People are always going to go shopping. A lot of our effort is just: ‘How do we make the retail experience a great one?’ ~ Philip Green
Retailing in India has grown by leaps and bounds in the recent past. As per an estimate, retail industry accounts for about 10% of the GDP and 8% of the employment. Owing to the entry of many new players in the field, the industry has made further strides. And, this has catapulted India’s position to a significant third slot among emerging nations, right behind China and Brazil.
This growth story has in part been made possible due to the entry of ecommerce companies. But it has also been found that though many companies are into ecommerce, the preference for physical stores are also growing. Though there have been speculations regarding the future of brick-and-mortar retailers vis-à-vis the ecommerce ones, the same seems to have been put to rest. The New Indian Express reports that the Department of Industrial Policy and Promotion has clearly outlined that Foreign Direct Investments (FDI) is allowed only in such cases where the ecommerce portals follow the market place model. This means that the platform is only a conduit and not the owner of the inventory. Thus, the speculation of ecommerce replacing the physical store is more-or-less laid to rest. Now, what does this mean? Simple. Physical stores are indispensable for retailing in India. This also means that there are many aspects that the retailers must consider while maintaining a retail physical store. This is where the concept of Auditing comes in.
Retail audit is carried out by experts to study the effectiveness, sales trend, sales volume etc. of a brand or product. It is supposed to be carried out in real time to measure the productivity of the retail unit and suggest corrective steps. It must be noted here that in an unorganised retail sector like that of India’s there are real challenges and therefore the need for Retail Operational Audit is indispensable. Some of the key aspects in retail that need auditing are:
These are some of the areas that require Operational Audit in Retailing. This helps the retailers or brand owners to understand their potential customers and increase the volume of sales. The above 7 points are the major points on which the retailers can improvise which will go a long way in creating retails spaces that are outstanding.
Activation BTL Activations display and engagement Event Production & Management Fabrication managed sales teams Merchandising Point of sales display Pop-up Stores POSM In-store maintenance retail assets retail identity design Shopper Marketing Signage solutions smart POSM visual merchandising strategy Window Dressing