JD.com and Alibaba create indexes to identify Chinese shoppers’ spending trends, which help retailers gain insight.
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More complex tools such as knowledge management software on up to turnkey CRM systems can range from several hundred thousand to several million dollars. Some analysts and vendors believe it’s time for retailers to invest in cross-channel CRM technology. “We’re we not asking them to get rid of legacy systems, but to automate the way they interface with customers after they become customers,” says Talisma’s Vetras. “That’s where they need to invest.”