The Boardroom Versus the Sales Floor
By Emily Leavitt
March 14, 2022
Technology is always advancing. I’m sure many of us can remember when connecting to the internet meant also experiencing that awful, screeching dial-up noise that seemed to last long enough to grab a cup of coffee (and a toasted bagel, depending on your ethernet connection). Today, you can get free Wi-Fi pretty much anywhere. The amount of time that has passed since that dial up noise and today’s free Wi-Fi has been about 20 years. This is because people needed time to evolve with the technology. You see where I’m going with this, right?
Over the last two years, people have jumped into technology much faster than ever, out of absolute necessity and higher expectations. Even the Queen of England Zooms with her grandbabies in California! Historically speaking though, the last few years have been an anomaly. Generally, it takes time for people to adopt new technology and actually understand the hype from reality.
Technology hype can be a good thing. However, let’s look at some hot technology that was hyped big time, and then just fell flat. How many of you remember “You’ve Got Mail!” No, not the movie with Tom Hanks and Meg Ryan. I’m referring to the inspiration for the movie name: AOL, or America Online. This was the internet provider that captured the country’s attention in the early 2000s. It was the most popular social network of the time.
Another hot technology that was overhyped was MySpace, where “web stars are born,” and “music and film careers are launched.” Everyone had a MySpace page and a Facebook page. These examples have taught us that ‘new and hip’ tech doesn’t always stay that way. There’s always something new around the corner or a company willing to purchase a smaller one in order to grow.
Metaverse in The Boardroom
This leads me to the Metaverse. According to Gartner, 25% of people will spend one hour a day in the Metaverse by 2026. I am not a statistician, but I have witnessed significant technology changes in my lifetime. AOL, MySpace, MapQuest, and even Google Glass (this is a sleeper, because it was red hot and then sank like a rock) were the hottest tickets at their time and first in their market. And, now they are not.
When executives in the boardroom discuss the Metaverse, digital currency, and NFTs, they are focused on the future; not the now. Boardroom leaders must be visionary, thinking with a growth mindset and about the long term. However, some retailers, like Gucci, have created a store in the Metaverse and it seems like everyone now has a case of FOMO. Not so fun fact: the sales specialists on the floor, who talk to customers, haven’t been trained to effectively communicate and sell in this new marketplace. There is a disconnect between what the boardroom is discussing and what is happening on the sales floor. Why is this important?
Let me try to explain. I am not saying that the Metaverse will one day be obsolete. What I am saying is a lot more work is needed to educate valued customers and sales specialists as to why they should be excited about it. But first, customers must be comfortable purchasing via a virtual experience, let alone in the Metaverse with a digital currency. With only about 25% of luxury retail sales transpiring online in 2022, the Metaverse will take some time.
As I mentioned in my first article about the Metaverse, new technology ignites new and exciting entrepreneurial opportunities. The race is on! All the talk about the Metaverse needs to stay focused on how to educate and train employees to speak to it. The possibilities are endless! I wish all the technology entrepreneurs good luck!
How Conversation Couture Will Help
Conversation Couture understands that moving to an e-commerce space in the luxury retail market can seem daunting at first. Indeed, it’s challenging to maintain customer relationships and brand consistency. That is why we offer a customized training solution for existing sales associates and managers that is designed, tested, and proven to drive greater sales, improve customer engagement, and sustain brand loyalty within a virtual shopping experience. Yes, it can be taught!