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Any company that produces FMCG (fast moving consumer goods) products faces the problem of finding information about the market as a whole and about its competitors.
In the absence of this information, the company’s actions cannot be adequate to the conditions of the external environment. One of the main sources of information of this kind is retail audit.
Retail monitoring allows you to receive information on all elements of the marketing mix and the degree of their impact on the consumer.
With the help of the information obtained through such research, the company can plan its future activities, be one step ahead of its competitors, which is very important in the dynamically changing conditions of the modern market.
To successfully sell a product and compete in the market, it is necessary to regularly monitor positions and have the necessary information.
You need to know about the number of products on the store shelves, the prices of competitors, navigate consumer demand and advertise the product correctly.
This information can be obtained through a point-of-sale (retail) audit.
Retail audit is research aimed at comprehensive analysis of retail trade. There is a study of the assortment, its value, inventory, PR-campaign of the object and products. The quality of staff work is analyzed, as well as the price policy of competitors.
WHEN DO I NEED TO DO AN AUDIT?
If you are looking to reduce costs and improve compliance with your retail standards, then it makes sense for you to use a tool such as an audit of retail outlets.
Without regular monitoring, any point of sale will bring less profit. The modern market is constantly changing – you need to follow trends, customer demand and give them what they want.
When there is a decrease in demand in a store, a decrease in profits, there is an outflow of customers – all this indicates the need for an audit of the outlet by retail audit companies in Delhi.
HOW CAN AUDIT HELP?
- The audit will identify shortcomings in the work and help to correct them, or indicate external factors that led to negative consequences.
- Will help develop a concept for solving the problem.
- Retail audit will help you become more competitive and increase your own profits.
Depending on the needs of the company, a list of those retail areas that need to be modernized is compiled to get a complete picture of what is happening in a particular store or chain.
It is necessary for Retail audit companies to investigate all the main processes: from purchases (pre-order and work with free warehouses- methods, the use of matrices, analysis of the sales history) to the planning of routes in the store, the effective placement of equipment and the customer loyalty system.
In the audit process, as a rule, two methods are used- working with documents and working with people.
First, an analysis of financial, management, warehouse and other reporting is carried out. Secondly, in-depth interviews with responsible employees in each of the areas.
Third, visits to quality control of retail outlets (“mystery shopper” method) or work with a checklist. Fourth, personnel certification (identification of competencies, skills, development potential).