Scholarly record
CUSTOMER RELATIONSHIP MANAGEMENT IN LATVIA
Abstract
Understanding the nature and role of customer relationship management (hereinafter CRM) is an important prerequisite for business success. A customer requires the company to adhere to certain quality standards as well as affects the performance and management of the company. Customer relationships could be managed and developed to attract new customers and increase business profitability and customer loyalty. The customer is the most valuable asset of a company that helps to achieve goals set by the company. In Latvia, the need to view customer relationships as important in business management is understood only in some industries and by the segment of large companies, and problems with customer relationship management in companies have not been sufficiently researched. Digital transformation, personalized customer experiences, the use of mobile devices, the ability to integrate various management systems into a company, artificial intelligence and analytical tools shape trends in customer relationship management. The new trends and challenges increase the role of customer relationships in business process management in almost every industry and any company. Research methods. The research employed the monographic method, logical construction as well as analysis and synthesis. Research period. The data were analysed for the period from 2018 to 2022. The research analysed the division of customers into classes and average purchases for the period 2019-2021. The sources of information used: specialist economic literature, research documents and scientific conference papers, internal company data on economic activity and data from a customer database. In Latvia, there is no unified accounting for and no information about companies that have developed and implemented CRM in their operations; therefore, the research summarized the legal framework for customer relationship management in Latvia and analysed the experience of a company in managing customer relationships.
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References17
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