All In One Retail Data Audit

Competition is all-around, to be one among million your Hard work and innovation matters. Alongside this the smart work also pays. To be competitive with others you need to have an epic retail strategy. To have a good retail strategy you must use the audit reports. This helps you in managing your stuff, good management can help you to grow your business. A retail audit is thus very important. As it provides you some insight so that you can see where your business is going. Thus in this blog, we will discuss every point that will be beneficial for your store and makes it easy in decision making.

• We will discuss the retail audit, it’s importance, types, merchandise reports, surveys, promotional reports, steps involved in the audit process, types of data, advantages of retail audit software. Thus all in one we will be discussing.

So here we go …. !!!

• First, we will talk about the retail audit, so it is the study of selective retail outlets. These are done by the retail store employees to check the health of a product. The employee gathers the following types of data.
• Amount of the products present, how much sale is being done, the level of promotion of the store at different levels, what’s going on in the competitive market, data regarding the price, data about the products that are damaged, and the location of products in-store or in the back store.

Importance of doing audit:-

• The importance of the retail data lies in the fact that it provides you the insight reports. This report will help the supplier to take notice of how much stock is available and how much stock is in the back store. What amount is damaged and all that info. Alongside this, the supplier also gets to know about how much of their product is being sold in the market.
• Also, another important feature of the retail audit is that it shows the right direction. That your business is going what way. Is there more sales or less, profit or less profit. Comparing results can guide you on which way to go and what decision to take.

Types of retail audits:-

• As retail data is so important, therefore it is right to divide it into types so that there should be more accuracy in collecting data. If data is collected accurately there are more chances of having a precise decision taken by seeing the data. If data is not well collected then there would be a flaw in decision making. Thus the following are some types.

Retail market questionnaire:-

• Being an owner, I must be aware of where my products are being placed and where they are being designed in the shop. Are they in the first place or at the corners. What amount is in the back store. Whether they are safe from the weather effect or not thus all this must be known as an owner. Reps might document the following:-
• Many questions arise in the mind such as what a customer feels regarding the products. How my product is imaged in the eyes of the buyer. ? Is the product in a safe hand? Where is the location of the shop? Is the store well developed or cleaned well .? Insects affect the area or not .? Is the outlook of the store appealing? All these questions matter in the retail audit. Similarly many others such as what is the number of products of the competitive brands in the store, which brand is more selling? Why are we ahead or we lack behind? How many shelves are covered by our brand?

Merchandise audit:-

Another type of retail audit is merchandise. It deals with the audit of the brand’s performance. Other factors for which merchandise audit is used are the following.

• Amount of stock
• Condition of stock
• How much shelf is empty or full
• Price
• Appearance of the store
• Shelf outlook
• Stock outlook.

The merchandise report can give you the above data.

Promotional report:-

• The offer you made on the festival or some other days. It provides you with insight reports regarding the sale during that time. It helps you to get the idea that whether your sale was good or not and the main purpose that to promote your brand is achieved or not. On following one should keep an eye by promotional report:-
• How is the promotion done? Was it successful, how much sales was done? What’s the condition of stock now? Sale outcome? Loss or profit? Did the benefit achieve or not? Are customers satisfied? Will the customer get back? Time of promotion of products? The outcome of all these will be beneficial and all this data is collected in a short time that can help you in term planning.

CONCLUSION:-

• Therefore, the retail store data audit is very important and its execution is one of the other aspects of today’s blog. So after reading the above you must have a large amount of data regarding the retail data it’s the importance and many others.