Only 3% of the average retailer’s annual payroll is spent on training activities each year. That’s significantly lower than the benchmark of 5%, which means that 2 in every 5 retail employees are not receiving the training they need to build your brand!
Compounding the problem, only 31% of Australian CEOs say they’re making progress in identifying employee upskilling and re-skilling needs, while almost twice as many human resource managers (51%) actively advocate for targeted development programs as the best way to bridge the skills gap. “Fit for Business™” Australian retailers readily acknowledge that their businesses would not be the brand leaders they are today without their people.
The customer agrees.
In fact, 55% of all customers value a high-performance retail team that understands the nuances of authentic human interactions, are well-trained to manage service recovery situations, and are able to resolve the customers’ issues quickly and efficiently. Experiences in the shopping journey should be consistent, dependable, reliable, and relatable.
The retailer does not.
Less than 1 in 5 retailers (16%) are interested in improving their customers’ experiences. We call these brands progressive, innovative, and future-focused because they intuitively understand that there is no future without the experiences their people are able to give their customers.
Shockingly, only 14% of retailers (on average) prioritise new hires, staff training, and staff retention as vital to establishing themselves as “Fit for Business™”. However, without critical training and upskilling, more than half of your customer experiences are missing the opportunity to increase the overall value of the sale because your people don’t know how to ask for or upsell the sale.
You’re leaving money on the table!
Be the best retailer you can be.
Implement a comprehensive employee training program that focuses on effective communication, product knowledge, and customer service skills to equip your people with the necessary tools and expertise they need to better understand and anticipate customer needs, provide personalised recommendations, and identify cross-selling or upselling opportunities during transactions.
We’ve been the go-to authority on building insights-driven, high-performance retail for leading retailers for 18 years.
Our Retail Excellence Program closes the gap between benchmarks and actual performance with relevant and up-to-date training content, which seamlessly integrates with client-curated programs.
Start your learning journey with The Retail Doctor Academy today. Talk to Simon Neilson to upskill your people now: simon@retaildoctor.com.au or +61 2 9460 2882.