In the 21st century, among the biggest challenges for modern-day retailers is discovering new and better ways to quickly increase retail efficiency, cut down on unnecessary costs, and just continuously perform simple and mobile retail audits in a manner that ensures that profitability remains the top objective and priority for your business.
If what you want to do is get ahead of the competition by squeezing the most out of your budget while ensuring the greatest return on investment, then it doesn’t just do well to listen to the advice of others, and implement what has been tried and true – you need to innovate, test and discover new ways to target your audience, sell your products, and reach the most customers.
Doing so blindly, however, is not an option – especially when you have limited resources and customer trust to begin with. That’s where a retail audit, as per the Business Dictionary’s definition of effective data gathering, comes into play, and a sophisticated retail audit app quickly comes into its apparent usefulness.
How Mobile Retail Audits Can Change Your Business
Retail execution solutions such as 360 Field Reporting’s FReD tool gives both fledgling startups and experienced veterans in the world of retail the opportunity to utilize one of the newer and more significantly large conventions in the world of business management for their company’s growth and continued success: namely, big data.
Big data can be a confusing term, but as per Tech Target, it can quickly be described as the philosophy of mass collecting data for analytical use.
However, like so many extremely useful techniques, big data too can be horribly butchered, and go from an industry revelation and evolution of technological business capabilities, to becoming a massive sink for money, time and man hours, wasting countless resources while producing very little in actual return on investment.
The solution? Understanding how big data can help your retail business, by understanding that before you even begin mass-collecting information, you have to know what questions to ask, and how to act upon them. That is where simple mobile retail execution software comes into handy, by allowing you to complete a diverse list of tasks including mobile surveys, which possess immense potential as a way of probing your customers for useful information, such as preferences and suggested changes in customer experience.
Simply collecting a bunch of data and then sifting through it to see what is useful and what isn’t is a horrible waste of time. Big data requires big infrastructure, and as most businesses don’t possess this, they have to rely on cloud-based solutions such as FReD by 360 Field Reporting to do the computing for them. To avoid wasting time on useless data, auditing tools need to stick to pursuing the collection of strictly relevant information, including info on customer patterns and behavior as per Marketing 91, and inventory statistics, to determine exactly what the flow of demand looks like in order to optimize your supply.
Finally, frequency matters. Circumstances change, and as do customer behaviors. To avoid losing profitability, it’s important to perform not just effective, but regular retail audits.