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CRM for Luxury Retail Companies

 

Executive Summary

The luxury retail industry has been one of the industries with the highest value around the globe. According to Attrivity, Luxury retail industry has an immense value of whopping EUR 250 billion globally. Also, according to a report published by Bain and co., sales of luxury retail goods has been increasing exponentially that in 2018, the estimated total sales out has reached 262 billion euros for all luxury goods.

Without a doubt, luxury brands have a massive amount of potential, even looking at the prospect in the future. Ranging from fashion, timepieces, leather goods, to accessories, this industry requires building trust with a highly prudent customer. Moreover, gaining trust from the customers starts from the experience in the retail shop itself.

As a result, unlike many other industries which are greatly disrupted by e-commerce, the luxury retail industry still utilises brick-and-mortar retail concept. Pontus Persson of Ralph Lauren believes that this will never disappear and shall not disappear.

“If you take away boutiques from the luxury retail equation, you remove one of the most important aspects of a luxury experience, and that is the human” Pontus Persson, Ralph Lauren

Hence, Luxury boutique typically employs salesperson who should not focus not only on the transactions but also to foster long-term customer relationships. Moments of truth happen in between human beings. Thus, the salesperson needs to know customer information to nurture personal relationships and has to be equipped with a tool that supports them to do so.

Here, SugarCRM helps luxury retail business from one end to the other end of the customer journey, which spans from pre-sales activities, sales transactions processes, and after-sales services.

Marketing Department

The first step of getting a well-established customer relationship happens even before customer steps into the luxury retail boutique. This can be done by reaching them via an email campaign or even inviting them into certain VIP Events. For example, a product launch or a VIP dinner. By using SugarCRM, marketing personnel are able to filter customers with the highest percentile of spending value (Top VIP Customers), create customized email invitation, and track their RSVP and attendance on the event day itself.

Figure – Creating Email Invitation

Should there be accompanying guests of the invitees, they can even convert them into a Lead which can be nurtured to be converted as a Customer.

Figure – Events Tracking Page

Events preparations can be tedious at the same time. However, with SugarCRM for Luxury Retailers, marketing personnel will be able to manage budgets for both Event and Campaign, as well as to track the ROI of Campaign itself.

Figure – Budget Management (Main Category/Sub Category and Budget Amount/Actual Amount)

Figure – Campaign/Event ROI Tracking

Of course, the Budget and Events Management can be tailored to various requirements from different industries. More information about Event Management System by iZeno can be found in here.

Sales Clientele Department

Success comes together with a good preparation. When the organised Event is successful, the attendees will be interested to know more about the luxury retail company. Eventually, they will visit the luxury retail boutique, where the relationship will be further developed.

In Boutique level, mobility is an utmost important factor. Instead of using the web browser of SugarCRM, the Boutique staffs use the Mobile App to check the information and capture the visitor data.

In the beginning, when the Customer visits the Boutique, the Sales Professionals will review past historical data of interactions and transactions. By doing so, the Retailers are able to understand the buying behaviour of the customer and can tailor the interaction to increase the personalised relationships.

Showing different model of products in SugarCRM is also a breeze. It has an item catalog functionality which will tell the product information, retail price, as well as the availability. By doing so, the sales personnel has seamless inventory access from the palm of their hands, and do not have to check inventory from a different system.

Figure – Item Catalogue

Once the sales transaction has been made, the Customer will fill up the Customer registration form from the mobile app itself. The salesperson will then prepare the warranty card details which will also be registered under the CRM, indicating the warranty period as well as the details of the coverage.

Figure – Customer Form

Figure – Warranty Module

 

After Sales Services Department

The utilisation of SugarCRM does not stop until the time when a Customer purchase a luxurious product. More often, luxury retail companies accept repair cases. This includes luxury cars to fashion jewellery. By using SugarCRM, the company will be able to know when the luxury product was purchased and whether it is still covered under warranty. Regardless, SugarCRM App is also capable of producing repair form, together with taking the digitised signature, which can be generated into PDF and eventually sent to Customer via email. Moreover, once the repair has been completed, SugarCRM will send an email or SMS notification to the Customer.

More information about iZeno SMS Module for SugarCRM can be found in here.

Figure – Repair Form

Conclusion

All in all, SugarCRM enables various departments of luxury retail companies to collaborate together in order to tailor the best customer experience from end-to-end. At iZeno, your challenges are our utmost commitment. From luxury cars to luxury fashion, we can tailor the CRM based on your unique requirements.

Sugar offers the most innovative, flexible and affordable CRM in the market and delivers the best all-around value of any CRM. Experience Sugar’s innovative user experience and powerful features for yourself!

Start Your FREE trial of Sugar here

Contact Us for Demo or simply call us at +65 6100 2788

 

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