By now, everyone is aware and dealing with the "new norm" of Covid-19 and social distancing. We've made it through 4/20/2020 and our industry still faired well for the most part. It's clear though that going back to normal is still vague and we want to help you prepare for the ambiguity as much as possible. To do that, we've built a new dashboard specifically geared to give you inventory insight in these trying times. This dashboard was built to provide an overview of your inventory compared to a week ago, 4 weeks ago, and 12 weeks ago to help you understand how stocking your store is different in these times. To put it simply, we know you need to know how much inventory is on hand during the pandemic compared to your usual sales trends. This dashboard helps you do just that.
In this post, we'll walk you through a couple of examples showing what you can do with Inventory Turnover Dashboard and review a handful of features you now have access to with your Retailer Pulse subscription.
Questions answered with this dashboard
- What are my current inventory levels by category?
- What was my inventory level today, last week, last 12 weeks?
- How much did I sell in comparison to inventory levels?
Example Analysis (1)
- Situation: What is my current stock in all my categories and how is that different from normal times (12 weeks ago?)
- Solution: My in-stock levels of concentrates and pre-rolls have gone up, while my edibles and flower have diminished. These items are probably selling faster than normal and I should consider putting more of my cash flow towards restocking flower and edibles over concentrates and pre-rolls.
Example Analysis (2)
- Situation: What categories am I overstocked on? Which ones are moving faster than normal?
- Solution: Using “Weeks on Hand” is a good metric for determining if too much capital is tied up in any particular category. Looking at this chart, it looks like while we were carrying around 4 weeks of beverages on hand, our supply has dwindled recently to just less than a week on hand.
Which insights can you access with the new dashboard?
With this dashboard, you'll have access to a variety of insights designed to help you move fast in these uncertain times. You'll be able to determine how much inventory you have on hand vs. what you're selling and dive deeper into inventory by category, digging into category percentages and overall quantities to help you assess changes in category preferences and sales trends.
Not using our Retailer Pulse solution yet? No sweat. It's easy to sign up - reach out to our team and we'll get you set up in no time.