Retail audits are studies about the health of the brand’s products. Sales volume, Stock levels (shelf and back stock), Descriptions of in-store displays and promotional materials, Competitor activity, Planogram compliance (shelf location, number of facings present, number of SKUs present, missing/inaccurate shelf tags), Pricing, in-store location of products, Product damage. It is done either by brand owners or management of retailers.
How Lima can help you
Lima can help to Retail Mapping, Display Audit Availability, Tracking, Stock Audit, In-store promotion, Point of purchase (POP) promotion. Lima follows separate set of procedure for retail audit conducted for brand owners and retailers.
Lima developed a system and protocol for different retail audit. As part of retail audit for brand owner, we doing brand audit. The retail audits are doing based on the pre fixed Key performance Indicators (KPI) developed for different cases depend on utility and purpose.
The retail audit report will serve as a guideline to correct and improve the business operation.
Lima strength and experience
Lima has vast experience in retail audit. We done the following audits for brand owners: Display audit, visibility audit, in store promotion audit and point of purchase promotion audit, shelf rent audit, competition analysis audit, scheme promotion audit and availability audit.
For retailers the following audit exercises are done: stock turnover audit, Availability audit, shelf value audit, stock audit and tracking audit.
The retail audit report work not only as a fact finding report but also a guidance to improve the functions and operations of the business.
Lima Approach
The retail audits are normally for specific purposes. Lima takes a holistic approach by taking into account the value of brand, its market demand and influence in customers. The positioning of brand will be a major factor.
The fact-findings are the normal purpose of a retail audit. Lima retails audit will provide you apart from fact-finding report, the potentials and opportunities, it will help business to go for a proper decision.
The method and techniques and procedures are developed by Lima for each type of retail audit.
In addition to cost specific purposes we will value cost benefit analysis.
Special Features
Observation data, activity data, stock data, stock movement data and sales data are used for retail audit. Lima provides weightage to each type of data and allots maximum weightage to observation data. Lima retail audit can help you evaluate the effectiveness of your overall retail execution strategy. The report will be helpful to track staff members to see if they are doing everything they can to maximize profits, or if they need help in certain areas like customer service.