|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.
Ovum, a leading technology analyst firm, has published an in-depth report, Ovum Decision Matrix: Selecting a DevOps Release Management Solution, 2016–17. The report focuses on the automation aspects of DevOps, Release Management and compares solutions from the leading vendors.
Jul. 30, 2016 01:00 PM EDT Reads: 1,851
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.
Jul. 30, 2016 01:00 PM EDT Reads: 2,116
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
Jul. 30, 2016 12:00 PM EDT Reads: 1,341
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Jul. 30, 2016 11:30 AM EDT Reads: 1,375
StackIQ has announced the release of Stacki 3.2. Stacki is an easy-to-use Linux server provisioning tool. Stacki 3.2 delivers new capabilities that simplify the automation and integration of site-specific requirements. StackIQ is the commercial entity behind this open source bare metal provisioning tool. Since the release of Stacki in June of 2015, the Stacki core team has been focused on making the Community Edition meet the needs of members of the community, adding features and value, while ...
Jul. 30, 2016 11:00 AM EDT Reads: 622
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
Jul. 30, 2016 11:00 AM EDT Reads: 530
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Jul. 30, 2016 10:45 AM EDT Reads: 1,063
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
Jul. 30, 2016 10:15 AM EDT Reads: 1,039
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Jul. 30, 2016 10:15 AM EDT Reads: 1,507
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Jul. 30, 2016 10:00 AM EDT Reads: 2,179
ReadyTalk has expanded the capabilities of the FoxDen collaboration platform announced late last year to include FoxDen Connect, an in-room video collaboration experience that launches with a single touch. With FoxDen Connect, users can now not only engage in HD video conferencing between iOS and Android mobile devices or Chrome browsers, but also set up in-person meeting rooms for video interactions. A host’s mobile device automatically recognizes the presence of a meeting room via beacon tech...
Jul. 30, 2016 10:00 AM EDT Reads: 523
Deploying applications in hybrid cloud environments is hard work. Your team spends most of the time maintaining your infrastructure, configuring dev/test and production environments, and deploying applications across environments – which can be both time consuming and error prone. But what if you could automate provisioning and deployment to deliver error free environments faster? What could you do with your free time?
Jul. 30, 2016 09:45 AM EDT Reads: 518
Choosing the right cloud for your workloads is a balancing act that can cost your organization time, money and aggravation - unless you get it right the first time. Economics, speed, performance, accessibility, administrative needs and security all play a vital role in dictating your approach to the cloud. Without knowing the right questions to ask, you could wind up paying for capacity you'll never need or underestimating the resources required to run your applications.
Jul. 30, 2016 09:30 AM EDT Reads: 808
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...
Jul. 30, 2016 09:30 AM EDT Reads: 824
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...
Jul. 30, 2016 09:15 AM EDT Reads: 1,656