1
00:00:00,000 --> 00:00:02,280
Hey everyone, welcome to another deep dive.

2
00:00:02,280 --> 00:00:05,120
This time we're diving into the world of retail.

3
00:00:05,120 --> 00:00:08,800
And specifically we're gonna be looking at some

4
00:00:08,800 --> 00:00:11,280
of the big challenges facing retailers.

5
00:00:11,280 --> 00:00:13,520
We're talking employee turnover,

6
00:00:13,520 --> 00:00:16,000
we're talking about customer knowledge gaps

7
00:00:16,000 --> 00:00:17,880
and limited training resources.

8
00:00:17,880 --> 00:00:19,920
Yeah, and it's really interesting how those three things

9
00:00:19,920 --> 00:00:20,960
are kind of all intertwined.

10
00:00:20,960 --> 00:00:23,160
It's almost like a triangle, right?

11
00:00:23,160 --> 00:00:25,400
Where each one feeds into the other.

12
00:00:25,400 --> 00:00:27,800
And so you have this problem where high turnover

13
00:00:27,800 --> 00:00:32,520
makes it tougher and tougher to maintain experienced staff

14
00:00:32,520 --> 00:00:35,320
who can really speak to the products and help customers,

15
00:00:35,320 --> 00:00:37,440
which then impacts customer service

16
00:00:37,440 --> 00:00:39,960
because those customers are more informed than ever.

17
00:00:39,960 --> 00:00:41,580
And that just leads to more turnover.

18
00:00:41,580 --> 00:00:43,920
So it's a real challenge that we see retailers

19
00:00:43,920 --> 00:00:45,480
facing across the board.

20
00:00:45,480 --> 00:00:46,320
Yeah, absolutely.

21
00:00:46,320 --> 00:00:48,680
And just to underscore how important this is,

22
00:00:48,680 --> 00:00:50,360
the statistic that really jumped out to me

23
00:00:50,360 --> 00:00:54,240
from the source material is that in some segments of retail,

24
00:00:54,240 --> 00:00:57,320
employee turnover can be as high as 60%.

25
00:00:57,320 --> 00:00:58,160
Wow.

26
00:00:58,160 --> 00:01:00,280
Which means they're essentially rebuilding

27
00:01:00,280 --> 00:01:03,360
most of their workforce every single year.

28
00:01:03,360 --> 00:01:06,360
So I mean, just from a purely logistical standpoint,

29
00:01:06,360 --> 00:01:07,720
how does that even work?

30
00:01:08,680 --> 00:01:10,800
It's incredibly disruptive from, well,

31
00:01:10,800 --> 00:01:12,400
you know, a lot of perspectives.

32
00:01:12,400 --> 00:01:14,440
I mean, number one, you're constantly spending time

33
00:01:14,440 --> 00:01:17,920
and money on hiring and training new employees.

34
00:01:17,920 --> 00:01:19,680
And that eats into your profits.

35
00:01:19,680 --> 00:01:21,840
But I think even more important than that

36
00:01:21,840 --> 00:01:23,360
is the loss of knowledge, right?

37
00:01:23,360 --> 00:01:25,360
Every time someone walks out the door,

38
00:01:25,360 --> 00:01:27,560
they're taking all their experience and their relationships

39
00:01:27,560 --> 00:01:28,400
with them.

40
00:01:28,400 --> 00:01:29,880
And you know, those seasoned salespeople,

41
00:01:29,880 --> 00:01:32,680
the ones who really know the merchandise inside and out,

42
00:01:32,680 --> 00:01:34,360
they're worth their weight in gold.

43
00:01:34,360 --> 00:01:38,120
They're like walking, talking product encyclopedias,

44
00:01:38,120 --> 00:01:40,320
but with a side of really good customer service.

45
00:01:40,320 --> 00:01:41,160
Exactly.

46
00:01:41,160 --> 00:01:44,820
And when they leave, it creates this vacuum, right?

47
00:01:44,820 --> 00:01:46,080
You've got a team that may not have

48
00:01:46,080 --> 00:01:48,120
that same level of expertise.

49
00:01:48,120 --> 00:01:51,240
And that impacts how well you can serve your customers,

50
00:01:51,240 --> 00:01:53,560
which then impacts customer satisfaction.

51
00:01:53,560 --> 00:01:57,000
And ultimately probably contributes to even more turnover.

52
00:01:57,000 --> 00:01:59,320
Yeah, because then the employees get frustrated.

53
00:01:59,320 --> 00:02:00,160
Exactly.

54
00:02:00,160 --> 00:02:03,000
The customers get frustrated and it just kind of snowballs.

55
00:02:03,000 --> 00:02:04,720
It's a vicious cycle, yeah.

56
00:02:04,720 --> 00:02:06,080
It's a tough one to break.

57
00:02:06,080 --> 00:02:08,160
And you know, on the customer side of things,

58
00:02:08,160 --> 00:02:10,240
I mean, it used to be you would go into a store

59
00:02:10,240 --> 00:02:13,600
and you were hoping that the sales associate

60
00:02:13,600 --> 00:02:15,800
would have some idea of what they were talking about.

61
00:02:15,800 --> 00:02:17,720
So they could point you in the right direction.

62
00:02:17,720 --> 00:02:20,320
Now customers are coming in more informed than ever, right?

63
00:02:20,320 --> 00:02:21,160
Absolutely.

64
00:02:21,160 --> 00:02:24,760
And customers today, they're incredibly savvy.

65
00:02:24,760 --> 00:02:27,400
They have access to so much information

66
00:02:27,400 --> 00:02:30,720
at their fingertips through online reviews,

67
00:02:30,720 --> 00:02:32,520
product comparisons, you name it.

68
00:02:32,520 --> 00:02:33,560
They've already done their research

69
00:02:33,560 --> 00:02:35,000
before they even stepped foot in the store.

70
00:02:35,000 --> 00:02:35,840
Exactly.

71
00:02:35,840 --> 00:02:38,800
So they come in and they expect that same level of knowledge

72
00:02:38,800 --> 00:02:40,720
from the employees they're interacting with.

73
00:02:40,720 --> 00:02:41,560
Right?

74
00:02:41,560 --> 00:02:42,920
They want to feel confident that they're making

75
00:02:42,920 --> 00:02:44,880
an informed decision and rightfully so.

76
00:02:44,880 --> 00:02:48,680
So how are retailers supposed to bridge that gap

77
00:02:48,680 --> 00:02:51,000
when they're dealing with these high turnover rates

78
00:02:51,000 --> 00:02:53,400
and you know, often training is one of the first things

79
00:02:53,400 --> 00:02:55,640
to go when budgets are tight.

80
00:02:55,640 --> 00:02:56,760
And it's tough, right?

81
00:02:56,760 --> 00:02:58,320
Because you're expecting these employees

82
00:02:58,320 --> 00:02:59,360
to have this wealth of knowledge,

83
00:02:59,360 --> 00:03:01,880
but then you're not really giving them the tools

84
00:03:01,880 --> 00:03:03,640
or the time to really get there.

85
00:03:03,640 --> 00:03:05,640
Yeah, it's a real catch 22.

86
00:03:05,640 --> 00:03:08,040
And you know, those traditional methods of training

87
00:03:08,040 --> 00:03:11,800
like, you know, pulling employees off the floor

88
00:03:11,800 --> 00:03:14,320
for hours of PowerPoint presentations,

89
00:03:14,320 --> 00:03:15,880
they're just not cutting it anymore.

90
00:03:15,880 --> 00:03:18,400
Right, it's like, here's this giant stack of information.

91
00:03:18,400 --> 00:03:19,240
Right.

92
00:03:19,240 --> 00:03:20,600
Good luck becoming an expert.

93
00:03:20,600 --> 00:03:22,200
Oh, and by the way, you've got five minutes.

94
00:03:22,200 --> 00:03:23,240
Exactly.

95
00:03:23,240 --> 00:03:25,040
And it's not only that it's ineffective,

96
00:03:25,040 --> 00:03:29,080
but it's also incredibly costly and time consuming, right?

97
00:03:29,080 --> 00:03:29,920
Yeah.

98
00:03:29,920 --> 00:03:31,880
So by the time employees actually have a chance

99
00:03:31,880 --> 00:03:33,880
to apply what they've learned,

100
00:03:33,880 --> 00:03:35,720
it's often already outdated.

101
00:03:35,720 --> 00:03:36,560
Totally.

102
00:03:36,560 --> 00:03:38,040
It's like learning to swim out of a textbook.

103
00:03:38,040 --> 00:03:38,880
Yeah.

104
00:03:38,880 --> 00:03:39,920
Like you can learn all the strokes,

105
00:03:39,920 --> 00:03:41,080
but until you get in the water,

106
00:03:41,080 --> 00:03:42,320
it doesn't really translate.

107
00:03:42,320 --> 00:03:43,160
Exactly.

108
00:03:43,160 --> 00:03:47,320
So we need a more, I think, agile approach, you know,

109
00:03:47,320 --> 00:03:49,160
one that really fits into the flow

110
00:03:49,160 --> 00:03:51,880
of this fast-paced retail world.

111
00:03:51,880 --> 00:03:52,880
So what does that look like?

112
00:03:52,880 --> 00:03:54,160
What's the solution here?

113
00:03:54,160 --> 00:03:57,760
Well, that's where technology is really showing some promise.

114
00:03:57,760 --> 00:03:58,600
Okay.

115
00:03:58,600 --> 00:04:00,000
And specifically, you know,

116
00:04:00,000 --> 00:04:03,240
the source material talks about app-based training

117
00:04:03,240 --> 00:04:05,360
as a potential game changer.

118
00:04:05,360 --> 00:04:06,600
Okay, yeah.

119
00:04:06,600 --> 00:04:08,560
I've definitely seen that popping up more and more.

120
00:04:08,560 --> 00:04:10,560
And it makes sense when you think about it, right?

121
00:04:10,560 --> 00:04:12,600
I mean, it's accessible, it's efficient.

122
00:04:12,600 --> 00:04:16,200
Employees can access information right at their fingertips,

123
00:04:16,200 --> 00:04:18,320
you know, whenever they have a spare minute or two.

124
00:04:18,320 --> 00:04:19,600
Yeah, it's like micro-learning, right?

125
00:04:19,600 --> 00:04:21,280
Instead of those marathon training sessions.

126
00:04:21,280 --> 00:04:22,120
Exactly.

127
00:04:22,120 --> 00:04:24,360
It's like short bursts of really focused learning.

128
00:04:24,360 --> 00:04:26,320
And because it's digital,

129
00:04:26,320 --> 00:04:28,760
the content can be updated instantly.

130
00:04:28,760 --> 00:04:32,240
So, you know, employees always have the latest information.

131
00:04:32,240 --> 00:04:35,560
Which is key in the retail world, especially, right?

132
00:04:35,560 --> 00:04:37,160
Things are constantly changing.

133
00:04:37,160 --> 00:04:38,000
Absolutely.

134
00:04:38,000 --> 00:04:40,240
But it's gotta be more than just having the information.

135
00:04:40,240 --> 00:04:41,880
It's gotta be easily accessible.

136
00:04:41,880 --> 00:04:44,640
Like if a customer comes up and asks a question

137
00:04:44,640 --> 00:04:47,760
about a specific product feature,

138
00:04:47,760 --> 00:04:49,480
the employee needs to be able to get that answer

139
00:04:49,480 --> 00:04:52,000
without having to like, you know, page through a manual.

140
00:04:52,000 --> 00:04:52,840
Exactly.

141
00:04:52,840 --> 00:04:54,200
And that's what's so great about these apps.

142
00:04:54,200 --> 00:04:56,360
You know, they're designed specifically for that.

143
00:04:56,360 --> 00:04:58,880
They allow employees to search for specific content.

144
00:04:58,880 --> 00:05:01,120
They can watch a quick training video.

145
00:05:01,120 --> 00:05:04,400
They can even take like a little two-question quiz

146
00:05:04,400 --> 00:05:06,120
to reinforce what they've learned.

147
00:05:06,120 --> 00:05:08,360
So they feel empowered to answer those questions

148
00:05:08,360 --> 00:05:10,080
and have that interaction with the customer

149
00:05:10,080 --> 00:05:12,640
without having to like go find a manager.

150
00:05:12,640 --> 00:05:13,480
Exactly.

151
00:05:13,480 --> 00:05:14,320
So it's better for the customer,

152
00:05:14,320 --> 00:05:16,080
it's better for the employee.

153
00:05:16,080 --> 00:05:18,680
But, you know, at the end of the day, retailers need to see

154
00:05:18,680 --> 00:05:20,680
that this is good for business too.

155
00:05:20,680 --> 00:05:24,320
So are we talking about cost savings here?

156
00:05:24,320 --> 00:05:26,720
What's the ROI on this kind of investment?

157
00:05:26,720 --> 00:05:29,160
Well, the source material actually gave a really interesting

158
00:05:29,160 --> 00:05:31,360
example of a company that made the switch

159
00:05:31,360 --> 00:05:33,080
to app-based training.

160
00:05:33,080 --> 00:05:33,920
Okay.

161
00:05:33,920 --> 00:05:38,240
And they were able to save over $500,000 annually

162
00:05:38,240 --> 00:05:40,840
just by getting rid of printed materials.

163
00:05:40,840 --> 00:05:41,680
Wow.

164
00:05:41,680 --> 00:05:42,520
Yeah.

165
00:05:42,520 --> 00:05:43,360
I mean, think about it.

166
00:05:43,360 --> 00:05:47,120
Investing, shipping, constantly updating all those manuals,

167
00:05:47,120 --> 00:05:48,200
it really adds up.

168
00:05:48,200 --> 00:05:50,520
Half a million dollars in savings, that's huge.

169
00:05:50,520 --> 00:05:51,360
Yeah.

170
00:05:51,360 --> 00:05:52,280
And that's not even the best part.

171
00:05:52,280 --> 00:05:53,120
Okay.

172
00:05:53,120 --> 00:05:54,680
On top of the cost savings,

173
00:05:54,680 --> 00:05:58,400
they actually saw a $20 million revenue boost

174
00:05:58,400 --> 00:06:00,480
after implementing the app-based training.

175
00:06:00,480 --> 00:06:01,320
Wow.

176
00:06:01,320 --> 00:06:02,160
Okay.

177
00:06:02,160 --> 00:06:03,480
So now we're talking real impact.

178
00:06:03,480 --> 00:06:04,320
Exactly.

179
00:06:04,320 --> 00:06:06,040
I mean, that's a direct correlation between, you know,

180
00:06:06,040 --> 00:06:07,800
investing in your employees

181
00:06:07,800 --> 00:06:09,720
and seeing a return on that investment.

182
00:06:09,720 --> 00:06:10,560
Absolutely.

183
00:06:10,560 --> 00:06:12,960
Because, you know, when your employees are knowledgeable,

184
00:06:12,960 --> 00:06:15,240
they provide better customer experiences.

185
00:06:15,240 --> 00:06:16,080
Right.

186
00:06:16,080 --> 00:06:18,120
And those positive customer experiences

187
00:06:18,120 --> 00:06:21,840
lead to increased sales and brand loyalty.

188
00:06:21,840 --> 00:06:22,680
Absolutely.

189
00:06:22,680 --> 00:06:23,960
So it's really a win-win all around.

190
00:06:23,960 --> 00:06:24,800
Exactly.

191
00:06:24,800 --> 00:06:27,960
So app-based training seems like a no-brainer,

192
00:06:27,960 --> 00:06:30,120
but I imagine it's got to be more than just like,

193
00:06:30,120 --> 00:06:31,680
stick it a bunch of PDS on an app

194
00:06:31,680 --> 00:06:33,320
and calling it a day, right?

195
00:06:33,320 --> 00:06:34,280
Yeah, for sure.

196
00:06:34,280 --> 00:06:35,720
You really hit the nail in the head there.

197
00:06:35,720 --> 00:06:38,320
I mean, there are a lot of platforms out there,

198
00:06:38,320 --> 00:06:40,600
but not all of them are created equal.

199
00:06:40,600 --> 00:06:42,160
You know, one of the platforms,

200
00:06:42,160 --> 00:06:43,480
the source material highlighted

201
00:06:43,480 --> 00:06:45,760
that I thought was really interesting is called Insight.

202
00:06:45,760 --> 00:06:46,720
Okay.

203
00:06:46,720 --> 00:06:47,560
Insight.

204
00:06:47,560 --> 00:06:49,000
What's different about that one?

205
00:06:49,000 --> 00:06:50,520
So what sets Insight apart

206
00:06:50,520 --> 00:06:53,160
is that it's designed specifically with that, you know,

207
00:06:53,160 --> 00:06:55,520
kind of chaotic retail environment in mind.

208
00:06:55,520 --> 00:06:57,880
It's not just about like delivering information.

209
00:06:57,880 --> 00:07:00,840
It's about empowering employees to, you know,

210
00:07:00,840 --> 00:07:02,520
actually use that information in a way

211
00:07:02,520 --> 00:07:05,200
that doesn't disrupt the flow of customer interactions.

212
00:07:05,200 --> 00:07:06,040
Okay.

213
00:07:06,040 --> 00:07:09,280
So it's like, they actually get how a retail store works.

214
00:07:09,280 --> 00:07:10,120
Exactly.

215
00:07:10,120 --> 00:07:10,960
Like they've actually worked in one.

216
00:07:10,960 --> 00:07:11,800
Right.

217
00:07:11,800 --> 00:07:12,960
And one thing I thought was really cool

218
00:07:12,960 --> 00:07:15,840
is they have this customer first design,

219
00:07:15,840 --> 00:07:18,440
which basically means that, let's say an employee

220
00:07:18,440 --> 00:07:20,360
is in the middle of a training module

221
00:07:20,360 --> 00:07:21,520
and a customer walks up.

222
00:07:21,520 --> 00:07:23,200
Yeah, that happens about every five minutes, right?

223
00:07:23,200 --> 00:07:24,040
Exactly.

224
00:07:24,040 --> 00:07:25,000
And with some platforms,

225
00:07:25,000 --> 00:07:27,520
they'd have to like close out of the training

226
00:07:27,520 --> 00:07:28,920
or try to hurry up and finish,

227
00:07:28,920 --> 00:07:30,640
which isn't ideal for anyone.

228
00:07:30,640 --> 00:07:31,480
No, it's awkward.

229
00:07:31,480 --> 00:07:32,840
But with Insight,

230
00:07:32,840 --> 00:07:36,800
they can actually pause the training mid-module.

231
00:07:36,800 --> 00:07:37,640
Oh, brilliant.

232
00:07:37,640 --> 00:07:41,000
And then seamlessly transition to helping that customer.

233
00:07:41,000 --> 00:07:42,480
Okay, so no more awkward,

234
00:07:42,480 --> 00:07:45,280
like trying to discreetly finish the training

235
00:07:45,280 --> 00:07:46,960
while you're also saying hi to the customer.

236
00:07:46,960 --> 00:07:47,800
Exactly.

237
00:07:47,800 --> 00:07:49,360
And here's the best part.

238
00:07:49,360 --> 00:07:51,920
Once that customer interaction is over,

239
00:07:51,920 --> 00:07:54,640
they can pick up right where they left off in the training.

240
00:07:54,640 --> 00:07:55,480
Oh, wow.

241
00:07:55,480 --> 00:07:57,480
Even on a different device if they need to.

242
00:07:57,480 --> 00:07:58,480
That's huge.

243
00:07:58,480 --> 00:07:59,320
Especially in the, you know,

244
00:07:59,320 --> 00:08:02,160
the retail world where you're often moving around.

245
00:08:02,160 --> 00:08:03,000
Exactly.

246
00:08:03,000 --> 00:08:05,240
So it's that kind of flexibility

247
00:08:05,240 --> 00:08:07,760
that I think really makes Insight stand out.

248
00:08:07,760 --> 00:08:10,200
Yeah, because it's like they're addressing a real problem.

249
00:08:10,200 --> 00:08:12,760
It's not just a tech solution for the sake of it.

250
00:08:12,760 --> 00:08:13,600
Exactly.

251
00:08:13,600 --> 00:08:16,840
It's really about solving those day-to-day challenges

252
00:08:16,840 --> 00:08:18,760
that retail employees face.

253
00:08:18,760 --> 00:08:21,120
And I think that's ultimately what's gonna move the needle.

254
00:08:21,120 --> 00:08:22,840
Yeah, it's about giving them the tools

255
00:08:22,840 --> 00:08:25,800
and the information they need to be successful

256
00:08:25,800 --> 00:08:27,680
and then getting out of the way, right?

257
00:08:27,680 --> 00:08:28,520
Exactly.

258
00:08:28,520 --> 00:08:30,640
Well, this has been a fascinating deep dive.

259
00:08:30,640 --> 00:08:33,200
I always love learning more about the retail world

260
00:08:33,200 --> 00:08:36,520
and especially some of these challenges.

261
00:08:36,520 --> 00:08:37,680
And it's encouraging to see

262
00:08:37,680 --> 00:08:39,240
that there are solutions out there.

263
00:08:39,240 --> 00:08:40,320
Yeah, absolutely.

264
00:08:40,320 --> 00:08:42,640
And I think, you know, as we talked about,

265
00:08:42,640 --> 00:08:45,920
it's not just about, you know, implementing any technology.

266
00:08:45,920 --> 00:08:47,720
It's about finding the right solution

267
00:08:47,720 --> 00:08:49,720
that really addresses the specific needs

268
00:08:49,720 --> 00:08:51,840
of your business and your employees.

269
00:08:51,840 --> 00:08:52,680
Absolutely.

270
00:08:52,680 --> 00:08:55,520
Well, on that note, thanks for joining us for this deep dive.

271
00:08:55,520 --> 00:09:10,200
And until next time, keep exploring those solutions.