, birthdays, etc. Customer activity would include purchase history data: what is being purchased, how much is being spent, and how frequently the customer is purchasing. Customer management data allows the… Read More »Customer Database

Shopping Data Collection What you’ll learn to do: Discuss how customer shopping data is collected We will learn how retailers use technology to keep track of their customers. What is Customer Relationship Management? What information do CRM systems collect and how can this benefit the retail business? How do CRM systems capture customer information? Do CRM systems cross the line and violate customer privacy? LEARNING OUTCOMES Define the purposes of a… Read More »how customer shopping data is collected