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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.
What are the major compliances to be abided by retailers?
The major compliances retailers are required to abide by includes critical mandates at the union, state, and municipal levels. On average, the retail store usually faces a total of 490 compliances.
However, the compliances are further classified. The compliances includes obligations pertaining to audits and accounts, certifications and Licensing, display requirements, employee safety and welfare, examination, inspection and testing, registers and records, return filing, disclosures, and intimations as well as statutory payments.
What is the primary purpose of conducting a retail audit?
The primary objective behind conducting a retail audit is to assess the risks for damages on various fronts and implement counter-strategies for mitigation of risk and losses. Specifically, the purpose is to assess and enhance business performance and operational efficiency and ensure adherence to crucial industry compliances, norms, and standards. Besides key insights, data, and metrics on business functioning, the comprehensive audit facilitates the understanding of the probability of impact of natural disasters and scenarios that could inflict significant damage to the structure.
As part of the necessary risk assessment, the audit helps in making retail places more climate-adaptive and ensures robust preparedness for emergency situations. Apart from the concentration on structure, design, and interiors, the Audit helps acquire actionable intelligence pertaining to store performance and intersections, merchandising, in-store hotspots, store demographics, average purchase value, number of items per purchase, and customer walk-in rate.
How can technology be used for effective retail audits?
The use of advanced tech-driven solutions not only helps secure accurate data through analytics but also streamlines the process of gaining real-time insights crucial to conducting retail audits strategically.
What key performance indicators should be monitored during a retail audit?
Some of the most important KPIs monitored during the audit includes sales per sq ft, gross margins, ROI, inventory turnover, average transaction value, rate of customer satisfaction, retail conversion rate, customer analysis, footfall, and merchandising methodologies.
Besides the focus on critical metrics, some of the other crucial aspects that should be considered during the Audit are branding analysis, marketing communications, spending on promotions, and advertising to enhance store performance and incorporate innovative approaches. As part of the rigorous audit, the retail measurement reports provides retailers with a great scope to rectify and redefine store performance strategies.
How does a timely retail audit helps identify challenges and complexities?
Rigorous and timely retail audits helps in strengthening frameworks and strategies that could enhance business efficiency. The understanding of critical challenges, obstacles, and complexities affecting business efficiency helps steer growth in the right direction further resulting in improved ROI and customer experience.
In what ways do retail maintenance services contribute to the overall customer experience?
Retail maintenance services are extremely crucial to elevating customer experience quite significantly as addressing complexities and gaps in delightful customer experience could be identified and addressed appropriately which further ensures heightened customer satisfaction and loyalty.
What role does compliance play in retail audits?
Most importantly, the retail audit plays a crucial role in ensuring compliance with health, safety, security, and environmental standards. Being a core aspect of retail audits, compliance refers to adherence to company policies and industry regulations. Ensuring absolute compliance with rules, regulations, norms, and standards helps businesses progress in the right way in accordance with the established protocols.
How can retailers use audit findings to make data-driven decisions for business improvement?
The findings and data secured through rigorous audits help retail heads in decision-making and facilitate rectifications of inefficiencies and identification of opportunities. This paves the way for precise, data-driven decision-making in the pursuit of business excellence. The identification of expenditures and losses incurred provides a great scope for enhancing business operations and ensuring smooth process efficiency.
How can a retail audit help in identifying and mitigating risks related to security and loss prevention?
A well-executed retail audit tends to be a promising practice in identifying the probabilities and risks for damages and formulating effective strategies for loss prevention or mitigation. The audit facilitates the implementation of contingency measures.
What technological advancements are influencing the evolution of retail audit and maintenance services?
The transformative landscape of retail audits is driven by breakthrough innovations with respect to IoT sensors, RFID technology, and artificial intelligence. The advancement of technologies not only helps secure accurate real-time data but also helps in being precise and automate maintenance services.
