18th Jan, 2022
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- Retail audit captures business-critical store data and analyses it to identify and dissect growth barriers
- Manual reporting and offline audit recordings are key challenges leading to inaccuracies in audit data
- Tech-enabled and automated retail solutions enable real-time data capturing, geo tagging, and creation of dynamic reports
In a rapidly changing trade environment, it is imperative for retailers to design and adopt a fail-safe retail execution strategy. Conducting end-to-end retail audit programs is the best way for retailers to capture critical field data that affects stores’ health and revenue. Analysing longitudinal data captured by auditors and merchandisers, store managers, and promoters can identify key KPIs that work and that don’t. They can make more informed decisions and adjustments to their day-to-day operations based on operational data obtained through a retail audit.
However, big retail brands often falter while building a thorough and relevant audit plan. Manual processes, inefficient data collection, and documentation, self-assessment checks are a few challenges that leading OEM brands face. Hence a robust retail audit program becomes extremely important to collect on-ground store data and dissect any barriers to growth.
Challenges faced by leading OEM brandsÂ
Retailers need an integrated data analytics engine to measure, quantify, and audit in-store operations along with sales data integration to maximize brand awareness and sales. However, the biggest concern even with global retail brands is the prevalence of offline auditing. Lack of an online software solution for retail audit recordings and reporting leads to data inaccuracies. The manual process of auditing is inefficient, time-consuming, and puts a lot of stress on human and financial resources. In the absence of technology-enabled retail audit solutions, leading OEM retailers face the following set of challenges with respect to their activity execution:
- Manual reporting and offline audit recordings causing inaccuracies in retail audit data
- No real-time visibility on the progress and results of the auditor’s executed activities
- Delayed reporting of data from field force to the decision-makers leading to delayed decisions
- Lack of real-time tracking of store visits and audits
- Manual validation of on-ground retail audit data
Implementing technology-led retail audit and execution processÂ
Adopting tech-enabled, automated audit processes becomes critical to assess the present market challenges and their implications on retail businesses. A unified retail audit software solution equips field sales force and promoters to work on shared mobile and computer devices. It allows for real-time data capturing, geo-tagging, and reporting from the field sales force to decision-makers. Additionally, virtual retail audit gives the flexibility to identify gaps in the operations through centralized software for maximizing store visibility and compliance.
Embracing a 360-degree retail audit and execution strategy, a leading OEM brand overcame the challenges of traditional auditing and compliance mechanisms. The company effected a wide range of audit processes, including mystery audits, retail analytics, smart web auditor, and more for optimum results.
Read about complete program execution here:
A leading handset manufacturer successfully coordinated store audits with real-time data tracking and validation using automated audit software. It harnessed the full potential of a technology-led retail execution system to achieve the following results:
- Coordinated store allocations for planned visits
- Effected mystery shopping for CE market sensing checks
- Improved efficiency in capturing mystery audit information with highly customizable forms
- Achieved real-time tracking of store visits, audit recordings, and data validation with mobile dashboards for auditors
- Validation of on-ground audit results and approval/rejection of visits with customizable web-auditor
- Dynamic and customized report creation for a consolidated data view through automated retail audit software
Using the abovementioned technology solutions, the company was able to achieve 3 times faster closure on activity execution. It also achieved seamless business continuity and real-time reporting through mobile software. Furthermore, the company saved 30% of its time on final client reporting due to eliminating manual collation of data.
Get a complete understanding of Denave’s automated retail execution solutions and how it equipped leading retail brands to achieve faster activity execution across 1200 stores, covering 130 cities in India.Â Click hereÂ to read the full case study.Â
Under a transformed retail landscape, detailed store audits are crucial to increase store productivity, operational effectiveness, and reporting capabilities. A customizable and dynamic web-based auditor allows field sales force, store promoters, and decision-makers to track audit data real-time. Wielding the potential of tech-based platform, businesses can derive actionable market intelligence to course-correct their strategies and operations. Additionally, accurate information about SKUs, products, competition, etc., helps retailers identify and eliminate the barriers to growth.
Unlock deeper insights about the technology trends and progressive retail solutions that will redefine retail businesses for maximum success in the future. Download the detailed report on modern retail and learn how to adapt the in-store operations to the new normal.Â Click hereÂ to download the report now!Â