If youre looking for ways in which your companies and your IT teams can tap the power of social media for business benefit, here are four.
Deeper Customer Engagement
Its no secret that a number of e-commerce portals in India use social media platforms to increase brand awareness and to promote their products using online campaigns. Myntra is no exception to the rule. According to Myntra, it is one of Indias top three e-commerce companies and it is the fastest growing fashion retailer in the country. Myntra, however, went one step further: It integrated its internal CRM with Facebook.
Till a year ago, Facebook contributed to 25 percent of Myntras revenues. According to press reports, Myntra made Rs 400 crore in 2012-2013. That number has since dipped but mainly because the companys organic traffic has grown extensively, but its still a significant two-digit figure, says Shamik Sharma, CIO and chief product officer at Myntra, who closely and frequently partners with marketing and customer care LoBs to provide them with better tools to create maximum customer engagement.
With over 1.6 million fans on its Facebook page, Myntra saw an opportunity to get closer to its consumers and create customer delight. To do that, the company encouraged its users to log on to Myntra (using their Facebook credentials). At that point Myntra asks users whether they would like to share information thats currently on Facebook with Myntra. These includes something as innocuous as their e-mail ID and their public profile, to other more intimate details like their friends list, their likes, their relationships, their hometown and interests.
As a result, the e-commerce player is now able to get a fuller picture of their customers. It allows Myntra to analyze customer behavior and gain deeper insights into what they should be selling consumers.
This customer information is channeled automatically into the companys CRM platform and mined on a per order basis to find out if theres any correlation with a specific order and customer information Myntra already has on a customer. For instance, if a customer had logged on to Myntra using Facebook and placed an order close to her birthday or anniversary, the company would send them little gifts wishing them on their special day. Facebook data helps us form that close connection with customers and that, according to me, our biggest reward, says Sharma.
The company is also in the process of rolling out a CRM cloud service to its customer touch-points (like its customer care center) which will help organizations deliver superior customer experience at every contact and across every channel. The ultimate goal, Sharma says, is to integrate with all of our social media networks and use it as a common platform to assist our agents monitor and respond to customer appreciation, query or grievance. An IDC prediction for next year states that the demographic shift to young and mobile customers will require 80 percent of CIOs in B2C businesses to integrate IT with public social networks by 2015, and Sharma is sprinting ahead.
Sign up for CIO Asia eNewsletters.