Practical Ways For Retailers To Stay On Top Of Cannabis Stock
Whether you operate from a walk-in dispensary outlet or sell your products online, you would always need to keep track of your inventory.
In this cut-throat business, every cannabis retailer is trying to grab a chunk of the market. Perhaps, you’d also be trying everything in your power to improve sales and make more profits.
But, have you ever imagined, what if your stock runs out and you forget to order more from your supplier?
Well, it will be a nightmare for sure. And, you surely wouldn’t want to be walking in those shoes.
So, here we are with some practical ways to help you manage your cannabis stock and stay on top of your business.
First things first, you should try organizing your cannabis products on shelves.
Try segregating every product based on type, potency, concentration, flavors, brands, and so on.
It should help you visualize when a particular SKU is running low and when to replenish it.
Organizing your stock in aisles is only half the part of managing your inventory.
You should understand that like other herbal products, cannabis products also come with a shelf life.
And, therefore, they must also be arranged based on their shelf life, or the days left on them. Perhaps, you can practice FIFO (first-in, first-out).
Auditing your stocks manually and preparing spreadsheets can be a good idea for smaller dispensaries. However, it is not a scalable model.
Perhaps, you should consider a dispensary inventory management system if you wish to scale your retailing business.
Such tools are capable of monitoring your inventory in real-time and can also automate the logistics if need be. It would not only save you efforts but also minimize your stock-refill time by several fractions.
Another way to ease your inventory management is by keeping your distributors on standby. And, surprisingly it’s not that difficult.
Since most of the distributors do not operate across state borders, it shouldn’t be a problem for them to make urgent deliveries.
Perhaps, you can try this idea with your delivery partner as well to help you make quick deliveries.
You may find a repeating purchase pattern in your customers upon close observation. Not to say that it would be perfectly linear, but, it may still give you some idea about which products are usually in more demand.
For example, over several months you may notice that a sour punch sells more than OG kush in your dispensary. Or, vaping cartridges are preferred over refills.
It is to imply that you can use such data to prepare a repeat order sheet. Sharing it with your supplier you may ask him to maintain a regular delivery of these products, let’s say, weekly. Or any other period as per your understanding.
Managing inventory for your dispensary isn’t as challenging as it may seem. Nonetheless, easier tasks do not always mean that they are not important.
Besides, your inventory management can have a long-lasting effect on your customers. Ultimately, improving their experience with your dispensary.