Retail merchandising audits are often seen as a necessary evil. They can be time-consuming, and they can be disruptive to your business’s day-to-day operations. However, there are some surprising advantages to retail merchandising audits that you may not be aware of. Here are just a few of the benefits merchandising audits can provide.
1. Improve Your Chances of passing a surprise inspection
If you’ve ever been subjected to a surprise inspection from your landlord, your insurance company, or even the fire marshal, having a recent retail audit on file can be a huge help. These audits are designed to ensure that your business is compliant with all relevant regulations, so passing an inspection should be no problem if you’ve been keeping up with your merchandising audit schedule.
2. Find unlicensed products and other compliance issues before they become a problem
Your merchandising audit is also an opportunity to find compliance issues before they become a big problem for your business. For example, if you sell products that require a license, your auditors will likely catch any unlicensed products before they cause any damage to your reputation or bottom line.
3. Get objective feedback on your store’s layout and design
If you’re considering making changes to your store’s layout or design, a retail merchanding audit can provide some valuable insights. Your auditors will take a close look at how customers flow through your store and make recommendations for improvements that can increase sales and improve the customer experience.
4. Save money by identifying opportunities for cost savings
During an audit, your auditor will take a close look at your store’s operations and make recommendations for ways to improve efficiency and reduce costs. For example, you may be able to save money on inventory management by implementing new barcoding technology or automating certain tasks.
5. Improve communication and coordination between different departments
One of the most surprising advantages of these merchandising audits is that they can help improve communication and coordination between different departments in your business. The audit process forces everyone to work together more closely and provides an opportunity to identify and address any potential problems with interdepartmental communication early on.
6. Keeping track of your records
You check your inventory through a physical count and compare it to what’s noted in your records. Although this is mainly done to keep track of stock, there are also some unexpected benefits that come from conducting one. For example, a merchandising audit can help you identify theft, errors in your inventory records, and even fraud. It can also give you a chance to assess the condition of your merchandise and make sure that it is properly displayed.
7. Understanding the buying habits of your customers
This audit can help you develop a better understanding of your customer’s buying habits. As you can see, there are many benefits to conducting a retail merchandising audit. So next time you’re considering one, remember all the advantages it can offer. And if you need help getting started, be sure to check out our merchandising audit checklist.
8. Stay updated on the latest industry practices
The retail industry is constantly changing, and it can be difficult to keep up with the latest best practices. However, when you conduct a retail merchandising audit, you can be sure that your business is following the most up-to-date industry standards.
Conclusion
As you can see, there are many potential benefits to conducting regular retail merchandising audits that go far beyond simply ensuring compliance with regulations. If you’re not already incorporating these audits into your regular business operations, now is the time to start doing so! Not only will you reap the rewards listed above, but you’ll also have peace of mind knowing that your business is running as smoothly and efficiently as possible.
