PetSmart acquired Pet360 for $130 million in cash and up to $30 million more in future performance-based payments.
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Mark Boeder, director of marketing at Creative Channel Services, says manufacturers pay CCS to reformat product content for the web, with charges based on how many products the manufacturer wants to include, how many training modules, format and other factors.
Boeder says the appeal of peer-to-peer sharing goes beyond employees who’ve grown up with social networking. Experienced associates who may tire of explaining the same thing to every new store associate-for example, how to sell an Olympus camera and explain its differentiating features-appreciate being able to upload a video demonstrating the process.
To date, employees have uploaded more than 200 pieces of original training content in the system. “We expect this number to grow exponentially as we enter the second year of Learning Lounge and as Learning Lounge becomes even more entrenched in our culture of learning,” Torok says.
Beyond the number of uploads, Best Buy is sharing few metrics on the success of the year-old Learning Lounge. The retailer says it is evaluating the program, saying it will judge success based on how much employees use it and their satisfaction with it.