As a business leader, finding ways to increase revenue and improve profit margins are always top of mind. One of the most effective ways to do this is by implementing a commerce-powered CRM. A commerce-powered CRM combines the benefits of a CRM system with the functionality of e-commerce, allowing businesses to manage customer relationships and drive revenue. In this article, we'll explore four ways a commerce-powered CRM can increase your business revenue. A commerce-powered CRM can be a game-changer for businesses looking to drive revenue growth - start driving revenue growth today with CommercePro.
1. Personalise the customer experience
Personalisation is key to creating a great customer experience. Commerce powered CRM leverages users' financial transaction data that has been processed and managed within the CRM. There's no need to rely on cookies or jump between windows for cart completion. This creates a seamless purchase experience that can be personalised and tailored from the first visit to repeat purchases.
Another benefit of data being pulled straight from the CRM is the ability to easily create targeted marketing campaigns. By analysing this customer data in your CRM, creating marketing collateral that speaks directly to your customers' interests and preferences is a breeze. You can even offer personalised product recommendations, which can increase the likelihood of a purchase.
Pulling data straight from the CRM also erases duplicate or disparate data issues that typically add layers of complexity to e-commerce transactions, removing very common management difficulties.
2. Retain Customers and Increase Revenue
Retaining customers is just as important as acquiring them. A commerce-powered CRM can help you achieve this by offering features such as loyalty programs and customer service automation. By offering incentives for repeat purchases and resolving customer issues quickly, you can build long-lasting relationships with your customers. This can result in increased revenue over time, as loyal customers are more likely to make repeat purchases and refer their colleagues and friends to your business.
3. Optimise sales management
Optimising sales management is another area where a commerce-powered CRM can help you increase revenue. By streamlining the sales process and enabling cross-selling and upselling, you can increase the value of each sale. This not only benefits your business but also improves the customer experience by offering complementary products or services.
Additionally, customers appreciate businesses that understand their needs and preferences. Because all customer data is stored in the CRM with CRM-powered commerce, the purchase experience is seamless as it can pre-fill information based on pre-set fields. What’s more, having this commerce data sitting in one CRM makes it very easy for sales managers to manage the entire purchase journey, as there is less complexity and minimal disparate sales data.
4. Improve inventory management
Inventory management is another critical aspect of driving revenue growth. With a commerce-powered CRM, you can improve inventory management, resulting in reduced stock-outs, increased order fulfilment, and improved customer satisfaction. By tracking inventory levels and analysing customer demand, you can ensure you have the right products in stock at the right time. This can help you avoid stock-outs, which can lead to lost sales and dissatisfied customers.
Take it one step further with CommercePro
A commerce-powered CRM can also provide valuable analytics and insights that can be used to optimise operations and increase revenue. But syncing this stored data with accounting data often adds technical complexity to any system. To solve this frustration, Engaging Partners developed CommercePro, a powerful, commerce-powered CRM that directly syncs with any accounting system that offers a robust API.
CommercePro was also built on the HubSpot CRM in response to another common CRM frustration - the inability to accept payments directly within the website. Customers are typically redirected to a third party platform to make a payment, which opens up the possibilities for payments to fall through / abandoned carts. We developed a cart and checkout solution built directly on HubSpot, removing the often required exit to third party sites or modal windows for payment processing.
Increasing revenue with CommercePro
By personalising the customer experience, retaining customers, optimising sales management, improving inventory management, and gaining valuable insights, businesses can create a seamless customer experience that increases revenue. And with Engaging Partners’ CommercePro built on HubSpot, you can take your business operations to the next level - our team of experts are waiting to help you choose the right solution and implement it effectively.