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Retail audit is the process of collecting and analysing the data related to the performance of the retail segment of businesses. The retail audit includes information on sales figures, inventory levels, customer traffic, product pricing and promotions, store layout and merchandising and other key performance indicators.
The main purpose of a retail audit is to measure the performance of the retail segment of businesses against their goals, benchmarks and industry standards. It also helps in identifying areas that need improvement and areas where cost-cutting can be applied to optimise their operations and improve their bottom line.
Some of the benefits of a retail audit are:
- Increased profitability: Insights gained through a retail audit can be used to make better decisions about pricing, promotions and inventory management, which in turn can help in increasing profits.
- Enhanced customer experience: Retail audit can help in identifying areas of improvement such as optimising store layout, improving product availability or providing better customer support. This can lead to a better customer experience, increased loyalty and even turn the customers into ambassadors by word of mouth.
- Competitive advantage: Retail audits can help in getting insights into competitor performance, and benchmark them against industry standards to identify trends and opportunities to stay ahead of the competition.
- Better inventory management: With the help of regular retail audits, companies can manage their inventory better by analysing inventory levels and turnover rates to reduce waste and stockouts.
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Offices across India
How we conduct a retail audit
At Surveykshan, we work closely with our clients to implement the best method of retail audit depending on the objectives of the audit, the scope of the study and the data sources available
Field Audits
Field audits are conducted by sending researchers or auditors to retail locations to collect data on product availability, pricing, promotions, customer service and other relevant metrics. These can help to optimise store layout, improve product placement and increase sales.
Mystery Shopping
This involves hiring trained shoppers to visit retail locations and give their feedback, which can give a massive insight into customer service, product placement, staff friendliness, checkout speed and other factors affecting customer experience.
Point-of-sale (POS) Data Analysis
This involves analysing the data from the retail store's point-of-sale (POS) systems to identify patterns in consumer behaviour, such as purchasing habits, product preferences, transactional volume etc. and it helps in optimising inventory levels, pricing, and promotions.
Competitor Analysis
This involves analysing the competitors' data to identify trends in pricing, promotions etc. This can help in finding areas of improvement and in adapting to changing market conditions by recognising opportunities.
Online Audits
Online audits involve analysing data from online channels like e-commerce websites, social media platforms, and website traffic. This can give insight into consumer behaviour, competitor activity and online sales trend.
Customer Surveys
Customer surveys areas conducted to gather feedback about their experience, satisfaction level etc. This can be an invaluable tool in identifying pain points in the consumer experience and making the customer journey easy and pain-free.
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