Due to the fluctuating market, conducting retail audits has become necessary. With online retail gaining more traction, brick-and-mortar retailers are giving up the competitive advantage to e-retailers by rectifying their pain points through audits.
Retail Audits & Maintenance Services
Comprehensive store audit: There are always opportunities for improvement. Our audit techniques - Mystery Shopping, Heatmaps, surveys, etc. Engaging customers and educating them.
Calculate and rectify: The audit examines and calculates all 'spends' made in marketing, promotion, or advertising. We calculate the ROI and correct the spending based on share.
Placement opportunities: We conduct audits to determine the performance of stores and help them perform better.
Suggestives: After tracking different retail measurement tools, we can identify potential opportunities. These include store demographics, in-store hotspots, average store purchase value, number per purchase and store strolling.
AUDITS AND MAINTENANCE
In a world full of competition, we add one more step of success to the equation - Design, Build, Innovate, and AUDIT.
Many don’t provide retail audit services and retail measurement reports at one-stop in the market but D’Art Design does. Because we understand that there is always room for improvement in every industry and we do it through our comprehensive store audit techniques - Mystery Shopping, Heatmaps, etc. As a retail audit agency, we feature benefits of auditing from our two cores -
● Visible - Here we evaluate, How visible a brand is? Is the branding placed correctly? Communication is the most important factor in engaging consumers and educating them about the brand/product/service. Our audit of this type looks and calculates at all the ‘spends’ burned either at marketing, promotions, or advertising. Share by share we calculate and rectify the spending that generates the best ROI. Moreover, the placement of branding is also important for better conversions, we look into minute details post-placing branding effectively for better visibility by retail branding audit.
● MBO/EBO - Configuring the placement opportunities MBOs and EBOs offer at different geographics and among different demographics, we conduct audits to map out the store performance and enable them to perform better through our suggestive strategies.
MEASUREMENT REPORT
After auditing, retail insights collected from the same play a role in making retail measurement reports (nutshelled in retail maintenance management). Implementation of KPIs (Key Performance Indicators) is graphed accordingly via store performance and retail intelligence. Also, the checklist filled by our audit specialist’s on-field audits report the Retail KPI’s:
● Sales per sq. Ft
● Gross Margins (GM) ROI
● Average transaction value
● Retail conversion rate
● Customer analysis
● Foot traffic and digital traffic
● Inventory turnover
Suggestive branding opportunities are provided after tracking through different retail measurement tools: In-store hot spots, store demographics, average purchase value, number of items per purchase, and store strolling (by customers).
Therefore, an audit company with experience in providing retail store audit services should be hired to map out ‘leaky-buckets’ that are present either in store design or retail store layout.
Frequently Asked Questions
In-store audits: how can they improve the in-store experience?
Getting retail analytics and insights to create tailored and minute treatments for the store helps brands understand their shoppers, from their stroll behavior to their frustration levels during payouts.
How data obtained by a retail audit company is used?
Not for sinful acts. But to understand the consumer's psyche, to know the way they search for brands/products, and to solve in-store problems, operational challenges, and brand compliance issues.
How do retail audits benefit consumers?
Here are the advantages consumers can have from store audit services – • Availability of specific brands from different manufacturers. • A comparison of the differences between products • A look at the quality of existing commodity provisioning and possible improvements
How does retail and branding auditing helps beat the competition?
Through the mystery and scheduled audits, brands gather information regarding their branding and positioning issues. They look for the opportunity to place their product/service to take a step ahead of the competition.
© Copyright 2020 D'art Pvt Ltd - All right reserved