Source: Luxury Institute, Dec 2010
“Brands have a ways to go before they optimize the collection of data,” said Milton Pedraza, CEO of the Luxury Institute, New York. “They aren’t empowering the sales force or online experience with real-time data that gives the customer something special.
“That’s the next phase, where you walk into the store, I get your name, dial it into an iPhone and it immediately comes it with information that is relevant to the interaction I’m about to have,” he said. “I think it’s a two- or three-year target.
In particular, such CRM strategies could be particularly effective for retailers in terms of cross- or up-selling items to customers.