The bedrock of CRM By Katherine C. Adams E-business creates greater customer service demands, and the popularity of the Web fosters fierce competition between companies. The Web lowered the bar for players to enter the marketplace, and customers have a number of options right at their fingertips. With the competition a mere mouse-click away, every company must build customer retention and loyalty to survive. The Web as a medium for commerce has transformed the process of buying and selling. Not only does a digital environment facilitate a personalized, interactive buying experience but Web sites also render e-commerce transparent.
Customers require near perfect information about products, ordering and attendant services.
Companies are differentiating themselves from their competitors by establishing personal relationships with their customers. Customer service is an important component of CRM but this concept is concerned with coordinating customer relations across all business functions, points of interaction and audiences. The fundamental goal of all CRM applications is achieving a single unified view of the customer. CRM facilitates a seamless exchange between customers and corporations. CRM is about managing data to better understand and serve customers.