This is part two of a four-part series covering tips and tricks for conducting a retail audit for your business.
There are over 7.6 billion people in the world in over 195 countries covering 24 time zones. Research from the UN suggests that 1 in 5 people live in a city of one million or more, and those numbers are expected to grow in time.
Global changes including technology and the growth of the middle class are spurring changes in the retail environment in many emerging economies. These factors, among others, mean that cities are constantly changing as are the businesses within them. Keeping a handle on the changes in every marketplace is a cumbersome task, but can be critical for expanding market share and growing revenue for your business.
A retail audit is one of the best ways to understand your goods in the market. Retail audits collect information for suppliers about the health of a brand’s products at targeted retail outlets. Taking an agile approach to retail audits ensures your dollar is going further.
The first step of any retail audit in an emerging market should be to verify the location of where your products are being sold. It is critical to ensure that locations are harmonized and there are no duplicates in the data set so you have a list of “known locations” to utilize. This may seem redundant when you have a list of businesses that are selling your product in a city, but in our work with clients globally we have found that everything isn’t always where it’s supposed to be located.
If you don’t have a list of locations where your product is being sold or the list you have is outdated or inaccurate then the next step is to locate those establishments. To ensure that your retail audit is as comprehensive as possible and you have a complete picture of your product on the ground it is crucial to verify this information. You should collect location names and photos of the exterior, as well as geographic information like GPS markers or coordinates.
For many businesses getting access to ground-level data can be extremely difficult because of a lack of internal resources. Gathering this information can be time-consuming but with advances in technology quicker and more reliable solutions are available. Crowdsourcing local people to gather data can help fill information gaps for organizations quickly and confidently.
To learn more about how Premise can help you crowdsource retail audit data, or to learn about our other solutions contact firstname.lastname@example.org.