How India is emerging as a global leader in CRM Technology
In the present hyper-competitive market, the focus is increasingly shifting towards being customer-oriented than being product-oriented. CRM is an imperative tool in today’s business world to meet and exceed customer experience, customer expectations and customer loyalty. CRM solutionsfocus on building a long term and robust relationships with the client.Organisations perceive CRM as a success enabler and growing number of firms are looking to understand and implement successful CRM strategies into their business processes.
CRM software provide comprehensive customer data including customer’ purchase history, their buying preferences and future customer behaviour. CRM is all about bridging the gap between the companies and their customers by building a personalised relationship, providing support and focusing on the customers’ needs & buying patterns. It acts as a CRM is a force amplifier established by firms to retain the present customers, improve customer acquisition, build customer loyalty and create a positive customer experience.
There has been a surge in the demand for CRM technology. It is an extremely focused area in today’s world of corporates. The technological approach helps to organise, automate and streamline company’s sales and marketing strategies to enhance customer profitability by focusing on creating finest customer experience and providing best customer & technical support.Effective CRM solutions can save up to 15% of the overall sales and marketing costs of the company. As per survey, the CRM tools implemented in any firm can augment the company’s sales by 5%, customer loyalty by 30% and improve customer retention by about 15%.
CRM pioneered in the Indian market in early nineties and presently is widely adopted as a key strategy in almost every industry vertical.The CRM solutions offered by companies in India are the cheapest and most economical version of the CRM software available world-wide.Profuse skilled manpower is another factor that puts India at a very advantageous position and emerge as the main hub of CRM solutions globally. CRM market is witnessing a steady growth with an increasing trend of expenditure on CRM across the country.As per research, the CRM market size would touch a hefty $36.5 billion mark by 2017 thereby making it as one of the fast growing sectors globally. It is estimated that the CRM software market will grow at 14.8 percent CAGR through 2017.
Indian CRM technology solutions are effectively used by multi-nationals, E-commerce start-ups and SMEs around the Indian and International markets including Australia, Hong Kong, Middle East and other Asia Pacific and Afro-Asian markets.Though big players into the CRM domain in USA, France, Germany, UK and other European nations are trying to grab the rising Asia-Pacific markets, the price factor is the major reason thatthey are not able to measure up to the CRM solutions provided by the India. This presents anexcellent opportunity to India to emerge as a global leader in CRM technology.
The CRM implementations in India (including Software, Integration, Consulting and Training) are efficiently bridging the gap between businesses and their customers by providing sales and marketing strategies. The market has developed by over 70% in the last decade and lies in the range of approximately 40-60 crores.The CAGR of CRM market globally has been projected at a robust 10.7% (2016). Indian CRM solutions are sourced by a number of business verticals including financial institutions, retail, mobile companies, travel and many others offering high sales and marketing values to businesses.
Indian CRM software companies are tapping the global markets in a very big way by expanding integration and application various domains of CRM technology. India is becoming a promising market for mobile CRM owing to skyrocketing adoption trend in mobile devices.
The CRM vendors are especially benefitted by the existence of a vast SME (Small medium segment in India. This demand is expected to escalate in the coming years as the SMEs are facilitated by both government and non-government bodies and are massively increasing in number.
Irrespective of their size, modern-day businesses are embracing CRM strategies to manage and strengthen their customer relationships. The market is gradually shifting to the SaaS model from the traditional CRM network. Customer relationship management solutions empower businesses to more efficiently and effectively build a robust relationship with customers and escalate customer profitability by comprehending and influencing customer behaviour through meaningful interaction & communication.
The automation and streamlining of the company’ business processes by detailed analysis and insights into the customer data and critical sales using CRM software guarantees higher client satisfaction and providing analytics that uncover bigger business possibilities.
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Cubastion is among a very small number of specialized Siebel CRM Oracle Gold Partners in SME.