You ever get that feeling when you're shopping?
Like you really need some advice
from someone who knows what's up.
Like just last week I was trying to find some new jeans
and don't even get me started trying to find
the right fit these days.
And the sales associate I was talking to
just kept pointing me to the sale rack.
Oh no.
You know, like no questions about what I was actually
looking for, no understanding of the different styles
or anything.
I swear I left the store feeling more lost
than when I went in.
Yeah, I've been there.
Totally.
But then there are those times when you find
that sales associate who's like a locking
encyclopedia of product knowledge, you know.
Oh for sure.
They just get you, they answer your questions
before you even have to ask.
And bam, you walk out with exactly what you need.
It's a good feeling.
The best.
And that my friend is the power of product knowledge.
It really is.
That's what we're diving into today with this deep dive.
Yeah, let's get into it.
We're gonna be dissecting a recent article
from Multimedia Plus, have you heard of them?
Yeah, they're a company that specializes
in retail training, right?
That's right.
They're in the trenches.
So they definitely know what they're talking about.
And they're not just talking about like a warm
and fuzzy feeling you get, you know.
They're giving us stats, hard hitting statistics.
Lay it on me.
Did you know that companies that invest
in really good product knowledge training,
they see something like a 46% increase in productivity.
Wow, 46%.
That's huge.
And it's not just some made up number either.
This stack comes straight from
a Wharton School of Business study.
Okay, so Wharton, that's a big deal.
Yeah, so this number tells us something big, I think.
It tells us that shoppers really want knowledge.
They want expertise.
They want that personal touch, right?
Exactly, think about it.
Would you rather buy something
from someone who can actually explain
the benefits of a product,
or someone who can like guide you
towards the right choice based on your needs?
Yeah, I mean, who wouldn't want that?
And someone who just elevates
the entire shopping experience for you.
For sure.
It's like the difference between
feeling like you're being sold something,
and feeling like you're making a smart
and informed purchase.
Precisely, and what I think is really interesting
is that all this knowledge goes way beyond
just making the sale.
Really?
The article talks about how product knowledge
impacts customer satisfaction.
Okay.
And it can even reduce those annoying returns
that everyone hates.
Ugh, returns, tell me about it.
Returns are a hassle for everyone involved, right?
They're the worst.
And especially costly for businesses.
Oh yeah, for sure.
So it's not just about making the sale,
it's about building some kind of relationship
with the customer.
A lasting one.
That makes a lot of sense.
And knowledge is how you build that relationship.
So what are we talking about here?
Like, how much can training actually
reduce these returns?
Well, the article mentions a 15% reduction.
15%, that's a pretty significant chunk.
Yeah, and think about what that means.
Less wasted merchandise, happier customers,
a healthier bottom line for businesses.
Okay, I'm with you.
But help me connect the dots.
Right.
How does knowing your stuff actually
lead to fewer returns?
Okay, so imagine this.
You're buying New Winter Coat Ray.
Okay.
You want something warm and stylish.
Naturally.
Now imagine the sales associate
understands all the different types of insulation,
the materials they use, all the different fits,
and then they can use that knowledge
to guide you towards the best options
for your lifestyle, your body type.
Okay, yeah.
They might even know about those hidden features
that make all the difference.
You never even knew about.
So suddenly I'm not just buying a coat,
I'm buying an experience.
Exactly.
And it's an experience that's been curated just for you.
And because I got all this expert advice,
I'm way less likely to get home,
try it on again, and then be like,
this isn't right.
I'm gonna be stoked about my purchase.
I'm gonna tell my friends about it.
Exactly.
And I'm probably gonna be a loyal customer from then on.
That's the magic of this product knowledge.
It's not transactional anymore.
It's this interaction.
And it builds trust.
And that trust becomes those results
we were talking about.
So we're talking about happy customers and fewer returns,
but what about the employees?
It seems like this product knowledge thing
doesn't just boost sales, it boosts morale too.
Oh yeah, totally.
But what's the connection there?
It's pretty cool actually.
The article talks about how giving employees more knowledge
makes them more confident, more engaged,
and then ultimately they're more likely
to stay in their job longer.
That makes sense.
Less likely to quit.
Exactly.
There's a real shift that happens.
When you give people the tools and knowledge they need
to be really good at something.
Yeah, it's like they say knowledge is power.
Right, but in this case,
it's like knowledge is job satisfaction too.
Totally.
It's about feeling good at what you do.
Feeling valued.
Exactly, feeling competent.
Like you know your stuff.
And feeling passionate about the work.
Think about it.
If you love the product or service you're selling,
don't you think you'd be way more excited
to share that with customers?
For sure.
And that enthusiasm rubs off on people.
It can totally make or break a shopping experience for me.
Absolutely.
And the article talks about how companies are really investing
in these training programs to teach this knowledge
to their employees.
And it got me thinking about what makes training effective.
Because just like throwing a bunch of info
at someone isn't gonna work.
No it won't.
It's gotta be engaging, easy to understand and relevant.
Yeah, for sure.
So like what, bite-sized modules?
Or interactive elements.
Maybe even some kind of game to make it fun.
Like those simulations they use for like pilots
or astronauts, that kind of thing.
Yeah, the more interactive and hands-on the training is,
the more likely it is that employees are gonna remember
the information and actually use it on the job.
Yeah.
And we can't forget about keeping the learning going.
Yeah.
You know.
Yeah, it's not just a one-time thing.
Right.
You have to keep refreshing that knowledge.
Yes.
Regular refreshers, updates on new products,
and creating a culture where it's okay to ask questions.
Yeah, where learning is encouraged.
Exactly.
Yeah.
It's about making continuous learning and development
a part of the company culture.
It makes you wonder, with all this talk about how important
knowledge and training are, what does this mean
for the future of retail?
It's like retail is about to change.
Like totally change with AI and virtual reality
and all this talk about personalized shopping.
It's kind of wild.
So where does product knowledge fit into all of this?
Yeah, that's the big question.
What will he even need it anymore?
Right, in a world where you can just be like,
hey Google, I need.
Exactly.
Find me the, whatever.
It's tempting to think that all this human expertise
is gonna become obsolete.
Yeah, for sure.
But I really think that having a human touch,
that real connection you get from someone who knows
their stuff and is passionate about it,
I think that's gonna be even more important.
So instead of technology replacing human knowledge,
it'll actually make it better.
Exactly.
Just imagine sales associates with these AI-powered tools,
giving them real-time info about their customers,
product recommendations that are tailored to each person.
Instant access to all the information they could ever need.
That's next level.
That's the future.
And that means a better shopping experience for me, right?
Absolutely.
It's all about using this tech
to make that human connection even better.
Right, not get rid of humans altogether.
Exactly.
The future of retail is this mix of high tech and high touch.
I love it.
This has been amazing.
It has.
We really dug into the power of product knowledge in retail.
We did.
From how it affects sales and customer satisfaction
to how it impacts employees and even the future
of the industry itself.
That's a good deal.
So to all you retail workers out there,
your knowledge is your superpower.
That's right.
Embrace it, own it, and watch your impact grow.
The best advice.
And for all you shoppers, don't be afraid to ask questions.
More info, the better.
We've got some really interesting takeaways
in the show notes.
Definitely check those out.
Be sure to read those.
And until next time, happy shopping and happy selling.