ENDVR had an illuminating fireside chat with Matt Powell, a renowned sports retail industry analyst. We explored the transformative trends shaping shaping todays retail environment. Matt Powell, whose keen observations have significantly impacted industry practices, shared profound insights on strengthening retail strategies and enhancing brand-retailer collaborations. Here, we delve into the top five takeaways from the discussion:
1. The Enduring Importance of Physical Retail
Despite the digital shopping surge, physical stores remain a cornerstone of the consumer experience. They are vital in the retail ecosystem and provide essential customer touch points. Over 85% of consumers still prefer to purchase new products in brick-and-mortar stores, especially industry-related retailers.
“As restrictions started to ease, the trends reversed to pre-pandemic levels, customers were seeking that physical store interaction,” Matt noted, emphasizing the rebound in consumer preference for brick-and-mortar experiences. This insight supports the idea that physical stores are not just sales points but crucial hubs for brand engagement and customer loyalty.
2. Empowering Sales Associates as Brand Champions
Based on the latest research, outdoor and active brands report a 70% increase in sales effectiveness when associates are well-trained and motivated. Sales associates are more than just staff; they are the face of your brand at the retail level. Their interaction with customers can profoundly influence purchasing decisions.
In our conversation, Matt stressed the importance of sales associates who are well-versed and enthusiastic about the products they sell. “What that means in my mind is that it is just so critical for these brands to ensure that those sales associates know their products, know how to sell them, and are really motivated to do so.”
Matt says that investing in training and motivational programs for sales associates can significantly boost brand performance and customer satisfaction. Digital platforms like ENDVR can play a transformative role by providing digital education and training tools that engage and inform retail employees. Turning them into brand ambassadors who can effectively communicate the value of products to customers.
3. Revolutionizing Training Through Advanced Technology
Adopting technology in training programs is revolutionizing how retail staff engage with and absorb information. Which is crucial for the brand’s success in the 2024 retail space. In a recent survey of retail staff employees across North America conducted by ENDVR, 94% of respondents confirmed that they tend to sell more products from brands whose products they know more about.
Matt Powell highlighted the efficiency of digital tools in training, like ENDVR’s ineffective staff training in scale, “Digital education, really under the guise that a better-trained rep is more likely to push that product in store.” ENDVR’s multimedia training streamlines creation for brands while boosting associate knowledge retention and sales floor effectiveness. By saving marketing teams time and enhancing learning, ENDVR equips associates with the knowledge they need to excel on the sales floor. This approach not only makes training more accessible but also keeps it consistently engaging, which is crucial for keeping pace with retail’s fast-evolving landscape.
4. Harnessing Real-Time Feedback for Agile Adaptation
Feedback mechanisms that provide real-time insights from the sales floor are invaluable for brands managing multiple retail locations. Brands that utilize real-time feedback from the sales floor see a 40% quicker response to market trends. While immediate insights from the ground level allow brands to adapt quickly and efficiently to consumer demands and market changes.
Matt pointed out, “ENDVR sales enablement platform really allows the brand to go right to those sales associates who are talking to customers every day and get that insight, understand what they’re seeing and hearing every single day on the store floor.” This allows brands to quickly adapt to consumer preferences and market dynamics, making adjustments to meet immediate needs and improve customer satisfaction. ENDVR facilitates this direct feedback loop, enabling brands to act swiftly and decisively based on reliable, up-to-the-minute data.
We recently highlighted more about ENDVR’s real-time data and insights in our article “See It, Sell It: How Real-Time Insights Enhance Sales Floor Visibility.“
5. Challenges and Opportunities in Wholesale
E-commerce surged by over 30% during the pandemic. Yet wholesale remains a significant channel, driving substantial brand revenue. The relationship between DTC channels and traditional wholesale must be carefully managed to avoid channel conflict – While maximizing the strengths of each.
“We saw a huge surge in e-commerce business during the pandemic. Since then, the proportion of sales to e-commerce have drifted backwards a little bit, but still a very high portion of the business being done in e-commerce.”
Conclusion:
Our fireside chat with Matt Powell highlighted the importance that training and technology play in shaping the future of retail. As we’ve explored, equipping sales associates with the right tools and knowledge is more than a necessity. It’s a strategic advantage that can dramatically elevate a brand’s presence and effectiveness in the competitive retail landscape.
In this era of rapid technological advancement and changing consumer behaviours, embracing platforms like ENDVR to deliver comprehensive multimedia training represents a forward-thinking approach. These technologies not only enhance the learning experience but ensure that retail staff are well-prepared to exceed evolving expectations of customers.
For those interested in gaining deeper insights into Matt Powell’s transformative strategies, we invite you to access the full recording of the fireside chat. It’s available on-demand, allowing you to explore the discussion at your convenience.
Want to learn more? Discover firsthand how ENDVR can revolutionize your retail operations – Watch our 4-minute demo today. See how ENDVR can help you build a more robust, educated retail workforce that drives sales and delivers exceptional customer experiences!
Take advantage of this opportunity to transform your retail strategy, with insights from one of the industry’s leading voices and the innovative solutions provided by ENDVR. Join us in redefining retail excellence!
