The ultimate goal of Retailer Premium is to help cannabis store owners better understand their business with data. Using Headset data to know what to sell is crucial, but understanding your customers through data is just as important. In this report, we take data from Retailer Premium’s Customer Analysis dashboard to demonstrate what data can reveal about consumer behavior. For example, there are a lot of nuanced differences in generational data. Older generations tend to prefer wellness oriented products, while younger generations more often purchase recreational products. Diving deeper into the data, we can see that Male Baby Boomers are much more interested in Pre-Rolls than Vapor Pens and have the highest overall wallet share for Flower at 43.2%.
With Customer Analysis dashboards, you can also look at demographic data in the context of brands. Since our sales data can be broken down to the brand or even SKU level, we can understand what brands are popular with which people. In Washington State, for example, it seems that Baby Boomers over-index for a very specific set of brands. This type of insight into customer behavior is an example of the practical applications of this data, since a Washington state store owner can use this information to reach an older audience by knowing exactly what category, and even what brands, need to be promoted.
The data in this report includes snapshots from the most recent market data to demonstrate how the Customer Analysis dashboard can be used to understand demographic trends, shopper behavior, and more. There is much more that can be done with Retailer Premium, schedule a demo with us to learn more.
This report uses Headset’s new Customer Analysis tool, part of Retailer Premium, to provide detailed insights into customer behavior within various regions and sales categories. The Customer Analysis tool examines everything from generational differences in total market share to gender and generational preferences within specific categories, such as Vapor Pens. This report explores brand-level analysis of the California Vapor Pens market in order to demonstrate how sales data can reveal previously obscured trends. While this report is especially useful for cannabis retailers, it also offers new insights for those interested in how different generations and genders are participating in the cannabis industry and how these trends have changed over time.
Data for this report comes from real-time sales reporting by participating cannabis retailers via their point-of-sale systems, which are linked up with Headset’s business analytics software. Sales data is cross-referenced with our catalog of over 500,000 products to provide detailed information on market trends. Headset’s data is very reliable, as it comes digitally direct from our partner retailers. However, the potential does exist for misreporting in the instance of duplicates, incorrectly classified products, inaccurate entry of products into point-of-sale systems, or even simple human error at the point of purchase. Thus, there is a slight margin of error to consider.
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