Traditionally, running a business was not as difficult as it is right now. Because the population was not as high, the resources were more, and there was moderate competition. But today, our population is too high, our resources are limited, and the competition is astoundingly high.
Under such conditions, it has become increasingly difficult for a retail business to stay ahead of their competitors. If you run a retail business, you need to consistently innovate and update your retail promotion strategy to maximize business performance.
There are several strategies you can use to get the best possible outcome of your marketing efforts. And retail audit is one of them. The process involves the collection and critical analysis of data to determine the health of a brand product. Some key areas to consider include:
- Price
- Sales volume
- Planogram compliance
- Stock level
- Competitor activity
- In-store display
Importance of a Store Audit
- To measure brand success
- Improve in-store customer experience
- Boost sales
- Identify and fix brand compliance issues.
Type of Audits
There several different types of audits depending on the nature of the information required; and the method of data collection. These include:
Customer surveys
Customer surveys allow you to interact with the customers to understand how they feel about your products. What do they like, and what do they dislike about your product? How do they compare your product with other products?
A customer survey is an ideal way to answer these questions and identify the retail promotion strategy necessary to make your customers happy.
Retail Promotions Audit
A retail promotion refers to the auditing of a particular product during the period it’s undergoing an offer, i.e. during a demonstration event, a seasonal offer, or when the product is selling at a discounted price. Reporting accurate information during a retail promotion is necessary to inform your future decisions about that particular product.
Merchandising Audits
A merchandising audit collects information about your inventory. The report includes:
- Stock levels
- Products display
- Product pricing- how effective is it?
- Compliance with the brand requirements
Digital Audit
Like any other area of business, the retail audit business is evolving thanks to recent technological advancements. The process has become more automated, making it more accurate, efficient, and much faster than it has ever been ever before.
Benefits of Digital Audit
The benefits of conducting a digital audit include:
Minimization of Human errors
Before, field audit; was the work of field agents who would collect, file, and keep the data safe. But the information was never 100% accurate either due to stress, ignorance, fatigue, and any other human-related weaknesses. These are things you do not have to worry about with digital audits solutions.
Customization of Data
You no longer have to use the same format or method to collect and report data. A digital audit allows you to customize the process according to your preferences.
Visual Data
A digital audit allows you to capture your data in the form of images, which is more effective and much faster than writing.
Faster Decision Making Process
A digital audit allows instant capturing and sharing of information, a necessary process to facilitate and expedite a business’ decision-making process.
