Did you know that the number of businesses adopting CRM systems will grow by 12% annually in the next five years? And as researched and reported by Gartner and Forbes, CRMs are poised to replace ERPs*.
We all know that ERPs have garnered the Lion’s share of the Enterprise market. So, how did this shift happen?
Well, it all boils down to the after-effects of COVID. During COVID, human interactions occurred over digital space, and remote work became a reality. Shopping, learning, gaming, etc., occurred online - a reliable internet connection was all that you required.
As digital transformations became the norm, CRM systems started innovating and adapting to changing customer behavior and data security. UIs became customer-friendly and easy to use. 2022 and 2023 saw CRMs focusing on automation and AI-driven features. Social CRM and Mobile versions became popular. 2023 also saw trends in the use of voice and conversational UI and IoT integrations.
Here is what you can look forward to in 2024:
- Increased integration of voice and conversational UI with CRM features
- Improved automation
- Increased collaborative features
- Predictive analytics
- LLM usage for enhancing customer conversations
- Hyper-personalization of CRMs
- User-friendly and customer-centric UIs and functionality
- More IoT integrations
We also foresee a rise in the self-service side of the CRM where Chatbots, videos, and documentation will help customers immensely in installation and resolving issues.
Another interesting feature is Gamification, which aims to make work more interesting.
We at Vtiger have already begun with GPT integration and Gamification. Read our newsletter to keep abreast of new trends.
Here’s to an interesting year ahead.
(*Ref: CMR.ORG>CRM Statistics)