Study on principles for implementing crm strategies for organized retail in India

Retailing is one of the fastest growing fields today in India with its 40% contribution to GDP and 2nd largest employer in India only after agriculture. Out of the total retail market in India, food and grocery retail is by far the largest block. Presently in India major portion of retailing in India is unorganized but, with corporate and foreign players entering retailing it is getting shifted to more organized sector. Retailing had also become more competitive and the business had shifted from short-term transaction based selling to replacement of relationship selling. In this competitive scenario to capture market share it becomes essential for the retailers to maintain a relationship with customers. Thus CRM has come to the front and occupied centre stage as one of the strategic tools for organized retailers to develop way for attracting and motivating potential customers to remain loyal forever. This article examines different CRM practices being followed in retailing and attempts to suggest some principles that need to be followed by organized retailer to implement CRM strategies in India