Retail audit involves the measurement of market via retail sales. Retail audit interviewers perform regular visits to points of sales to collect information on retail purchases, retail selling prices, stock, distribution, and customer’s opinion.
A retail audit generally measures what brands are sold and their quantity sold in a certain period providing very accurate information on broad market shares, market sizes and sales trends. There are different types of retail audits to specify the data collected. For example companies often organize retail audits to provide a comparative look at the sales of competitors.
Aggregating retail data and analyzing trends companies get total market estimates and can develop marketing strategies based on actual information. The power of retail audit data lies in the coverage of stock and distribution so the more points of sales are covered with retail audits the more reliable overall picture of retail conditions you can get.
Companies put much effort and spend money routinely performing retail audits. But their efforts often break down in practice with multiple locations to audit and significant amount of retail data to be analyzed. To reduce chances of bias or unprofessional approach to auditing companies often use the services of third-party organizations (advertising, marketing, consulting and BTL agencies) to organize retail-auditing process. The disadvantages of this option are the costs, poor cooperation between managers, loosing part of retail audit data, fraudulent reports, big time gaps between a store visit and appropriate company's actions.
Today due to the new mobile technologies field reps empowered with a retail audit software solution are able to perform retail audits using just their tablets and smartphones with no need to visit the office to report the results. All the data collected at stores is automatically synced with corporate database and is instantly available for building analytic reports. The new way of retail audits organization provides faster data workflow and reduces time for decision-making, improving the bottom-line.
It has always been considered that setting up a retail audit is expensive and requires significant efforts. Due to retail audit software you can set up an automated retail audit in less than an hour, and analyze all the information from points of sale live, as soon as your field reps collect it. Today the option of in-house retail audits organization is more affordable than ever: the price on a retail audit software solution starts from $24 per user/month. Moreover a company can get your retail audit software completely free to start retail audit automation free of charge at no risk.
To learn more about retail audit management or how to organize a retail audit using a retail audit software solution visit www.visitbasis.com.