As the retail market continues to grow around the world due to increased income, awareness, accessibility and lifestyle changes, it is important that businesses develop tailored strategies for their markets. It is critical to understand the unique challenges every market poses as a result of different economic, political and cultural environments.

Unfortunately, most brands lack an adequate data source and instead rely on information delivered from unreliable, third party companies that fail to provide actionable insights and data verification. In order for your business to increase revenue, profit share and market share, accurate data about on-the-ground conditions is critical to understand the true barriers to growth and create effective strategies that address these barriers.

Retail audits help brands measure and monitor retail success by analyzing the shopper’s experience with a company’s products in-store. Using a retail audit, they can identify the time it takes to find their products on shelf, the helpfulness of store employees, the scarcity or abundance of stock and more.

The benefits of conducting retail audits are twofold. On the one hand, they serve as a tool for suppliers to ensure that retailers are complying with pre-established agreements on product placement, pricing, and promotion. On the other hand, they allow brands to accurately measure their success in the retail environment.

Equally advantageous is the priceless commodity of data that audits provide. By taking the steps to aggregate quality data from various retail locations over time and comparing results, managers can make actionable decisions that reduce inefficiencies and ultimately drive sales.