Disruption through technology is one of the most relevant conversation topics in 2020 in the Indian context. Even as India reaps the benefits of a flourishing tech ecosystem, there’s a long way to go. The one sector that has seen the most disruption is commerce and specifically the retail sector. With ecommerce changing the game, even the offline retail market is now adopting technology to gain a leg up over ecommerce convenience. Not only has this helped the inception and birth of many ecommerce models but it also made the discovery of new products and better catalogues, that much easier.
“Retailers have always focussed on products, they always thought that if the product is of good quality and good price, consumers will come and buy. But that all changed in the late 90s when online started happening,” Soumya Chatterjee, cofounder, Easyrewardz told Inc42. With the advent of tech and ecommerce, the focus of retailers shifted from products to consumers and consumer experience, explained Chatterjee.
With these trends on the rise, customer centricity and engagement have today become utmost important to retailers and brands. According to a Gartner report, the customer relationship management (CRM) software market in India stood at $462.7 Mn in 2019, with an annual growth rate of 20.5%.
The report further revealed that improving customer experience and customer-centricity are vital for Indian businesses as they progress towards digital transformation. This is where CRM and loyalty programme platforms such as Easyrewardz come into the picture and save the day for retailers.
Founded in 2012 by Soumya Chatterjee, Angad Singh, Tejas Kadakia and Sapan Kadakia, Easyrewardz is using an omnichannel approach across industries to provide its clients with cloud-based customer management solutions and services.
“Our vision is to address the white space in CRM, for instance, our loyalty and rewards tool kit — LPaaS — goes one step beyond just profiling or creating the programme. We actually do profiling of customers basis their behaviour, which helps us retarget customers and bring them back through reward points, couponing, personalised gifts and more,” said cofounder Singh.
While Easyrewardz started its journey with one simple aim of promoting customer loyalty for brands, today it has over 150 brands as clients and more than 60 Mn customers transacting over 50 Mn times per month.
Near the end of 2019, ecommerce giant, Flipkart invested over $4 Mn in Easyrewardz, “With the partnership plus our learning from the last seven years of business, we should truly create a comprehensive CRM stack which basically takes us back to the core, which is enabling the brands to reach the right customer with the right offer at the right time through the right channel,” Chatterjee added.
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