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Checking the suitability of the business, its profitability, providing consumers with the necessary goods are important marketing conditions that guarantee the existence of a retail outlet or store.
A professional retail audit is designed to determine the position of a company, network, or enterprise in the market, to identify its strengths and weaknesses in comparison with competitors.
At the same time, the efficiency of the work of the personnel is also considered, on which the profitability of stores, stalls, cafes, or restaurants largely depends.
A retail audit involves the collection of information regarding the presence of the company’s products and their placement on the shelves of retail outlets, as well as an analysis of the range, competitors’ prices for similar or similar items. It is also needed by the retail outlets themselves to improve sales dynamics and increase profits.
This type of audit service is offered by CAC, the firm’s experts will help you assess the level of competition, identify unoccupied niches, and determine the most effective way to position products in the retail market.
What is the purpose of auditing goods in the retail trade?
An independent retail audit allows you to assess:
- Competitors’ brands
- Price difference
- The effectiveness of the distribution system.
- The effectiveness of the marketing promotion strategy.
- The company’s position in the market.
- The volume of sales.
- Completeness of the assortment.
- Layout.
- The work of merchandisers.
- Speed of implementation.
A retail audit is a tool for monitoring key sales indicators (assortment, value, volumes), as well as optimizing the retail space, restructuring warehouse stocks, planning methods for promoting new commodity items.
It is also used for forecasting, reducing costs, taking proactive actions against competitors, developing a long-term marketing strategy.
How is a retail audit carried out?
Determination of the direction of the business, its regional orientation, the specifics of trade-for network objects, and the study is carried out for each separate point.
Studying the assortment, comparing the list of goods with similar lists of competitors – it is important to determine the degree of satisfaction of demand, rotation, and renewal of names.
Comparison of the main market representatives in a particular region, city, district – studying the market share, assortment, marketing, advertising, updating the product line.
Audit of retail trade in terms of quality, timeliness of distribution – including the work of the main suppliers, updating of warehouse stocks, speed of implementation.
Investigation of changes in any parameter of work on the volume of income, the workload of the outlet, the attention of buyers and clients. This considers changes in prices, changes in advertising campaigns, brand updates, changes in the main assortment.
Tracking the dynamics of sales, as well as making a forecast of the profitability of the business-even the smallest factors are considered.
Optimization of marketing promotion, preparation of client-oriented advertising products, recommendations for expanding the list of goods.
Drawing up a project for further development, including general and specific advice on expanding the niche in which a businessman works, to attract more buyers.
After reading this article, you must’ve thought of having a retail audit of your store, and make this simpler and easier for you, we recommend you contact CAC as the firm has the best and experienced team working in the field. So, visit cac.net and let your business grow with expert advice.