How to Conduct a Retail Audit

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In this webinar, Andrew Jeavons, President of Survey Analytics, shows you how to conduct your own retail audit.

In this webinar, Andrew Jeavons, President of Survey Analytics, shows you how to conduct your own retail audit.

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  • 1. How to Conduct a Retail Audit Andrew Jeavons, President, Survey Analytics
  • 2. Agenda• Principles of Retail Audit• Technology Demonstration• Questions & Answers
  • 3. What is a Retail Audit?• Study of a selected sample of retail outlets• May be continuous• May be discrete (limited usefulness)
  • 4. Goals • Monitor products • Products are yours or competitors • Compliance with agreed procedures and standards
  • 5. The Survey• As with any survey, it can’t be too complicated.• Quality of the data is critical. • Mystery shopping is not always best...• New data types: • Images • Video • Sound
  • 6. What Devices Will Be Used?• Connectivity - how are you getting the data back? • WiFi • Data networks• Tablets • Good screen size - may feel heavy after hours of use.... • Small vs Large tablets • Cost• Smartphones • Small screen size • Many people have them already
  • 7. • Make sure the survey fits the device! • Smartphones are not tablets.• The more concise the better - long preambles and questions are not useful.
  • 8. New Data Types•Images • Very useful to document any aspect of a retail environment • Can replace store based assessment • Images can be stored and “scored” at a later time • Objective measurement of improvements/ degradations • But: scoring and assessment can be time consuming.
  • 9. New Data Types•Video • Same properties as images. • Capture richer information than images. • Can give snapshots of customer behavior/traffic.•Sound • Acoustic environment - announcements, noise, customer comments
  • 10. Bar Codes • Can scan bar codes for resolution in real time or later • Gives definitive information about products quickly
  • 11. Possible Data• Coupons/promotions available• Merchandising and presentation• Store Condition inside/outside• Staff and training• Product availability and display• Service assessment - speed, quality
  • 12. Possible Data• Inventory• Equipment• Drive Through?• Customers• Safety Standardize!
  • 13. Store Sample • Type • Territory • Sales region • Vertical • Types of store i.e. liquor • Competitive • With you ! • Random • As the name implies - any storeIf audit is done on a continuous basis, the sample should be the same.
  • 14. Data Collection• Who collects the audit information ? • Expert - someone who understands the business space and environment. • Expensive but data quality may be higher • May have intrinsic biases • Hired help - someone hired to carry out the survey • Cheap - but quality of data may be very variable • Lack of knowledge may inhibit data quality.• Consistency • “Interviewer” effects are real. • Being inconsistent with collection methods compromises the data.
  • 15. Values• Questions can have a scores 1 - 5 for instance: • “Floors are clean” 1 being the lowest value 5 the highest• When scores for 1 - 5 scale questions are summed set a percentage score for “pass/fail” audit. • 80% + usually.• Yes/No questions • Set a level for how many are “failed”
  • 16. Reporting and Analytics• Audiences • Store/Regional Managers • Segmentation/ Aggregation of stores/scores • Execs • Overall reporting, with segmentation
  • 17. DemonstrationTablet Technology Scoring Reporting
  • 18. Thank You! Andrew Jeavons President Survey Analyticsandrew.jeavons@surveyanalytics.com surveyanalytics.com surveypocket.com secondprism.com