Retail marketing in China is getting a new boost with Gridsum Holding Inc.'s latest solution. The NASDAQ-listed provider of cloud-based big-data analytics and AI solutions is launching the new Intelligent CRM Solution that combines predictive analytics and AI.
The solution aims to close the gap that today’s retailers face in China when tracking consumer behavior. Many MNCs and local retailers use process-centric, system-heavy, legacy on-premise CRM systems that focus on monitoring historical client contacts. As Chinese consumers embrace digital retail and the number of touchpoints multiplies online and offline, it becomes difficult for them to monitor buying behavior.
"As Chinese consumers increasingly embrace 'new retail,' our solution will help our clients to automate and, through machine learning, efficiently acquire, develop and manage both potential and existing customers through a variety of activities," Guosheng Qi, Chief Executive Officer of Gridsum said in a press release.
Gridsum’s Intelligent CRM Solution, which is offered as a Software-as-a-Service (SaaS) offering, will leverage the scalability and accessibility of cloud. It will use both online and offline data from the clients’ digital marketing and sales departments while leveraging the firm's AI Engine, called Gridsum Prophet, its marketing automation suite, and deep experience in marketing automation. It will integrate with multiple social platforms to create a "social map" of their customers' professional and social networks to understand their specific needs.
With the Solution, MNCs and local retailers can automate marketing initiatives for individual customers, rather than trying to reach out to broader demographics. It is designed and optimized as a complete standalone CRM solution but can be integrated with a client's legacy systems.
“The market opportunity in China for marketing-centric CRM solutions is huge given the proliferation of mobile devices, the deep penetration that social media networks have, and the emergence of a new era of retail. The development of this product is another step in our strategy to leverage our core platform and capabilities into other areas of our clients' organizations, and to cross-sell and upsell our existing products and services to create greater value for clients," Qi said.
The launch aims to widen Gridsum’s market share in China. It sets Gridsum apart from its competitors in a China SaaS CRM market is forecasted to grow from an estimated RMB 5.59 billion in 2017 to an estimated RMB 15.1 billion by 2020, representing a CAGR of 39.3%, according to China research firm Analysys.
In the near future, the Solution will use blockchain technologies for developing contracts, running customer loyalty programs, supporting e-commerce and integrating with corporate ERP systems.