Retail audit is based on the results of retail sales of the products of the studied group and the subsequent analysis of the assortment, prices, distribution tools, and advertising materials.
A retail audit is commonly understood as a method of evaluating a brand and its presence in retail outlets. A retail audit allows the management of a trading company to obtain complete, reliable, accurate and objective information about the real state of affairs in their business.
Basically, the need for a retail audit arises in the following cases:
- To optimize retail space, reduce costs and improve workforce for emerging retailers that have not yet fully realized their growth potential.
- For inventory restructuring, quality control of retail presentation and staff motivation in retail chains with limited administrative staff.
- To improve and assess the quality of staff work and the quality of brand delivery in retail outlets in large retail chains.
Tasks solved by retail audit:
- Assessment of the convenience of the location of the object and possible routes to reach it.
- Calculation of the intensity of visits by buyers to the analyzed point with the allocation of visits during the daytime, peak hours, weekends and holidays.
- Assessment of generalized socio-demographic characteristics of buyers.
- Determining the duration of the process of choosing a product and buying it.
- Positioning of specific products of the customer and similar products of the main competitors, assessment of the representation of the analyzed category of goods, as well as the width and capacity of the distribution channel
- Calculation of the market participation of retail players and the share of individual product segments of the analyzed retail outlet.
- Analysis of opportunities in the field of merchandising.
- Identification of examples of marketing activity of competing operators in the analyzed points of retail products, improvement of our own strategy and tactics of product promotion with the involvement of the most original and effective approaches and techniques of competitors
Retail auditing can be done in two ways:
– Independently- by the company itself. This is the most difficult path, since you need to have a database of stores selling such an assortment, a number of retail stores that agree to cooperate with the manufacturer, and a whole staff of merchandisers.
From a retailer’s point of view, internal auditing is easy and straightforward, but auditing competing retailers is difficult.
Nevertheless, the company’s employees know their product in detail, and it is easier for them to interact with the retail network, but in this case the question of their objectivity becomes relevant;
– Get all this done by a retail audit firm in Delhi. This approach is considered optimal, since the research is carried out by objective specialists.
However, you should not go to just one research company. It is necessary to conduct a dialogue with several companies, choosing the most optimal option for yourself.
The cost of retail audit projects is determined by the volume of the assortment studied and the number of stores surveyed. To calculate your project and receive a detailed proposal, you can make a request, the specialists of retail audit companies in Delhi will answer you.