Retail Field Audit involves an Audit Expert visiting the Retail Outlet or Store to conduct a first-hand assessment of the various aspects of retail merchandising, field marketing, promotional activities and sales. The overall productiveness and drawbacks of your current retail strategy can be determined with the help of a well-planned and meticulously conducted audit. While many retail companies have their in-house auditing, relying on a specialized, external team of professional auditors is highly recommended for unbiased feedback and transparency. Furthermore, cutting-edge technology, like an efficient field data collection app, is the best way for retailers to enhance their market positioning and overtake competitors.
Let us discuss the top 5 benefits of conducting regular field audit.
1. Provides first-hand data about Store Operations and Compliance
For the top company management stationed at headquarters, it is not physically possible to keep a tab on a retail outlet’s day-to-day operations located in a far off location. While store employees send their daily reports, conducting regular audits using a reliable field data collection app provides an excellent means to cross-check the reports and ensure that the store operations comply with company policies.
2. Identify loopholes and helps in resolving issues.
An external auditing agency scrutinizes various aspects of store functioning, such as field marketing audit to adjudge customer satisfaction, checking on merchandising performance in terms of display, inventory, product quality etc. It examines the implementation of ongoing offers seasonal sales strategies. A professional field audit gives you best insights on how your store can perform better by identifying and resolving the issues in the hole.
3. Provides a strong foundation for implementing new SOPs
As retail dynamics evolve from time to time, introducing new standard operating procedures (SOPs) is a must for all retail stores to enhance performance and stay ahead of competitors. With the help of the multi-faceted data and insights generated by a sound field data collection app, it becomes a lot easier to chart the course of implementing new SOPs. Also, one understands the key training points and areas that need to be taken up with the staff for better motivation and efficiency.
4. Improves Merchandising Compliance at Store Level
It becomes difficult for big retail chains with multiple outlets to track the adherence to merchandising SOPs and best practices by each store. Relying on an external auditing team for field marketing audit and merchandising audit will give you timely information on any possible discrepancies.
5. Helps in Framing Better Marketing Strategies
With the detailed data and reports acquired from regular retail audits, the top management gains better insights into their target customer base’s requirements. This helps in framing better marketing strategies aligned with customer needs and boosts sales.
In the highly competitive and fast-evolving retail industry, the only way a retail brand can grow and succeed is by conducting detailed and timely audits, resolving issues based on the data, and creating new operating guidelines and marketing strategies accordingly.