Why Brands Need Store Audits This Holiday Season
It’s no secret retailers have their hands full this holiday season. Even in the best of situations, retailers have to manage many so many different brands that it can be hard to make sure every product is properly represented.
Now, add to this the current additional challenges like job vacancies, supply chain disruptions, and inventory issues. Understandably, many brands would be anxious about making this 2022 holiday shopping season a success.
Don’t worry, we can help. Brands may feel like sales are out of their hands once products reach retailers, but store audits can ensure your products are being properly represented.
Solutions for Store Audits
Brands have several tools at their disposal to gain an understanding of how they’re doing in the market.
- Store compliance
With so much discussion nowadays about retail technology, omnichannel, and digitalization, it’s easy to forget one of the core truths of retail: If your customers can’t find your product, they won’t buy it.
Moreover, customers are becoming increasingly impatient with stock unavailability. In one recent report, nearly three-quarters of customers said they’d be less loyal if they experienced product unavailability.
And even when everything is running smoothly, retailers are so busy during the holiday rush that things can be forgotten. A store compliance audit will ensure your in-store placement is correct.
- Inventory
Of course, product availability and inventory go hand-in-hand. Oftentimes, what is in the system doesn’t accurately reflect what’s actually on the floor. This can be due to shrinkage, items getting lost, or codes not scanning properly (especially when it comes to self-checkout).
Depending on the industry, lost sales value can represent 2 to 3 per cent of total sales. An inventory audit will get to the bottom of phantom inventory.
- Pricing
Is your product selling for what it should be to your customers? In one survey, over half of the customers said they’d noticed a difference between the displayed price of an item and what they paid at the register.
Inaccurate pricing can cost you short-term if you’re losing margins on transactions, and it’ll cost you long-term with customer loyalty. A pricing audit will collect the necessary data to give you an understanding of your pricing landscape.
- Staff audits
With the state of staff vacancies, it’s likely many employees aren’t getting the necessary onboarding to equip them with the relevant information about your product advantage.
Retail staff are so vital to that last mile of getting your product into customers’ hands. In fact, over 80 per cent of customers say they’ll pay more to get a better experience.
Staff audits will confirm retail employees have the right messaging for your products. And if you’re looking for a more hands-on approach, you can use mystery shopping to get in-depth feedback on how your products are being represented.
- Ecommerce Compliance
Finally, in addition to getting a handle on the state of your products in-store, you can also audit how you’re being represented online. An eCommerce compliance audit will manage your online communities, reputation, and marketing on both your owned digital assets and third-party platforms.
Drive Your Brand
Not sure where to start with store audits? That’s where we come in.
Whether you need a full-scale review or just a representative sample, Marketsupport has solutions for you. Even better, with our national field force of over 500 trained professionals, we can be where you need us to be and when.
Call 1-877-421-5081 or visit our website today to book a free consultation.
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