The changing face of the marketplace has led to an increasing number of retailers utilising retail audits in order to be able to respond more urgently to emerging sales trends. The ability to be able to make key marketing decisions quickly and effectively is one of the determining factors in achieving a strong sales performance. 

Traditionally, audits within the retail industry have tended to concentrate on inventory. Now however, a full retail audit involves the inclusion of a much wider range of important data. Sales figures (both nationally and on an individual store level), POS compliance and the physical aspects of a store are just some of the areas which a full audit will cover.

For stores which have not yet undergone a detailed audit, there could well be some surprising facts waiting to be unearthed. 

POS Wastage 

Many multi-site retailers may be surprised to learn just how much money is wasted each year when it comes to point-of-sale materials. Without knowing the exact details of each individual store’s layout, it is impossible to predict precisely the quantities of POS required or carry out effective retail campaign monitoring. The subsequent reduction in POS wastage and, even more significantly, an end to aborted installations could save retail organisations a sizeable amount of money every year.

Out-of-Date Fixtures and Fittings

By capturing the physical details of individual stores in an estate, a much clearer picture of exactly what fixtures and fittings are available will emerge. The results could well have the capacity to shock. After all, it is not until everything is listed in detail in black and white that the true situation is revealed. It does not just have to be about the physical condition of fixtures and fittings. It may simply be a matter of the available racking and gondolas not being suited to the new POS material that a retailer is looking to implement.

Marketing decisions can be made a lot easier with the aid of the detailed store data provided by extensive retail audits. 

Localised Sales Trends 

With the detailed analysis of sales performance on a store-by-store basis, it is quite feasible that some hitherto unseen trends may be unearthed. Whilst major differences in product sales between regions are easily spotted, more subtle localised trends may only be uncovered by a detailed retail audit. By reacting to the trends accordingly, a multi-site retailer could add significantly to their bottom-line profits.

Retailers who take full advantage of the many benefits provided by a retail audit are in a much better position to be able to keep pace with the fast-moving juggernaut that is modern-day retail. Those who resist implementing these kinds of audits could be in danger of being left behind.