Audit can be a scary word but it shouldn’t be. An audit takes a look at something you do and assesses whether it’s working, or not.
In retail, there are 3 main types of audits:
- Market Audit – typically done through a survey, this measures brand sentiment & your competition. This is helpful to understand consumer trends & if your products are well-positioned in the market place & in the store or if you need to makes some changes.
- Merchandising Audit – this is the “nitty gritty” of audits & looks at your inventory data, sees if your inventory is on the shelf where it should be, checks planogram compliance & more. This can be time-consuming & costly, which is why RMS is here to help!
- Loss Prevention Audit – this takes a look at if your loss prevention plan is working, if products are being stolen or misplaced & how to minimize this. Partner with your retailer to better understand what they do for this type of audit. Successful brands & retailers alike will perform these audits regularly. Understanding what’s really happening to your inventory will give you insight into everything from inventory management to customer preferences.
Contact us today for help!