Today’s retail industry is becoming increasingly competitive. Globalization, technological developments and over-saturation in the marketplace have resulted in a dynamic and constantly evolving industry environment. Challenging the business outlook for retailers more so than ever before.
Retailers are challenged by a high employee turnover rate. Store employees have the highest score with an average turnover rate of 65%.
The way consumers make purchasing decisions has dramatically changed. Today’s consumers are empowered to comparison shop with ease. And have more selection available both online and in store. Globally, consumers have access to more than 1 billion different products! While consumers are getting increasingly comfortable using online channels for purchasing, the physical store will continue to play an important role.
Shopping is Considered an Engaging and Sociable Pastime
According to a report from the World Economic Forum, the physical store will continue to be the channel that contributes the most revenue for the majority of large multichannel retailers until at least 2026 (Shaping the Future of Retail for Consumer Industries, 2017). That is because shopping is considered an engaging and sociable pastime. The physical store has transformed from a normal distribution channel to a place that focuses on providing a new dimension of engagement and customer experience. The bricks-and-mortar store is a critical success factor for customer retention, with loyalty and satisfaction as its core KPI’s.
Over 80% of consumers are willing to spend more with an organization in return for a better customer experience.
According to a recent retail survey of PwC, almost 80% of consumers indicated ‘’sales associates with a deep knowledge of the product range’’ as the most important factor when it comes to in-store shopping experience. Given these numbers, it is for good reason that ‘talent’ is one of the main areas to invest in for retailers wanting to stay ahead of the competition.
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In this white paper, we will outline the retail recruitment landscape, current trends, recruitment challenges, and how video recruitment can offer possible solutions.