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Most retailers will boost CRM spending over next 2 years, NRF study says
64% of retailers in the NRF’s CRMRetail survey anticipate a significant increase in their CRM expenditures during the next two years. 19% say they will maintain their spending levels, 5% will decrease and 12% did not know.
The notion of customer relationship management has been taking some hits lately, but retailers still believe that CRM initiatives will be important to the success of their companies, says a new survey from the National Retail Federation, a trade group.
The CRMRetail survey reports that 80% of retailers endorse CRM as a way to build their businesses, up from 74% a year ago. 64% are using CRM to improve the effectiveness of their current initiatives, up from 62% last year. And 64% anticipate a significant increase in their CRM expenditures during the next two years. 19% say they will maintain their spending levels, 5% will decrease and 12% did not know. More than 100 retailers participated in the survey, which was conducted for the National Retail Federation by researchers Gartner Dataquest with CRM consultants Ogden Associates in early March.
“The results give a clear picture of broad-based interest and increasing involvement in CRM across many retail segments,” said Jeff Roster, Senior Analyst, Retail for Gartner Dataquest.
The survey also reported that 65% of retail companies have already implemented one or more CRM applications, and the majority of the remaining companies say they are likely to do so within the next two years. Retailers with revenues over $1 billion lead CRM initiatives in the industry, with 79% of the largest retailers using CRM systems in their companies.
Despite a sluggish economy and cautious business spending, the study found that 64% of companies plan to increase their spending in 2003. Additionally, 19% of companies planned to maintain their current CRM spending, 5% planned to decrease CRM spending, and 12% did not know.