Cannabis industry reports

How to drive actionable insights with basket analysis

December 14, 2020

Introduction

A retailer's total revenue is simply the sum of all the transactions or 'baskets' that occur within a given time period. For that reason, it is incredibly important for cannabis retailers to know exactly what is happening within those baskets. Of course, a busy retailer might have thousands of baskets to evaluate in any given week, so using the basket analysis tools available in Retailer Premium allows us to distill this data into clear trends and, most importantly, actionable insights.

These analyses can help businesses identify potential strategies for basket expansion and monitor performance. If you're ready to better understand the baskets that fuel your business, sign up for a demo of Retailer Premium.

Executive Summary

The individual transactions, or 'baskets', are the base building blocks of any retail business' total revenue. There are only two ways to increase revenue: increase basket count or increase basket size. This report will focus on strategies to increase basket size and therefore drive additional incremental revenue to a hypothetical cannabis retailer. We will use Retailer Premium to identify potential cross-selling and upselling campaigns and then discuss how to monitor their success.

Methodology

All data for this report comes from the Headset Retailer Demo account, which provides sales data for a hypothetical "Emerald Valley" retail chain with five stores across Washington and Colorado. While this data is not real, it is realistic and a valuable example of how these analyses can be used in practice.

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Please fill out this simple form to get access to the full report. Headset industry reports provide vital market insights to help you make truly informed decisions. Get perspective into the following areas:

Retailer Specifics
Brand Specifics
Category Data
Basket Trends and Analysis
Top Selling Products
Purchasing Patterns
Buying Cycles
Demographic Trends
Segment Analysis
Fastest Growing Segments
New Brands and Products
Sales Analysis
Sales by Weight
Product Profitability
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