The rules of the game have changed for CRM. Customer demand for increased value, greater convenience, and more control over products and services, along with heightened pressure from competitors, have increased customer acquisition costs and decreased customer and brand loyalty. At the same time, advancements in technology have enabled the cost-effective distribution of huge amounts of customer data, the delivery of customized products, and the efficient use of interactive channels. These technology developments are creating major opportunities to collect and use customer information to gain a better understanding of customer needs and to strengthen customer relationships. To take advantage of these opportunities and address the escalating demands of customers, companies are shifting the focus of their efforts to adopt a customer-centric approach. Product excellence, innovation, and operational efficiency are still important; however, successful companies are building on these existing business strengths as they shift their attention to their customers.
E-CRM refers to the set of activities that enable a firm to utilize the power of the Internet and the electronic medium to implement CRM. Â Firms all around the world have realized the potential of the Internet as a medium for CRM and have been actively pursuing e-CRM strategies.
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