CRM in Data-Rich Multichannel Retailing Environments: A Review and Future Research Directions

Verhoef Peter C., Venkatesan Rajkumar, McAlister Leigh, Malthouse Edward C., Krafft Manfred, Ganesan Shankar

Abstract
Many retailers have collected large amounts of customer data using, for example, loyalty programs. We provide an overview of the extant literature on customer relationship management (CRM), with a specific focus on retailing. We discuss how retailers can gather customer data and how they can analyze these data to gain useful customer insights. We provide an overview of the methods predicting customer responses and behavior over time. We also discuss the existing knowledge on the application of marketing actions in a CRM context, while providing an in-depth discussion on CRM and firm value. We outline future research directions based on the literature review and retail practice insights. (C) 2009 Direct Marketing Educational Foundation, Inc. Published by Elsevier Inc. All rights reserved.

Keywords
Customer relationship management Database Multichannel marketing Retailing customer relationship management lifetime value loyalty programs clickstream data mailing decisions scoring models commercial use base analysis web site impact