How Retail Audits Can Help You Succeed
Regardless of what type of store you own and operate, whether it’s a grocery store, pharmacy, or clothing store, you want to ensure that your store is ready for success.
This means keeping your inventory is up to date, ensuring sales levels are satisfactory, and making sure customers can find what they need.
This is where conducting a retail audit can help you.
What is a Retail Audit?
A retail audit is performed by brand representatives or retail store employees to collect data about the health of a brand’s products. It can help brands analyze the shopper’s experience with their products in-store and identify the areas of improvement needed.
Retail auditors will walk around the store to make sure products are visible, customers can be easily directed to the product they want, the helpfulness of store employees, and the stock levels of products.
Retail auditors will also look at in-store visibility, compliance measures, and channel management.
How Can a Retail Audit Help You Succeed?
A retail audit can provide many insights about daily operations that are important for brands to know.
Adequate inventory levels
The cost of holding excess inventory can be an additional 25-32%. Bad inventory management, whether it’s too much or too little stock, can impact your cash flow, affect your holding costs, create inefficiencies in shelf and storage space, and result in inefficient replenishments.
Detect inefficiencies in customer service
Are store employees providing helpful customer service? Are the questions and concerns of customers answered adequately? 73% of customers stay loyal to brands that provide friendly customer service. Retail audits will determine if additional training is required to ensure that your staff has all the resources needed to meet customer expectations.
Improve shelving and in-store displays
The signage and in-store displays determine the first impression of your store and whether customers want to make a purchase.
You want to make sure customers can easily be self-directed to their desired aisle and find the product they want on the shelf.
At Storesupport, we can help you perform a thorough retail audit. Our team of experts of the industry knowledge to collect the data you need to help you correct missed opportunities and optimize inefficiencies.
Learn more about how you can leverage Storesupport by calling 1-877-421-5081 or visiting www.storesupport.ca.« Back to Blog