Retail is one of the largest industries in the world with nearly 15.4 million employees in America alone. Today, significant industry challenges are organizational, operational and technology driven, making it difficult to meet customers’ demands. Retail business leaders are increasingly recognizing the value of data and insight-driven decision making.
Some of the Key Challenges
- High Turnover—Training and developing employees is difficult and time consuming if you constantly have to recruit and hire new people.
- Omnichannel—Organizational silos and conflicting priorities prevent retailers from creating a selling strategy that delivers a seamless shopper experience.
- Cross Channel—It is critical for retailers to be able to share customer data across channels, countries and locations, and provide in-store associate training on how to leverage this data.
- Data Driven Retail—Mastering the skills and processes needed to convert customer data into insights will help organizations align business activities with their operational efficiency strategy.
- Consumer Experience—With constant high turnover and operational changes, retailers are challenged to identify key leaders who can communicate the value of a positive consumer experience and implement strategies for success.
- IT Management—With technology and system capabilities constantly changing, companies are challenged to stay current and train their employees properly.
Predictive Index Benefits
- The Predictive Index® system can be beneficial to the retail industry as a whole. Specific benefits to PI Worldwide clients have included:
- High Street Retailer reduced staff turnover from 200% to 15%, absence rates declined 80% and sales recovered from a shortfall against budget to 12% growth.
- An international retail furniture company reduced their turnover rate by 30–40% every year.
- A specialty branded premium candle company trained their staff in SSAT and CFS. After the first month, the revenue performance differential between those trained in SSAT and CFS and the general staff increased by 40%.
- A national leader in health and wellness retail increased their average sales close rate from 12–13% to 27% after using the PI System. PI has also expedited this client’s hiring process by eliminating the need to review about 50–60% of resumes received.
- Global consumer electronics leader saw a 20-50% increase in sales conversions in PI trained stores, leading to significant revenue growth in pilot locations.
PI Worldwide has an extensive retail industry client base (Burberry, Lord and Taylor, Subway, Lazy Boy and Massage Envy) that use the information PI provides to better align their retail talent with their needs.
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