Retail audits are about so much more than just confirming stock levels or ensuring compliance standards are met. By taking note of the results and acting accordingly, retail organisations can streamline their businesses and drive sales forward. In order to be able to thrive in today’s highly competitive and fast-paced marketplace, retailers need to have the capacity to make decisions quickly in order to react to constant changes in sales trends.
Undoubtedly, one of the most effective ways of carrying out a full retail audit is to utilise the services of a professional retail marketing company such as Momentum Instore Ltd. This is especially true of national retailers with a large number of branches within their estate. For such organisations it can be tricky and sometimes frustrating to keep track of data from individual stores — data which is vital for efficient retail campaign monitoring. By employing the services of Momentum Instore, you will benefit from the combined experience of a professional retail audit team and be safe in the knowledge that your own staff are free to do what they do best.
A well-known national travel agent recently had a full audit carried out across more than 500 of their branches located around the country.
Over the course of a week, all manner of data was recorded in individual branches, including window sizes and the number of desks and brochure racks in situ. By the end of the audit, the travel agency had all the data it needed to be much more efficient and cost-effective in terms of promotional campaigns. By knowing the exact details of each individual branch, POS wastage has been reduced drastically, and the marketing campaigns are having a greater impact overall due to improved targeting.
A similar success story was experienced by a multi-site national fashion retailer after a complete audit of the fixtures and fittings within their stores was carried out. Window sizes were measured in each branch, and wall bays and signage were counted and recorded. All of these various elements were also photographed. As with the travel agency, costs were greatly reduced after the audit, with POS wastage driven down to a minimum. Compliance targets are also now being met across the organisation’s entire retail estate.
Retail audits are vital when it comes to implementing new promotional campaigns and brand new store installations. By being aware of the size limitations of individual stores and how each should ideally be fitted out, national retail chains can save a huge amount of money by eliminating aborted installations and reducing POS wastage. A major supermarket chain now achieves an average of 20% savings on their annual in-store development costs and has improved stock availability in the process. This has led to a significant drive in sales across the board.
The advantages of scheduling a professional retail audit are numerous, and the benefits are too great to ignore. Information is key to survival in the modern retail marketplace, and retailers should be doing all they can to embrace the technology available to them.
