The Role of Retail Audits in Retail Management
Learn more about retail audits, their importance to retail management, and the best ways to conduct your own.
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Learn more about retail audits, their importance to retail management, and the best ways to conduct your own.
A retail audit is a formal, systematic inspection of the various aspects of a retail business. This includes analyzing store operations, ensuring product displays are cohesive, managing inventory supplies, providing quality customer service, and sustaining overall compliance with company standards.
Conducting audits is an essential part of managing a business and overall retail management. Primarily, retail audits help measure the performance of a business but can also be used to document sales trends and competition status. With a retail audit, you can also better identify the purchase rates of certain products, the status of your inventory and supplies, store maintenance processes, and what else you can do to improve customer experience.
Using a retail audit also ensures your service and business operations are in line with your company’s set standards. This includes staying compliant with safety regulations, labor laws, schedules, and organizational needs.
Retail audits are often a study in themselves, which also makes them essential when conducting market research tasks. With the right retail auditing program and systems in place, you can collect data from the ground up efficiently, leading to business growth and development.
Retail audits encompass many different business needs, but they can also come in different types for different specific uses. Some of the most common types of retail audits used today are:
Daily store opening and closing audits
Merchandising audits
Inspection audits for store and employee performance
Performance audits for both employees and managers
Customer experience and journey audits
Marketing campaign audits
Competitor analysis audits
Mystery shopping audits
To fully gain the benefits of retail audits, it is necessary to do them right and effectively in a way that suits your needs. Some of the best ways to perform a retail audit include:
Setting clear objectives for your retail audits
Training auditing teams on proper procedures and key factors to look out for
Using modern technology, such as auditing software, to manage retail audits
Creating and managing a retail audit checklist to use every audit to streamline your processes
A retail audit is not something you only perform once, or a few times a year. It has to be done regularly to ensure all changes and gaps in performance are identified immediately and addressed just as quickly. For this, it would be best to use auditing software such as Mitti (by SafetyCulture) to help you manage a retail audit checklist and improve your operations as a whole.
Mitti (by SafetyCulture) is a mobile-ready inspection and auditing tool that aims to streamline all your retail audit and operational processes anytime and anywhere. Through Mitti (by SafetyCulture)’s templated retail audit checklist forms from the Public Library, you can ensure all your store and business audit documents are easily accessible from any device, all while being shareable across different employees and teams. You can also use the platform’s smart form builders to create your own retail audit checklist from scratch. All files will then be stored in the cloud with different access controls should you need them for privacy.
You can also do the following with Mitti (by SafetyCulture):
Schedule retail audit procedures and inspections
Report issues in your auditing and create corrective actions for them
Communicate with your staff by raising a Heads Up
Train your employees on the proper auditing procedures and standards to comply with
Share your retail audit checklist forms and reports in PDF, Word, Excel, and Weblink formats
