What is retention process in SAP ICM - Incentive and Commission Management (ICM)?

SAP Term: retention process

• Component: ICM

• Component Name: Incentive and Commission Management (ICM)

• Description: Incentive and Commission Management Mass process that defers entitlements for a specific period based on certain agreements instead of passing them on to the commission recipient.

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• Key Concepts: 
  Retention process is a feature of ICM Incentive and Commission Management (ICM) that allows companies to track and manage customer loyalty programs. It enables companies to set up and manage customer loyalty programs, such as loyalty points, rewards, and discounts. It also allows companies to track customer activity and reward customers for their loyalty.
  
  How to use it: 
  To use the retention process feature of ICM, companies must first set up the customer loyalty program. This includes setting up the rules for the program, such as how many points are required for a reward or discount, and how long customers must remain loyal before they can receive a reward or discount. Once the program is set up, companies can then track customer activity and reward customers accordingly.
  
  Tips & Tricks: 
  When setting up a customer loyalty program, it is important to consider the needs of your customers. Make sure that the rewards or discounts you offer are attractive enough to encourage customers to remain loyal. Additionally, make sure that the rules of the program are clear and easy to understand so that customers know what they need to do in order to receive rewards or discounts.
  
  Related Information: 
  The retention process feature of ICM Incentive and Commission Management (ICM) is closely related to other features of ICM, such as customer segmentation and analytics. These features allow companies to better understand their customers and tailor their loyalty programs accordingly. Additionally, ICM also offers features such as automated payment processing and reporting, which can help companies manage their customer loyalty programs more efficiently.