Monday Tutorial 11:00 by Karen Lurati https://padlet.com/karen_lurati/qyncvgqe15ug Weelk 1 1 Retail Audit en-us 2018-05-14 01:27:16 UTC 2018-05-14 01:55:12 UTC hello@padlet.com 2. Retail Auditing is considered essential for strategic planning and measurement of results. Choose one of the following parts of a retail business and discuss what elements should be audited and how.a. Stock Receiving into the storeb. Cash handling (from customer, change, POS, banking etc)c. Security procedures in a store (including theft, opening and closing store)d. Promotional Communicationse. Digital updates on Website and Social Mediaf. Customer Service and Relationship Managementg. Recruitment, Training and Performance Appraisalh. Visual Merchandisingi. Pricing, Discounts and Markdowns karen_lurati https://padlet.com/karen_lurati/qyncvgqe15ug/wish/260302231 2018-05-14 01:29:27 UTC https://padlet.com/karen_lurati/qyncvgqe15ug/wish/260302231 Auditing digital updates and promotional communication lcwil14 https://padlet.com/karen_lurati/qyncvgqe15ug/wish/260302503 Social Media: Number of followers, shares/likes, proportion of negative vs positive comments. Control of social media accounts may vary from a single sole proprietor to a department with multiple employees.

Websites: Daily/Weekly/monthly traffic (consider product type, seasonality), average time spent on website, Google Analytics data (location, ad click-through rates). Ensuring consistency between online store promotions and in-store (likely to require communication between departments - additional complexity for larger companies)

Promotional Campaigns: Effect on brand awareness and brand image (surveys), observation of sales numbers before/during/after campaign. Requires communication between marketing department and staff at store locations to maintain consistent merchandising/displays. ]]> 2018-05-14 01:31:03 UTC https://padlet.com/karen_lurati/qyncvgqe15ug/wish/260302503 security procedures in a store jngg0023 https://padlet.com/karen_lurati/qyncvgqe15ug/wish/260302925 security cameras around the store especially at the POS area and the exits.

Security alarms after closing

Get a staff to check customer's receipts if their items are not in a bag

banking in of cash and placing float in the safe]]> 2018-05-14 01:33:37 UTC https://padlet.com/karen_lurati/qyncvgqe15ug/wish/260302925 customer service and relationship management jngg0023 https://padlet.com/karen_lurati/qyncvgqe15ug/wish/260303368 Loyalty cards
- perks for consumers

Customer service chat for consumers to give feedbacks
- Get staff to accumulate all feedbacks and report it back to management.

Training for staff to notify them on how they should handle an unhappy consumer and who they should look for.


]]> 2018-05-14 01:36:56 UTC https://padlet.com/karen_lurati/qyncvgqe15ug/wish/260303368 Promotional Communications and Visual Merchandising https://padlet.com/karen_lurati/qyncvgqe15ug/wish/260303825 Promotional communications: ensuring they are not deceptive, message is clear, are messages consistent on all platforms, measuring the traffic generated from online promotional messages (click rate), are the messages consistent with the brands image
**Top management
Visual merchandising: take into account inventory before designing VM, VM should not be offensive, consistency with VM plans, product condition optimisation (ensuring products are not damaged, such as makeup stains on clothing, tearing, damaged packaging, etc), health and safety (expiry dates). Retailers generally received a visual merchandising plan which specifies what products to include, how to layout the store, and what type of aesthetic should be communicated through displays
**Top  management and individual stores]]> 2018-05-14 01:39:50 UTC https://padlet.com/karen_lurati/qyncvgqe15ug/wish/260303825 a. Stock receiving into the store: delivery time, quantity of stock received (seasonality) this can measured through websites and technology, freight costs, record stock price over time (from suppliers), OHS, correct quantities suppliedb. Cash handling (from customer, change, POS, banking): cash flow seasonality/trends, cash flow distribution (cash, digital etc), petty cash monitoring, npav2 https://padlet.com/karen_lurati/qyncvgqe15ug/wish/260303922 2018-05-14 01:40:22 UTC https://padlet.com/karen_lurati/qyncvgqe15ug/wish/260303922 Customer service and relationship management flin23 https://padlet.com/karen_lurati/qyncvgqe15ug/wish/260304592 Through different types of program to observe how customer respond to the organisation. For example, live chat online can help customers solve problems and complaint.

Using reward cards, collect data.
Understand how frequently purchase and preferences for each customer.

]]> 2018-05-14 01:44:46 UTC https://padlet.com/karen_lurati/qyncvgqe15ug/wish/260304592 Pricing, discounts and markdown jwu222 https://padlet.com/karen_lurati/qyncvgqe15ug/wish/260305056  
Small business: 
Retails should go to compare their price via their competitors whether it is competitive. If it is not, need to adjust the price. 
As for discount, audit for employee discount, loyalty customer discount, check whether it is too much for them or equivalent. 
Markdown products should be audited by whether it is exactly for some products like food that meet with expiry date or products with defect packaging and so on.

Big business:
Setting price by headquarter. Need to ask for authority before making discount or markdown. 

]]> 2018-05-14 01:47:10 UTC https://padlet.com/karen_lurati/qyncvgqe15ug/wish/260305056 Security and recruitment, training and performance appraisal https://padlet.com/karen_lurati/qyncvgqe15ug/wish/260305417 Training audit “what elements should be audited”
Points that Retail staff training should be audited contain the following:
✿ Getting a service quality audit to measure the current standard of staff in a workplace
✿ Re-Assessing the job description(s) for the specific roles needed to be trained
✿ Training needs assessment for how the training should properly occur
✿ Training development day needs such as equipment and key note speakers to properly prepare the trainees
✿ AN audit of the product, service, system and operations during this development day training to fully understand the required standard and need for the company.
Performance audit “what elements should be audited”
Points that retail performance should be audited contain the following:
✿ Social networking based audit on marketing
✿ Content performance analysis on the following:
✿ Top performing content by area
✿ Top performing content by item
✿ Top performing content by price
✿ Strength of marketing campaign
✿ Overall branding
Security 
-       Loss prevention 
-       Cash handling 
o   Cash in the float 
-       Staff 
o   Policies for loss prevention 
o   Criminal background checks on employees 
-       Monitor sales 
-       Security cameras 
-       Security alarms 
-       Safety of staff 
o   Going to bank – have multiple people 
o   Have senior people 
o   Getting to car 
§  Park in populated area 
§  Have multiple people opening and closing – policy 
o   If working late – have multiple people working 
-       Have staff training e.g. establishing regular contact 
-       Personal alarm 
-       Receiving stock 
-       Checking staff bags and lockers to make sure not stealing 
-       Cameras where lockers are
Recruitment 
o   Quality of hirers 
o   Cost of hiring 
o   Time of hiring 
o   HR team capabilities 
o   Manager 
o   Qualifications 
]]> 2018-05-14 01:49:01 UTC https://padlet.com/karen_lurati/qyncvgqe15ug/wish/260305417