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May 10, 2023
Universe Census and Its Importance in Retail Audit

In the retail industry, market research and analysis play a crucial role in the success of a business. To achieve that, companies need to have accurate and reliable data on the market, which includes the number of outlets, their locations, and other relevant information. This is where the Universe Census comes in. In this article,...

In the retail industry, market research and analysis play a crucial role in the success of a business. To achieve that, companies need to have accurate and reliable data on the market, which includes the number of outlets, their locations, and other relevant information. This is where the Universe Census comes in. In this article, we will discuss the importance of the Universe Census for Retail Audit and how SMRC can help in conducting it efficiently.  

Table of Contents

  • Introduction
  • What is Universe Census?
  • Why is Universe Census important for Retail Audit?
  • How is Universe Census conducted?
  • SMRC – Universe Census capabilities
  • SMRC’s USP and Highlights
  • Conclusion
  • FAQs
  • ¬†Introduction

The retail industry is highly competitive, and companies need to have a good understanding of the market to stay ahead. In this context, conducting a retail audit becomes crucial. A retail audit involves gathering data on the market, including the number of outlets, their locations, product sales, and customer behavior, among other things. This information helps companies make informed decisions on their distribution, sales, and marketing strategies.

  • What is Universe Census?

Universe census is the process of mapping and tracking the total number of outlets of a particular type or industry in a specific area. In the context of a country, universe census refers to the number of all outlets in the country, unless otherwise specified (e.g., urban population or a specific type of outlets). The census helps companies understand the size of the market and the potential for growth.

  • Why is Universe Census important for Retail Audit?

Universe Census is an essential tool for conducting a retail audit. By mapping and tracking the number of outlets, companies can identify potential areas for growth and expansion. They can also analyze their distribution and sales strategies based on the data collected from the census. Additionally, Universe Census helps companies understand the market share of different players in the market and identify potential opportunities for collaboration or partnerships.

  • How is Universe Census conducted?

Universe Census is conducted using various methods. For organized trade, most of the relevant information is available from secondary sources such as retailer websites. However, for traditional trade, field personnel armed with area maps and questionnaires go street by street collecting relevant information by observation and interviewing store owners/employees. SMRC employs a reliable, hassle-free process in which stores are mapped with GPS coordinates, name, full address, product handling, signage, and relevant contact person details.

  • SMRC – Universe Census capabilities

SMRC is a leading market research consultancy firm in the UAE and Oman with extensive experience in conducting Universe Census across industries, including Automotive, FMCG, Confectionary, Optics, Tobacco, Retail & Fashion. The firm has its field team and panel shops in the UAE and Oman and conducts ADHOC research, providing Infographic Reports, Daily dashboards, Geo Locations for all surveys, Advanced Analytic solutions, and Data Verification strategies.

  • SMRC’s USP and Highlights

SMRC’s Universe Census capabilities make it stand out among other market research companies in Dubai. The firm’s USP includes its field team and thousands of panel shops across industries, in addition to Universe Census capabilities. SMRC also provides Automotive Industry Research, Brand Image Study, Competitive Analysis, Face to Face Interviews, Fashion Store Mystery Shopping, Focus Group Discussion, In-depth Interviews, Market Research GCC, Market Study Survey GCC, Merchandiser Audit, Offline Surveys GCC, and Online Surveys GCC.

Organized retail trade consists of large format stores, supermarkets, and hypermarkets. These outlets have a standardized format, and the data is easy to collect. The traditional retail trade, on the other hand, comprises small mom-and-pop stores, kiosks, and convenience stores. These outlets have a diverse range of products and store formats. Collecting data from traditional retail is a challenging task as these stores often change location or close down frequently.

SMRC’s Universe Census capability is designed to overcome this challenge. We also map the stores with GPS coordinates to ensure accurate data collection.

By collecting this data, SMRC can provide our clients with valuable insights into the market size and structure. Our statisticians use Total Sales Volume and Average Sales per Store to derive a selection of stores from A, B, C & D classifications to create a sampling structure. This sampling structure helps our clients measure their distribution, sales, and marketing strategies. By knowing the market size, our clients can make informed decisions on where to focus their efforts to maximize their return on investment.

SMRC Universe Census industries such as automotive, FMCG, confectionary, tobacco. In addition to Universe Census, SMRC offers a range of other services to help our clients make informed decisions. We conduct ad-hoc research to provide our clients with customized solutions for their unique challenges. We also provide infographic reports and daily dashboards to help our clients stay up-to-date with the latest market trends. Our advanced analytic solutions help our clients make sense of the data and turn it into actionable insights. We also employ data verification strategies to ensure the accuracy of our data.

Conclusion

In conclusion, a universe census is essential for retail audit, as it enables firms to measure their distribution, sales, and marketing strategies effectively. SMRC, with our field team, thousands of panel shops across industries, and universe census capabilities, is a top market research consultancy in Dubai. SMRC’s offerings extend to various industries, including automotive, FMCG, confectionery, optics, tobacco, retail, and fashion. Our services, such as ad-hoc research, infographic reports, daily dashboards, geo-location for all surveys, advanced analytic solutions, and data verification strategies, among others, make it the ideal partner for all your market research needs.

Contact us today to learn how we can help you grow your business.

FAQs:

Q: What is Universe Census?
A: Universe Census is the mapping and tracking of the total number of outlets of a particular type/industry in a particular area.

Q: How does SMRC collect data from traditional retail outlets in GCC?
A: SMRC’s trained field personnel collect data from traditional retail outlets by observation and by interviewing store owners/employees. We use area maps and questionnaires to collect relevant information, and we map the stores with GPS coordinates to ensure accurate data collection.

Q: What other services does SMRC offer in UAE and Oman?
A: In addition to Universe Census, SMRC offers a range of other services such as ad-hoc research, infographic reports, daily dashboards, advanced analytic solutions, and data verification strategies.

Q: How can SMRC in UAE help my business grow?
A: SMRC can help your business grow by providing you with valuable insights into the market size and structure. By knowing the market size, you can make informed decisions on where to focus your efforts to maximize your return on investment.