Luxury Retailers Using Dynamics 365 CRM-ERP Features for their eCommerce. Many people don’t know that there are brands like Louis Vuitton that send exclusive invite-only shopping events to their top clients. The luxury retail industry has been defined with the help of creative in-store experiences and services tailored to the needs of the customers. It is true that the entire industry is getting on the digital wheel but there are many luxury retailers who have struggled hard to adapt their distinct approach to the online market. Due to the increasing number of online customers, retailers are now finding innovative ways to explore digital technology and deliver an omnichannel experience to their customers.
They are getting success in achieving seamless eCommerce integration experience by dynamics 365 finance and operations implementation and ERP systems, which are exclusively intended for the luxury retail world. Here, we will explore some of the features that make the luxury retail CRM and ERP so luxurious –
Best Luxury Retail CRM Features
• Digital Black Books
Luxury shoppers expect personalized customer service in return from the brands and these expectations are also there in the eCommerce industry. Luxury retail CRM software allows retailers to create digital black books which include detailed profiles of customers having data related to contact information, recent purchases, repair history, order history, affiliations, etc.
Sales reps can use the data to meet customer needs, offer more personalized recommendations for products, and differentiate the experience of in-store. By delivering a 360-degree customer view from a single interface, the software allows reps (working in-store locations) to quickly pull up key customer data, so that customers can have a consistent experience regardless of their location to shop.
• Loyalty Rewards Program
You should know that every brand and eCommerce create a different loyalty reward program. Regular shoppers just expect to have a program of the highest caliber. Instead of redeeming points for product discounts, luxury retail loyalty rewards program emphasis on the rewards. It allows shoppers to use their reward points for limited edition product offerings and exclusive experiences. Luxury retailers can add boosters to their programs by making them into tiered systems that reinforce the elevated status and a sense of exclusivity.
The software provides convenience to its customers in order to track their points and let them know which rewards they are eligible for. The software also detects the high-value customers, triggers real-time tracker loyalty messaging, and offers more personalized engagement with customers. By grouping customers into tiers in the CRM system will enable customer segmentation and deep data analysis. This will help retailers in getting more insights using customer data.
• Targeted Marketing Campaigns
In the world of luxury retail, one-size-fits-all marketing campaigns don’t work for customers. With the help of luxury retail CRM software, retailers can leverage the customer segmentation tools to dive into customer database and create unique customer sub-groups on the basis of shared information like age, address, and behavior. When retailers gain better knowledge about the customers, they can easily tailor their direct marketing efforts like online ads, email, and SMS texts to attract customers directly and detect potential leads.
Luxury retail CRM systems also allow customers to have their own wish lists, which retailers can use as a strategy tool to provide in-stock and out-of-stock notifications, product recommendations, and price drop alerts.
Best Luxury Retail ERP Features
• POS Integration
Luxury retailers need to look for a luxury retail ERP system to keep up with the demand for luxury products and services. The system will offer mobile POS system integration. Moreover, the POS system offers advanced, intuitive features like the ability to add products to the transaction, to select a warranty plan, and to choose similar products.
The software system also automates data entry for retailers which saves a lot of time and eliminates human error risk.
• Product warranties
Many luxury retailers offer warranties on their products and it is much needed by customers. However, retailers should be able to offer multiple warranty plans during the time of purchase and post-sale. With the help of a Luxury retail ERP system, it becomes possible for sales reps to deliver combo warranties, access warranty reporting, and pull up earlier sold products if a customer wishes to purchase a warranty post-sale.
The best luxury retail ERP and CRM systems will have the capabilities to optimize business operations, enhance customer loyalty, and improve the performance of the staff employees. Luxury retailers must find a suitable partner that can provide them the best CRM and ERP solutions for their business.