July 8, 2020

Retailer Starter Pack: Open your dispensary with confidence

Your playbook to a successful opening. Get the answers you need with access to key data points to build a successful business, before the doors open.
Written by
Jewel Loree
Published on
July 8, 2020
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Access the playbook to a successful store opening.

Leading retail operations have many moving components of their business. You're focused on gaining new customers, building loyalty, optimizing product selection, and managing a sales staff, just to name a few. To say the least, you're likely very busy, and we know you have a lot to think about when first starting your business. Headset's Retail Starter Pack helps new dispensaries, as well as expanding businesses, figure out what the first steps to opening a cannabis store should look like. We guide leading dispensaries from the moment they get their license all the way through to becoming efficient, well-established businesses - and it all starts with the Retailer Starter Pack.

What is the Retailer Starter Pack exactly? The package provides you with consumer insights to power your opening strategy with data on category assortment, category pricing, consumer basket metrics, inventory carry, and other sales metrics. You'll get the answers you need with access to key data points to build a successful business, before your doors open. We'll provide you with a report that's specific to your market, along with an accompanying spreadsheet to plug in your store's numbers to ensure you're getting relevant information for your specific business.

Data to guide your path to a profitable opening

Retailer Starter Pack provides you with a report built around four different focuses to ensure every part of your business is ready for customers on day one. Read through each section below to learn more about the market data & consumer trends your store will get access to.

1. Revenue & Basket Analysis: Build reliable sales projections

The first section will give you information on average transaction size, normal retailer transaction volumes, market and like-store sales growth, and sales seasonality.  In this section you will gain an understanding of cannabis retail so that you can make data driven assumptions about your own sales projections.

Headset cannabis dashboard: cannabis basket size
Headset cannabis dashboard: Basket size

2. Staffing: Properly staff your store based off consumer trends

The second section, Staffing Needs, will provide you with information on transactions volumes throughout the week and the hour of the day. In addition, we provide information about the average transactions sales staff may be processing in a shift.  Here you can learn information to help you staff your store including the number of sales staff you may need to hire.

Headset cannabis dashboard: cannabis transactions per sales person/hour
Headset cannabis dashboard: Transactions per sales person/hour


3. Category Assortment: Stock your shelves with the right products

In the third section, Category Assortment, you will find displaying how category assortment varies by market and how it has been changing over time. These data sets help inform both what categories a store should be stocked with and how that category mix may develop over time as new cannabis products come into the ON market.

Headset cannabis dashboard: cannabis category assortment
Headset cannabis dashboard: Category assortment

4. Inventory Purchases: Make smarter purchases at the very beginning

The final section, Inventory Purchases, details what inventory levels retailers in ON are carrying in terms of: average weeks of inventory carry, average units in stock, and average value of inventory in stock, all on the category level. These data points will help inform a retailer making their first inventory purchase as well as a more developed retailer who is making recurring inventory purchases.

headset cannabis dashboard: cannabis inventory carry

How do you use the Starter Pack?

1. The Report: Descriptive Analytics

After purchasing, you'll receive access to review descriptive statistics about your market as well as other comparable Adult Use cannabis markets across Canada and the United States.  After reviewing the report, you'll have an understanding of the current adult use cannabis landscape in Ontario. On top of that, we provide descriptive data about trends in other Canadian markets and mature US markets to give you a clearer idea of the direction the Ontario cannabis market may head in the upcoming months.

2. Accompanying Spreadsheet: Prescriptive Analytics

Once you review the report, it's time to learn more about your store. You'll also receive a spreadsheet that allows you to create your own projections for sales revenue, recommendations for staffing needs, seasonality analyses, guidance on inventory purchasing needs and capital required for your first inventory purchase.

The spreadsheet will be your one-stop shop for planning your retail operation. It's very easy to use (you just have to enter in a few numbers), while being flexible enough to allow you to tailor the projections and recommendations based on your individual needs.

Be prepared for opening day.

Let's get started. Fill out the form below and someone from the Headset team will reach out with next steps to kick-start your retail success in cannabis. Learn more about our cannabis retail solutions here.

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