We are living in the consumer era. Digital consumers are better informed, more demanding, and more impatient. It is a challenge for companies to target, acquire, retain, and understand them. This is why a CRM system has become more necessary than ever. How is the CRM market performing? How does its future look like?
According to Gartner’s ‘Market Share Analysis: Customer Relationship Management Software’, the CRM market is in good health and continues its rapid growth, reaching a market value of $26.3B worldwide in 2015, what corresponds with an increase of 12.3% in comparison with 2014.
It is worth to mention that SaaS has a lot of potential, taking into account their last records. Its revenue grew 27% YoY, what is more than double overall than the CRM market in 2015.
Forrester Wave for Enterprise CRM Suites
For the latest Wave for enterprise CRM suites, Forrester evaluated eight prominent vendors – Infor, Microsoft, NetSuite, Oracle, Pegasystems, Salesforce, SAP, and SugarCRM – using 36 criteria including platform architecture, sales force automation, marketing automation, customer service, field service, e-commerce, business intelligence, and market presence.
Oracle, Salesforce, Microsoft, and Pegasystems have scored higher in the Forrester analysis, while SAP Hybris Cloud for Customer, SAP CRM, SugarCRM, and NetSuite stand out as providing competitive advantages. Regarding Infor, the American research company indicated that it is running out of steam.
The mentioned report also stated that the nine vendors graded “can just about tick every box” on features, what means that those companies interested in selecting the right CRM system for their needs should pay attention to the details that add value.
This added value should help to develop CRM strategies that favour the application of artificial intelligence and the implementation of real-time functionalities, which help organisations to anticipate what customers need and wish for as well as to personalise the customer experience.
AI, real-time capabilities and predictive analytics are said to redefine customer engagement software and to revolutionise the customer experience. For instance, they are responsible for providing a shop assistant, who uses a tablet at the store, with accurate and relevant data about the customer (such as search history, order history, and preferred device, among others) to deliver the best-in-class customer service.
In conclusion, a great CRM system in combination with integral CRM marketing campaigns let organisations offer best custom-made shopping experiences thanks to the most updated and accurate information that these systems can analyse and interpret in real-time, making a difference.