To excel in today’s fast-growing cannabis market, finding a way to differentiate oneself has become the holy grail. Cannabis retailers put great effort into their storefront layout and how products are placed on each shelf to make it unique and appealing as the customers journey through the store. In the backroom, we see successful cannabis retailers giving just as much attention to analyzing the vast amount of sales data they generate with every transaction. With data visualization software, owners and managers see important patterns and details of their business, from sales trends by brand and category to differences by location and staff. Analytics offer these retailers distinct competitive advantages to never miss a trend or let down a customer.
Our industry was born in the information age, so we’re not surprised to find leading entrepreneurs leveraging their sales data. Established industries such as the grocery segment have long relied on their transaction data for everything from automating inventory to improving team performance and targeting discounts. We spoke with successful cannabis retailers to better understand how they’re analyzing their sales data and how it’s helped them stay ahead of the challenges of the trade. Here’s some patterns that emerged:
Don’t let down a customer because you ran out of inventory. Share reordering responsibility with your suppliers based on sales velocity, with the option of automated restocking. It’s common in other industries and starting to benefit cannabis businesses that………
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