Key Driver in Retail: Helpful Expertise
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Retail Buying Experience Survey Results 2013
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Key Driver in Retail: Helpful Expertise
- 1. Key Driver in Retail: Helpful Expertise Retail Buying Experience Survey Results 2013
- 2. Agenda: The Most Important Driver of Retail: Helpful Expertise Retail has a Problem eXperticity 2013 Retail Buying Experience Survey Results A Renaissance in Helpful Retail Sales Expertise Introduction to eXperticity eXperticity Recommendations for Retailers Retail Buying Experience Survey Results page 2
- 3. Retail Has a Problem • The price wars are over: Walmart and Amazon won • While self-service and selection did improve … • Quality of service and personnel suffered • Knowledgeable associates flushed out of the system Retail Buying Experience Survey Results page 3
- 4. Customers Struggle to Fill Expertise Void • Internet provides lots of raw data, very little wisdom • Consumers want wisdom • Which product should I buy? Is it right for me? • Alternates when selection not available • How to get the most out of what I buy? Retail Buying Experience Survey Results page 4
- 5. Retailers Centered on Helpful Expertise are Prospering Retail Buying Experience Survey Results page 5
- 6. eXperticity 2013 Retail Buying Experience Survey What do consumers want from retail sales associates? What do retail sales associates provide? Which retail brands are doing the best job? Retail Buying Experience Survey Results page 6
- 7. Methodology Fielded by ReRez Research, Dallas, TX 600 U.S. Consumers 5 Affinity areas • Outdoor • Sporting Goods • Hunting or Fishing • Health and Nutrition • Prestige Beauty Retail Buying Experience Survey Results page 7
- 8. Key Findings • Expertise gap at point of sale • Consumers expect and crave helpful expertise in retail • Retail sales associates often fall short • Consumers struggle with alternative ways to find helpful expertise • eXperticity’s recommendations Retail Buying Experience Survey Results page 8
- 9. Consumers Expect Helpful Expertise from Retailers in Key Areas Respondents who Rate Service from Salesperson as “Somewhat” to “Extremely” Important 74% 73% 73% 72% 71% 71% 70% - Focus group attendee 69% 69% 68% 68% 67% 66% 65% Product Knowledge Help Selecting Product Category Knowledge I've come to respect one particular salesperson. She always knows whether a product is going to work for me or not. Find Alternatives I want them to be knowledgeable and be able to answer my questions precisely, concisely and competently. - Focus group attendee Retail Buying Experience Survey Results page 9
- 10. 40%of Consumers Find Sales Associates Fall Short Respondents who say Salespeople fall short of delivering Specific Services 44% 43% 43% 42% 41% They don't know a lot about the product because they haven't had the proper training. - Focus group attendee 40% 39% 39% 38% 38% 37% 37% 36% 35% I go in stores and the people don't know the product. 34% Find Alternatives Category Knowledge Product Knowledge Retail Buying Experience Survey Results page 10 Help Selecting Product - Focus group attendee
- 11. Other Sources Consumers are Tapping to Find Helpful Expertise You can just research so much and there's a variety of opinions. It's hard to separate fact from opinion. Top Sources of Expertise for Consumers 74% 72% 72% 71% 70% 68% 66% - Focus group attendee 66% 64% 62% 62% The Internet can definitely be information overload for sure. 60% 58% 56% Someone You Perceive to be an Expert Online Research Online User Reviews Retail Buying Experience Survey Results page 11 Traditional Product Reviews - Focus group attendee
- 12. Renaissance in Helpful Expertise Consumers want helpful expertise Is it worth it for retailers to invest here? Retail Buying Experience Survey Results page 12
- 13. Helpful Expertise Increases Sales 75% 30% more engagement leads to 50% 1 increase in conversion of customers offered, buy additional items; and their average order value increases by 25% 1 1 The Store Strikes Back: Why Onmichannel Retailers Should Win over Pure-Play Competitors, The Kurt Salmon Review, March 2013 Retail Buying Experience Survey Results page 13
- 14. Helpful Expertise Keeps Employees Around 54% of retailers say TRAINING is a key tactic to 4 reducing turnover 4 Five Best Practices to Retain High-Quality Employees, RetailCustomerExperience.com, 2011 Hay Group study finds employee turnover in Retail industry is slowly increasing, Hay Group, May 2012 5 Retail Buying Experience Survey Results page 14 Sales associates report 2x higher job satisfaction if they can meet 5 customers’ needs
- 15. Helpful Expertise Creates Loyal Customers • 70 percent of all purchases come from returning customers 6 • Top three drivers of customer loyalty7 • Customer service (57 percent) • Product availability (52 percent) • Store experience (45 percent) 100% 65% increase in 8 profits 6 Delivering Your Intended Brand: Six Keys to an Authentic Customer Experience, Corvirtus Customer Loyalty in Retail, ENK Research, Fall 2012 8 The Loyalty Effect: The Hidden Force Behind Growth, Profits, and Lasting Value, Harvard School Press, 1996 7 7 Retail Buying Experience Survey Results page 15 5% increase in 8 loyalty growth 8
- 16. eXperticity at a Glance • Focused on bringing helpful expertise back to retail • Strong market traction • 579 brands • • 55,856 retailers 1,359,604 experts Retail Buying Experience Survey Results page 16
- 17. eXperticity at a Glance • We engage and reinforce detailed product knowledge • Brands reward expertise with product discounts and unique incentives • Members watch their ranking within their store and their expertise category • Brands/retailers gain insight on most engaged/knowledgeable employees • Allow people with helpful expertise to identify themselves Retail Buying Experience Survey Results page 17
- 18. eXperticity Recommendations Invest in the right people - There are people out there who love and use your products and your competitor’s products every day. Train the people who love your stuff - So often retail employees get trained in things like how to improve service. That has a place, but if they don’t know the products inside and out, they won’t be able to provide the proper guidance. And if your customers have a bad experience after they leave your store, that smiley face from your team doesn’t mean much Reward expertise - If your employees are in love with the stuff you sell and know everything about it, then they probably want to be rewarded with your stuff—discounts merchandise, tickets to related events, etc. Evangelize the value of helpful expertise - We are all consumers and fundamentally can speak to how a great buying experience impacts your satisfaction. Leading people to the lowest price on your shelf doesn’t build relationships. Ask customers what they want, why they want it. Retail Buying Experience Survey Results page 18
- 19. Thank You