A retail Audit, is a type of research that allows you to both preliminary study the business, assessing the profitability of a new store, and raise the dynamics of sales and profit of an existing outlet.
A retail audit is a study that is carried out on a regular basis and is the collection of data on prices, range, sales, etc.
With the help of a retail audit, you can determine the availability of brands in the retail network, their prices, sales volumes, etc. The audit of retail trade is carried out systematically, studying the dynamics of changes in the phenomena and processes under study. However, it is also used one-time, for example, before a promotion or the formation of a new merchandising program.
Why do you need a retail audit?
A retail audit is conducted with the following objectives:
- Get a base for the development of new products and services;
- Identify unoccupied niches in a particular area, assess how the company is ready to occupy a niche;
- Assess the level of competition for certain goods;
- Get ideas for placing products on shelves;
- Determine how it will be more profitable to position new products, and much more.
Usually an audit is carried out by retail audit companies in Delhi before the opening of a retail outlet, since it allows you to determine its profitability, after the opening of the store.
Regular research (usually carried out twice a year) allows you to evaluate your own retail outlet, make changes to the display of goods, timely purchase popular brands of products, if this is not done correctly, there will be aneffecton profits and sales dynamics.
How the retail audit is conducted?
A retail audit usually takes place in several stages. The following list of steps is usually highlighted. The first is preparation. During it, the goals and objectives of the project are determined, tools (questionnaires, instructions, control forms) and visit routes are developed, and auditors are instructed.
The second is the field stage. It involves visiting retail outlets, their census and control of the work carried out. At this stage, data is collected on sales volumes, prices, assortment, availability of promotional materials and other parameters.
And finally, the third is processing and analysis. It is the final step, during which the market volume, dynamics and structure of the price, leading brands, seasonality mechanism, features of the device of outlets and other parameters are determined.
After collecting all the data, the marketing research report is sent to the customer. The data is used to improve the performance of the merchant that ordered it.
Marketing research of any type is very important to carry out, taking into account the goals and objectives of the client. Otherwise, there is a high probability that the information received simply cannot be used.
That is why you need to order such services from retail audit companies in India.
Retail audit data is used as a tool for smarter decisions and minimizing marketing and sales risk. A network retail audit is not only a report on what was happening in the store, but also a tool to predict and take proactive actions.