Necessity And Components Of A Retail Audit

In order to properly organize a trading business, you need to have as much information as possible about the market area of ​​interest.

Various methods and techniques are used to collect such data. One of the most popular and demanded is the retail audit. It uses the study of prices, assortment, advertising and distribution in a selected group of goods.

A good retail audit can give a complete picture of the state of individual market positions, market structures, and brands. Retail audit companies in India use various samples by points, questionnaires, interviews, after which they conduct a full analysis, and then process the collected data.

To achieve goals, when conducting a retail audit, a whole range of accounting tasks is solved:

  • Checking the correctness of the reflection of the registration of documents and their timely and accurate reflection in accounting;
  • Control over financial performance and correctness of settlements with suppliers and buyers;
  • Timely control over inventories, over the presence and movement of material values ​​and funds;
  • Identification of opportunities for reducing distribution costs and increasing the profitability of production, etc.

If you are a manager of a retail network and want to reduce costs, establish control over compliance with your retail standards, and increase efficiency, then you need to seek help from retail audit companies.

The specialists, who have qualification certificates issued in accordance with the requirements provide a wide range of services necessary for the high-quality performance of all types of audits.

They will provide a full range of services required to conduct a high-quality audit of retail. Based on the results of the retail audit, the specialists will present an audit report, which will contain a report on the audit of the retail trade and the shortcomings and violations identified during this audit.

Qualified specialists will help correct all the shortcomings, give comprehensive recommendations and answer all your questions, which will not only increase the attractiveness of your enterprise, but also increase the efficiency of your business. 

With the help of retail audit firms in India, you will be able to expand the geography of sales, find new dealers, evaluate the effectiveness of the distribution of your brand, optimize your work, which will have a positive effect on doing business in your company!

Retail as an object of marketing research requires a large amount of field work and the number of personnel involved in this work.

Retail audit allows customers to get answers to questions such as:

  1. What are the volume and market shares of certain goods/manufacturers?
  2. What are the similarities and what is the fundamental difference between individual products?
  3. Are there unoccupied niches on the market and what characteristics should a product have for these niches?
  4. How successful is the current positioning and what can be changed in it?

An integrated approach to conducting a retail audit using survey research methods also allows you to quickly obtain data on consumer perception of your products, analyze sales volumes and the level of demand for your competitors’ products, and timely carry out seasonal changes based on consumer preferences.

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