|By Marketwired .||
|May 27, 2014 10:00 AM EDT||
SALT LAKE CITY, UT -- (Marketwired) -- 05/27/14 -- Experticity, the largest network of retail and category experts, today released the results of a study in partnership with Marshall Fisher, a professor at the Wharton School of University of Pennsylvania, to help brands and retailers quantify a simple but unanswered question: What is the financial impact of having a more knowledgeable sales staff on the retail floor?
With retail earnings once again reporting a downward trend, it is clear that competing in today's retail market requires a more data-driven approach to analyzing investments that impact the in-store experience.
"Brick-and-mortar retailers are spending $200 billion on their floor employees each year, yet there are very few programs that explore ways to make that investment more productive and differentiated," said Tom Stockham, CEO of Experticity. "Today, the smartest retail and product brands are beginning to understand that those who invest in great buying experiences can both build brand advocates and give customers the helpful expertise they need. Having this comprehensive data set provides the proof: Getting associates to engage with building their expertise is one of the most effective tools for increasing sales."
The study used a comprehensive data set which was analyzed by a research team lead by Drs. Marshall Fisher, Santiago Gallino, and Serguei Netessine. The researchers were tasked with providing a clear, concrete answer of the business value of building expertise in a sales associate. The study tracked comprehensive information about 63,500 retail sales associates from 330 stores including per-hour sales activity for each store. The data was then mapped to the sale associate's interactions on Experticity's network. To provide meaningful results, the research team had to control for a long list of issues that included seasonality, tenure and in-stock levels.
The Key Findings
- Individuals who engage are selling a lot more on the sales floor. The study shows that sales associates who completed as little as one module sold 69 percent more than those who didn't. And associates who completed six or more modules sold 123 percent more than those who took none.
- Individuals who engage with a brand sell a lot more of that brand. Brand sales were 87 percent higher for sales associates who engaged with just one module for that brand vs. those who didn't engage at all.
- Sales performance increases because of interaction. Sales associates who took one interactive course containing an average of three modules sold a full 9.5 percent more after taking the training.
The Impact for Brands and Retailers
The impact for the industry was also called out by the lead researcher. "It's rare to find such significant and comprehensive data sets to fully understand the impact of knowledge on sales efforts," said Marshall Fisher, UPS Professor of Operations and Information Management at the Wharton School of Business, University of Pennsylvania. "The data confirms what we all know instinctively -- that interacting with a knowledgeable, helpful expert creates a better buying experience. These findings should make retailers and brands evaluate the priority they place on sales associate training and knowledge."
More information about the study can be found here:
- Infographic: Does Expertise Matter in Stores (link)
- Report: The True Value of Helpful Expertise (link)
- Biography: Marshall Fisher, UPS Professor of Operations and Information Management at the Wharton School of Business, University of Pennsylvania (link)
Connect with Experticity:
For more information on Experticity's network, you can visit the following
- Facebook: https://www.facebook.com/experticity
- Experticity blog: http://www.experticity.com/business/category/blog/
Experticity, Inc. is growing the world's largest community of influential experts to drive retail sales and create premier buying experiences through its expert knowledge platform, 3point5.com and its expert incentive platform, ProMotive.com. Together the platforms bring together thousands of the most innovative, forward-thinking brands and retailers, and hundreds of thousands of trusted product experts to drive better sales and an improved customer buying experience. The company's on-demand and performance-based products enable brands and retailers to educate, deliver incentives and foster firsthand product experience to credible, category-specific experts as well as collect important insights and analyze their effectiveness. By fostering long-term, high-value relationships, manufacturers see better results, retailers improve performance, experts are rewarded for their knowledge and consumers have better buying experiences. Experticity currently works with over 600 brands, 70,000 retail locations and nearly 1.5 million influential experts. Learn more about the company at www.experticity.com.
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
Mar. 26, 2017 11:00 AM EDT Reads: 2,583
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Mar. 26, 2017 11:00 AM EDT Reads: 2,186
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
Mar. 26, 2017 10:45 AM EDT Reads: 613
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Mar. 26, 2017 10:30 AM EDT Reads: 1,297
SYS-CON Events announced today that Infranics will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Since 2000, Infranics has developed SysMaster Suite, which is required for the stable and efficient management of ICT infrastructure. The ICT management solution developed and provided by Infranics continues to add intelligence to the ICT infrastructure through the IMC (Infra Management Cycle) based on mathemat...
Mar. 26, 2017 10:15 AM EDT Reads: 3,002
SYS-CON Events announced today that SD Times | BZ Media has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. BZ Media LLC is a high-tech media company that produces technical conferences and expositions, and publishes a magazine, newsletters and websites in the software development, SharePoint, mobile development and commercial UAV markets.
Mar. 26, 2017 09:30 AM EDT Reads: 4,295
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
Mar. 26, 2017 09:15 AM EDT Reads: 1,953
Now that the world has connected “things,” we need to build these devices as truly intelligent in order to create instantaneous and precise results. This means you have to do as much of the processing at the point of entry as you can: at the edge. The killer use cases for IoT are becoming manifest through AI engines on edge devices. An autonomous car has this dual edge/cloud analytics model, producing precise, real-time results. In his session at @ThingsExpo, John Crupi, Vice President and Eng...
Mar. 26, 2017 09:00 AM EDT Reads: 3,879
SYS-CON Events announced today that HTBase will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...
Mar. 26, 2017 08:15 AM EDT Reads: 2,890
There are 66 million network cameras capturing terabytes of data. How did factories in Japan improve physical security at the facilities and improve employee productivity? Edge Computing reduces possible kilobytes of data collected per second to only a few kilobytes of data transmitted to the public cloud every day. Data is aggregated and analyzed close to sensors so only intelligent results need to be transmitted to the cloud. Non-essential data is recycled to optimize storage.
Mar. 26, 2017 08:15 AM EDT Reads: 2,995
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., will discuss how these tools can be leveraged to develop a lasting competitive advanta...
Mar. 26, 2017 08:15 AM EDT Reads: 2,698
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Mar. 26, 2017 08:00 AM EDT Reads: 4,178
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations might...
Mar. 26, 2017 05:15 AM EDT Reads: 6,172
In their Live Hack” presentation at 17th Cloud Expo, Stephen Coty and Paul Fletcher, Chief Security Evangelists at Alert Logic, provided the audience with a chance to see a live demonstration of the common tools cyber attackers use to attack cloud and traditional IT systems. This “Live Hack” used open source attack tools that are free and available for download by anybody. Attendees learned where to find and how to operate these tools for the purpose of testing their own IT infrastructure. The...
Mar. 26, 2017 03:30 AM EDT Reads: 7,315
SYS-CON Events announced today that IoT Now has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. IoT Now explores the evolving opportunities and challenges facing CSPs, and it passes on some lessons learned from those who have taken the first steps in next-gen IoT services.
Mar. 26, 2017 03:30 AM EDT Reads: 3,881