Retail News | 05.04.2018
Retail audits are studies of selected retail outlets performed by brand representatives or retail store employees for the purpose of collecting data about the health of the brand’s products. Retail-audit service providers gather information on a brand's sales volume, sales trends, stock levels, effectiveness of in-store display and promotion efforts, Competitor activity, Planogram compliance (shelf location, number of facings present, number of SKUs present, missing/inaccurate shelf tags), Pricing, In-store location of products, Product damage and other associated aspects.
There are two great benefits of conducting retail audits as below:
Beside that, the data that audits provide is the priceless commodity. This data was aggregating from various retail locations over time and comparing results, that allow managers to make actionable decisions that reduce inefficiencies and ultimately drive sales.
Retail audit can record a lot of variance in the information, it makes sense to segment audits by data type. Different audit forms should be used to reflect the respective data being collected at a given store visit. Examples of the types of retail audits that a supplier might employ are listed below.
In some cases, brands might simply want to know the lay of the land where their products are being stocked (or could potentially be stocked in the future). Reps might document the following:
This type of store audit is primarily concerned with the brand’s performance. Reps use merchandising reports to log:
This information can be compiled into a finished product that resembles the merchandising report below.
If a brand is holding a sale or other type of special promotion, it’s important to track its success so as to know how it’s performing in the short-term and how to improve in the future. It’s key to report on:
Reps can use this data to create a promotional report similar to the one below.
One audit that brands shouldn’t overlook is the competitor survey, which can reveal invaluable insight into how your brand stacks up against others in its category. It’s a good idea to identify:
Reference Source: Repsly
4/5/2018 4:43:27 PM
4/6/2018 9:50:49 AM