Hey everyone, welcome to another deep dive.
This time we're diving into the world of retail.
And specifically we're gonna be looking at some
of the big challenges facing retailers.
We're talking employee turnover,
we're talking about customer knowledge gaps
and limited training resources.
Yeah, and it's really interesting how those three things
are kind of all intertwined.
It's almost like a triangle, right?
Where each one feeds into the other.
And so you have this problem where high turnover
makes it tougher and tougher to maintain experienced staff
who can really speak to the products and help customers,
which then impacts customer service
because those customers are more informed than ever.
And that just leads to more turnover.
So it's a real challenge that we see retailers
facing across the board.
Yeah, absolutely.
And just to underscore how important this is,
the statistic that really jumped out to me
from the source material is that in some segments of retail,
employee turnover can be as high as 60%.
Wow.
Which means they're essentially rebuilding
most of their workforce every single year.
So I mean, just from a purely logistical standpoint,
how does that even work?
It's incredibly disruptive from, well,
you know, a lot of perspectives.
I mean, number one, you're constantly spending time
and money on hiring and training new employees.
And that eats into your profits.
But I think even more important than that
is the loss of knowledge, right?
Every time someone walks out the door,
they're taking all their experience and their relationships
with them.
And you know, those seasoned salespeople,
the ones who really know the merchandise inside and out,
they're worth their weight in gold.
They're like walking, talking product encyclopedias,
but with a side of really good customer service.
Exactly.
And when they leave, it creates this vacuum, right?
You've got a team that may not have
that same level of expertise.
And that impacts how well you can serve your customers,
which then impacts customer satisfaction.
And ultimately probably contributes to even more turnover.
Yeah, because then the employees get frustrated.
Exactly.
The customers get frustrated and it just kind of snowballs.
It's a vicious cycle, yeah.
It's a tough one to break.
And you know, on the customer side of things,
I mean, it used to be you would go into a store
and you were hoping that the sales associate
would have some idea of what they were talking about.
So they could point you in the right direction.
Now customers are coming in more informed than ever, right?
Absolutely.
And customers today, they're incredibly savvy.
They have access to so much information
at their fingertips through online reviews,
product comparisons, you name it.
They've already done their research
before they even stepped foot in the store.
Exactly.
So they come in and they expect that same level of knowledge
from the employees they're interacting with.
Right?
They want to feel confident that they're making
an informed decision and rightfully so.
So how are retailers supposed to bridge that gap
when they're dealing with these high turnover rates
and you know, often training is one of the first things
to go when budgets are tight.
And it's tough, right?
Because you're expecting these employees
to have this wealth of knowledge,
but then you're not really giving them the tools
or the time to really get there.
Yeah, it's a real catch 22.
And you know, those traditional methods of training
like, you know, pulling employees off the floor
for hours of PowerPoint presentations,
they're just not cutting it anymore.
Right, it's like, here's this giant stack of information.
Right.
Good luck becoming an expert.
Oh, and by the way, you've got five minutes.
Exactly.
And it's not only that it's ineffective,
but it's also incredibly costly and time consuming, right?
Yeah.
So by the time employees actually have a chance
to apply what they've learned,
it's often already outdated.
Totally.
It's like learning to swim out of a textbook.
Yeah.
Like you can learn all the strokes,
but until you get in the water,
it doesn't really translate.
Exactly.
So we need a more, I think, agile approach, you know,
one that really fits into the flow
of this fast-paced retail world.
So what does that look like?
What's the solution here?
Well, that's where technology is really showing some promise.
Okay.
And specifically, you know,
the source material talks about app-based training
as a potential game changer.
Okay, yeah.
I've definitely seen that popping up more and more.
And it makes sense when you think about it, right?
I mean, it's accessible, it's efficient.
Employees can access information right at their fingertips,
you know, whenever they have a spare minute or two.
Yeah, it's like micro-learning, right?
Instead of those marathon training sessions.
Exactly.
It's like short bursts of really focused learning.
And because it's digital,
the content can be updated instantly.
So, you know, employees always have the latest information.
Which is key in the retail world, especially, right?
Things are constantly changing.
Absolutely.
But it's gotta be more than just having the information.
It's gotta be easily accessible.
Like if a customer comes up and asks a question
about a specific product feature,
the employee needs to be able to get that answer
without having to like, you know, page through a manual.
Exactly.
And that's what's so great about these apps.
You know, they're designed specifically for that.
They allow employees to search for specific content.
They can watch a quick training video.
They can even take like a little two-question quiz
to reinforce what they've learned.
So they feel empowered to answer those questions
and have that interaction with the customer
without having to like go find a manager.
Exactly.
So it's better for the customer,
it's better for the employee.
But, you know, at the end of the day, retailers need to see
that this is good for business too.
So are we talking about cost savings here?
What's the ROI on this kind of investment?
Well, the source material actually gave a really interesting
example of a company that made the switch
to app-based training.
Okay.
And they were able to save over $500,000 annually
just by getting rid of printed materials.
Wow.
Yeah.
I mean, think about it.
Investing, shipping, constantly updating all those manuals,
it really adds up.
Half a million dollars in savings, that's huge.
Yeah.
And that's not even the best part.
Okay.
On top of the cost savings,
they actually saw a $20 million revenue boost
after implementing the app-based training.
Wow.
Okay.
So now we're talking real impact.
Exactly.
I mean, that's a direct correlation between, you know,
investing in your employees
and seeing a return on that investment.
Absolutely.
Because, you know, when your employees are knowledgeable,
they provide better customer experiences.
Right.
And those positive customer experiences
lead to increased sales and brand loyalty.
Absolutely.
So it's really a win-win all around.
Exactly.
So app-based training seems like a no-brainer,
but I imagine it's got to be more than just like,
stick it a bunch of PDS on an app
and calling it a day, right?
Yeah, for sure.
You really hit the nail in the head there.
I mean, there are a lot of platforms out there,
but not all of them are created equal.
You know, one of the platforms,
the source material highlighted
that I thought was really interesting is called Insight.
Okay.
Insight.
What's different about that one?
So what sets Insight apart
is that it's designed specifically with that, you know,
kind of chaotic retail environment in mind.
It's not just about like delivering information.
It's about empowering employees to, you know,
actually use that information in a way
that doesn't disrupt the flow of customer interactions.
Okay.
So it's like, they actually get how a retail store works.
Exactly.
Like they've actually worked in one.
Right.
And one thing I thought was really cool
is they have this customer first design,
which basically means that, let's say an employee
is in the middle of a training module
and a customer walks up.
Yeah, that happens about every five minutes, right?
Exactly.
And with some platforms,
they'd have to like close out of the training
or try to hurry up and finish,
which isn't ideal for anyone.
No, it's awkward.
But with Insight,
they can actually pause the training mid-module.
Oh, brilliant.
And then seamlessly transition to helping that customer.
Okay, so no more awkward,
like trying to discreetly finish the training
while you're also saying hi to the customer.
Exactly.
And here's the best part.
Once that customer interaction is over,
they can pick up right where they left off in the training.
Oh, wow.
Even on a different device if they need to.
That's huge.
Especially in the, you know,
the retail world where you're often moving around.
Exactly.
So it's that kind of flexibility
that I think really makes Insight stand out.
Yeah, because it's like they're addressing a real problem.
It's not just a tech solution for the sake of it.
Exactly.
It's really about solving those day-to-day challenges
that retail employees face.
And I think that's ultimately what's gonna move the needle.
Yeah, it's about giving them the tools
and the information they need to be successful
and then getting out of the way, right?
Exactly.
Well, this has been a fascinating deep dive.
I always love learning more about the retail world
and especially some of these challenges.
And it's encouraging to see
that there are solutions out there.
Yeah, absolutely.
And I think, you know, as we talked about,
it's not just about, you know, implementing any technology.
It's about finding the right solution
that really addresses the specific needs
of your business and your employees.
Absolutely.
Well, on that note, thanks for joining us for this deep dive.
And until next time, keep exploring those solutions.