Analyzing cannabis retail data from the POS is a time-consuming and tedious endeavor, but a necessary one in order to not only find opportunities, but to report business growth as well. Excel Connect can save hours of time by taking all the sales and inventory data in the POS and moving it to Excel in order to find and analyze the data and create reports that matter most for your business. See how Headset friend and retailer partner, Dutch Love, has been using Excel Connect to find opportunities to grow their business.
Data is essential to targeting and retaining customers and improving business decisions. To stay competitive, retail businesses need to know what is happening in their stores every hour of the day, and to outline where areas of improvement lie.
Headset, the leader in retail cannabis data and analytics has always been eager to work with their partners on improving businesses through real-time data. With this lens, Headset found a way to show Dutch Love what opportunities are possible.
As the cannabis industry continues to grow from gray market to licensed shops and more competition is added to the market, Dutch Love saw an opportunity to take some learnings from the hospitality industry and apply them to the retail cannabis space. One learning that Dutch Love wanted to pursue was maximizing revenue throughout the day. The key to this is to chunk the day into parts (dayparts), and analyze the revenue trends based on these dayparts. For example, one tactic from this analysis has been activating programs such as a Happy Hour. To maximize all dayparts to their fullest potential, the need to fully understand and analyze every hour of the day was the challenge presented.
Headset tools have the ability to inform Dutch Love of these key dayparts that were under scrutiny. A new offering from Headset, Excel Connect, gave way for the analysts at Dutch Love to access the data they needed. Specifically, with Excel Connect's direct access to the point of sale data, they were able to query data in very specific dimensions and measures, breaking out Dutch Love’s hourly dayparts to pinpoint category and SKU effectiveness/performance and comparable periods and trends leading to informed and measurable decisions.
Harrison Stoker, Chief Growth Officer for Dutch Love, said it best: “When you have the ability to truly understand guest purchase patterns and your business’ areas of opportunity, you have the power to provide unparalleled guest experience and offering. Excel Connect has given our team 25% of their time back, which was once spent analyzing these types of reports, while giving the business powerful insights to create meaningful impact to our business.”
The cannabis industry is a fast one, and keeping up with the competition can be challenging. Headset tools can help you to solve these challenges and identify opportunities as they appear, so that you can stay ahead of the competition, generate more revenue, and grow your customer base. See how you can use Excel Connect and other Headset tools to create meaningful impact for your business. Sign up for a demo.