Measuring your brand performance in-store can often feel like you’re trying to hit a moving target. This is where retail auditing comes in.
Retail auditing involves collecting in-store data to measure the effectiveness of a store’s retail execution. These insights can be collected by retailers in-house or by third-party research firms or solutions providers.
Why should you measure store performance?
It can be quite time-consuming to gather insights into your retail performance. How can you know if what you’re doing is working if you don’t take the time to measure it?
Retail auditing enables you to track a large variety of relevant metrics, helping retailers to make data-driven decisions and to maximise ROI investments and sales.
What should you be measuring?
Focus on the metrics that matter most to your business. Here are some to consider:
- Stock levels
- Share of shelf
- Adjacencies
- Prices and promotions
- POS materials execution
All of these, and more, are possible to measure with the right retail auditing tool. The key is to customise your retail audit to fit the needs of your business.
Do you need on-the-ground execution data to support sales trends at store level? Do you want to measure the effectiveness of promotion execution on your performance during a key selling period? Or do you wonder what share of visibility your key competitors allocate to each category, manufacturer, brand, or promo mechanism on off-location displays?
An effective retail audit can provide you with the data you need.
That said, conducting these audits might sound time-consuming, and the data might be expensive to collect. An effective way to gather unbiased insights at scale is to use the power of crowdsourcing. Capitalise on shoppers’ daily shopping visits to report on a wide range of intel from the stores.
How crowdsourced auditing can help your business
Get access to instant visibility on your in-store execution in any channel, in both metro and regional areas, by using a crowdsourcing solution like Wiser Solutions’ Snooper App.
This solution allows you to leverage real-time data of your execution to reallocate your resources more effectively or to identify growth potential across your stores.
You’ll never have to wonder how promotional displays are performing or how inventory levels look on the shelf. The best part? Crowdsourced auditing is also often more cost-effective to implement than deploying an internal dedicated team of employees to collect the data.
With Wiser Solutions, your business gains instant in-store visibility at scale, allowing you to find hidden opportunities and optimise stores. It’s as simple as three easy steps:
- Data Collection: Wiser deploys thousands of crowdsourced independent shoppers to collect images of your execution in-store based on a detailed briefing and instructions from you, via its Snooper App.
- Digitisation: Wiser processes, verifies, and analyses the images to generate detailed KPIs at a store level.
- Reporting: Wiser provides you with actionable insights in real-time via a dedicated customisable online dashboard.
Don’t be reactive, be proactive. With crowdsourced auditing, your business can identify issues and fix them before they start to impact your sales.
Visit Wiser.com today to get started.