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.
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.
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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