Although it has always been a vital factor in the successful running of a retail organisation, the importance of the retail audit has grown still further in recent years. The modern-day retailer needs to be able to respond to changes in the marketplace almost instantaneously or face the prospect of being left behind by the competition. In what is now very much a multi-channel retail environment, consumers have the luxury of choice as to where to conduct their shopping.
Traditional high street retailers find themselves having to pull out all the stops in the ongoing battle with online outlets and, in order to do this successfully, they require access to detailed analytics.
The best way of sourcing this information is through retail audits.
An effective retail audit is about much more than recording current stock levels. Full audits take into account a whole host of other factors. To truly be successful in today’s ultra-competitive retail marketplace, multi-site retail organisations need detailed information about each of their units on an individual basis. In addition to stock levels and sales data, this means detailing the physical aspects of each store, from shop floor size and ceiling height to the number of electrical points and their exact location. While some of this information may seem superfluous at first, when it comes to conducting cost-effective merchandising campaigns which give consumers exactly what they want it suddenly becomes vital.
The manpower and organisation required to properly implement a full audit across an expansive retail estate are two reasons why many large organisations have shied away from carrying them out in the past.
However, the advent of the digital age has revolutionised the retail industry and has forced some retailers into a rethink when it comes to the benefits of a retail audit. Having been spoilt by the ease of online shopping, the standards of expectation amongst consumers have risen considerably. The vast majority of customers now expect their physical shopping experience to mirror that which is enjoyed when shopping online. They want modern-looking high street stores which feature all of the technological bells and whistles that come with online shopping.
As they realise the increased importance of a full retail audit, many retailers are now utilising the services of professional marketing solutions companies. This is undoubtedly a shrewd move on behalf of the retailers, as it negates the need to have retail auditors and other resources within their own ranks. It also ensures that a fresh outside perspective is brought to the table. The very best retail audit firms measure a range of information, from stock availability and planogram compliance to full store profiles, including detailed analysis of fixture sizes and locations.
The furious pace at which today’s retail marketplace moves means that no national high street retailer can afford to be hesitant. Marketing departments need to be able to make key decisions quickly in order to react effectively to changes in buying trends. The retail audit has now become a vital part of that decision-making process.
