August 25, 2021 -- InvestorsHub NewsWire -- NetworkNewsWire
Editorial Coverage: Customer relationship management (“CRM”) is
a process in which a business or organization uses data analysis to
better understand massive amounts of information to determine the
best strategies for interacting with current and potential
customers. Evolving from rudimentary surveys in the 1970s used by a
handful of companies, CRM has become the biggest software
market in the world used by 91% of companies that have
more than 11 employees. The market is dynamic and constantly
evolving in order to maximize return on investment for companies
around the world, with companies such as Infobird Co.
Ltd (NASDAQ: IFBD) (Profile) growing rapidly as a name brand
in China. Majors such as Alibaba Group Holding Limited (NYSE:
BABA) are also part of the market getting in
front of emerging trends, as are Zendesk Inc. (NYSE:
ZEN), Twilio Inc. (NYSE:
TWLO) and Salesforce.com Inc. (NYSE:
CRM) by providing the critical software and
know-how for companies to improve customer relationships, quickly
engage new customers and drive higher sales.
- The CRM market was valued at $41.93 billion in 2019, is
forecast to reach $96.39 billion by 2027.
- IFBD completed IPO in April, raising $25 million by selling
6.25 million shares at $4; shares hit $11.25 on the IPO day.
- Infobird has landed major new clients that are renowned in
China and globally with its intelligent standard SaaS.
- Infobird has expanded into field of private domain traffic with
the launch of its SaaS business WeChat Call Center.
Click here to view the custom infographic of
the Infobird editorial.
The New Kid on the Lucrative CRM Block
According to Allied Market
Research, the CRM market was valued at $41.93 billion in 2019
and growing at an 11.1% compound annual growth rate, a trajectory
that will carry the market size to $96.39 billion by 2027. Within
that, a new trend is toward mobile CRM, with that subcategory 11%
to $15 million this year.
Allied views the COVID-19 pandemic as the latest catalyst for
CRM as companies were forced to take a forensic look into
operations to make sure that they were keeping customers and
finding new ones during global lockdowns. CRM provided a solution
that has now become integral to business. The analyst report points
out other advantages that users soon realize, including customer
mapping from the outset to interactions even after purchases are
completed, a part of the consumer cycle that often gets neglected,
as driving adoption.
Other emerging trends include comprehensive cloud-based CRM and
integrating artificial intelligence to empower companies to
facilitate personalized and proactive engagement with clients,
movements that fall into the sweet spot for Infobird
Co. Ltd (NASDAQ: IFBD), a software-as-a-service (SaaS)
provider of innovative AI-powered customer-engagement solutions in
China. The award-winning company went
public in April, raising $25 million in an initial public
offering by selling 6.25 million shares at $4 before shares went as
high as $11.25 on the opening day of trading.
Infobird helps companies manage the complete customer journey
from pre-sales activities through post-sale customer support by
leveraging leading technologies such as self-developed,
cloud-computing structure, robotic- process-automation (“RPA”)
machine learning, patented Voice over Internet Protocol (VoIP),
no-code development platform and more. The holistic platform
delivers intelligent products that can help companies to provide
more effective and efficient engagement with client. In today’s
mobile world — and remote world— cloud-based CRMs are en
vogue, as evidenced by a surge from only 12% of
businesses using them in 2015, compared to 87% today.
Taking Solid Steps
Infobird has further penetrated into different industries such
as finance, retail industries and healthcare industries by
promoting intelligent standardized SaaS products and acquiring new
clients, which signals the successful implementation of Infobird’s
strategy to transition from customized SaaS to standardized SaaS
products. These are the industries that are fast-growing in China
and have high potential and willingness to digitalize their
customer relationship management.
The new clients Infobird acquired include Hong Kong beauty
retailer SaSa; Zu Li Jian, a leading footwear brand for the elderly
in China; and a top fintech company in China. At the same time,
This month, Infobird wasn’t at liberty to disclose the name, but
management did say that the company landed a
service contract with a subsidiary of a “global
well-recognized Fortune 500 retail and consumer product company
with operations in more than 80 countries.”
Maximizing Customers’ Lifelong Value
Infobird’s ambition also aligns with what Philip Kotler, dubbed
the father of modern marketing, calls the Marketing
4.0 era. This era is characterized by use of AI and big-data
analytics blended with multichannel and social interaction between
companies and customers to most efficiently reach and retain
consumer loyalty throughout customer’s lifetime.
Following the idea of Marketing 4.0, Infobird this month made
its initial foray into the field of private domain traffic with the
launch of a new intelligent SaaS product branded WeChat Call
Center. The WeChat Call Center is designed to help companies
further develop the value of existing customers through automated
and personalized solutions for private domain traffic, industry
nomenclature for a brand’s private assets collected as part of a
customer database.
Against the backdrop of marketing trends shift towards a
customer-centric approach to deliver unique experiences, Infobird
is pioneering a new product differentiated from common private
domain traffic tools in the market today through the integration of
AI, RPA analysis and other technologies. Enterprises with a
relatively large customer base can now use a new service that has
significant advantages in batch, automation and personalization of
services that can help clients comprehensively improve efficiency
and reduce operating costs. IFBD expects to generate significant
value by creating new demand and capturing uncontested market space
in a cost-effective manner, known as a blue-market strategy.
Different in More Ways Than One
Infobird offers unique customer-engagement solutions that have
common threads with technology that potential clients would be
familiar with, only supercharged with proprietary next-generation
tech underscored by years of R&D. For instance, Infobird’s AI
chatbots have advanced functions that allow them to carry out free
conversations owing to design and a massive database of real-life
interactions to draw upon to recommend products and services in a
concise fashion. The programs are even “smart” enough to recognize
when a customer is talking and not interrupt.
Infobird is a company of firsts. It is the only organization in
China to build its customer engagement SaaS on a cloud-native
architecture, meaning it is easier and more cost-effective for
clients to scale with unmatched capacity regarding supporting the
number of agents online concurrent with high stability and security
. IFBD is also one of the few China-based company that owns and
applies a no-code development platform in customer engagement. This
puts Infobird on par with giants such as Tencent and Alibaba,
except those companies applied their platforms on office software.
Benefits abound for Infobird with this strategy, including being
able to develop new SaaS with preprogrammed microservices at a low
cost, a key in quick reactions to new market opportunities.
All About the Customers
Big data and high tech are reshaping the customer/brand dynamic
like never before. Companies must be nimble and attentive to
constantly react and invest in technology that not only helps
measure a customer’s value but provides the roadmap to their wallet
and “stickiness” to keep them coming back.
Alibaba
Group Holding Limited (NYSE: BABA) is not just a
retail juggernaut — the company has its hands in many kettles
including cloud services. In 2019, Alibaba partnered with Salesforce.com to become
the exclusive provider of Salesforce CRM in mainland China, Hong
Kong, Macau and Taiwan. Through the partnership, Alibaba offers
Sales Cloud, Service Cloud, Commerce Cloud and Salesforce Platform
to customers in those markets exclusively through Alibaba Cloud. In
addition, Salesforce became the exclusive enterprise CRM sold by
Alibaba in those markets.
Zendesk Inc. (NYSE: ZEN) has
been a leader in the customer experience revolution since 2007 by
enabling businesses around the world to take their customer service
online. Today, Zendesk is the champion of great service
everywhere for everyone and powers billions of conversations,
connecting more than 100,000 brands with hundreds of millions of
customers over telephony, chat, email, messaging, social channels,
communities, review sites and help centers. The company was
conceived in Copenhagen, Denmark; built and grown in California;
taken public in New York City; and today employs more than 5,000
people across the world.
Twilio Inc.
(NYSE: TWLO) is a leading cloud communications
platform that has democratized communications channels such as
voice, text, chat, video and email by virtualizing the world’s
communications infrastructure through APIs that are simple enough
for any developer to use yet robust enough to power the world’s
most demanding applications. Twilio bought Segment in November for $3.2
billion, giving it a top Customer Data Platform (“CDP”) that
provides companies with the data foundation that they need to put
their customers at the heart of every decision. Using Segment,
companies can collect, unify and route their customer data into any
system where it’s needed to better understand their customers and
create seamless, compelling experiences in real-time.
Salesforce.com Inc. (NYSE: CRM) even has
the ticker that says it is a stalwart in the world of
customer-relationship management. The CRM giant agreed to acquire
German intelligent RPA company Servicetrace for an undisclosed
amount. The plan is to pair Servicetrace with Mulesoft, the
company Salesforce bought in 2018 for $6.5 billion. With
the addition of Servicetrace’s RPA capabilities, MuleSoft pairs its
cloud and on-premises system integrations with control and
automation layers bringing actionability to consolidated data
flows.
Not long ago, the goal was seemingly to collect as much data as
possible and mash it together to try and put pop up ads, alerts and
other type of offers in front of a possible customer. While that
still might be a piece of the objective, the precision of
programming and technology has changed the game. CRM is playing an
increasingly important role for brands around the world across 100%
of the buying cycle.
For more information about Infobird Co.
Ltd. please visit Infobird Co. Ltd.
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