240 Logistics: Weekly - August 13 2024

Things have only gone up this week around: Price points, technology demands, and of course, our brand new Inventory Management Guide! Take a seat, sip some coffee (or tea), and let's get into it!

Over the last few weeks we have seen changes to our consumer insights - here is what we found:

• ?? Basket size: No Change
• ?? Average basket price: Increase by $0.24
• ?? Flower prices: Increase by $0.01
• ? Top 3 performing categories: Extracts has reclaimed its familiar spot as top performing category!

FlyWheel Features for Inventory Counts

Inventory Dashboard

• Comprehensive Overview: Get a complete view of inventory operations with metrics like par levels and stock quantities, aiding accurate month-end reconciliations.
• Sales Data Integration: Correlate sales revenue with inventory levels, allowing adjustments based on recent trends and forecasts.
• Sell-Through Rate: Identify fast-moving and slow-moving products, enabling better stock management and strategic restocking or discounting.

Sales Performance Analysis

• Tailored Reports: Use customizable reports to reconcile inventory counts against sales data, making adjustments based on performance insights.
• Actionable Insights: Address discrepancies between expected and actual inventory counts, identifying trends or issues that impact accuracy.

Days of Items Remaining Report

• Automatic Alerts: Receive real-time alerts on inventory status, categorizing products into Good, Low, and Critical levels to manage stock proactively.
• Prevent Stockouts: Identify products at risk of stockouts and take action to replenish or adjust counts, ensuring accurate month-end reports.
• Maintain Optimal Inventory Levels: Balance inventory levels to avoid overstocking or stockouts, meeting customer demand and ensuring efficient month-end counts.

FlyWheel Features for Addressing Aging Inventory

ABC Analysis

• Prioritization of Inventory: Focus on managing and potentially discounting lower-performing items, minimizing the risk of aging inventory.
• Strategic Decisions: Make data-driven decisions about which products to keep or phase out to avoid aging issues.
• Efficient Inventory Turnover: Prioritize high-value items for restocking, ensuring quick sales and reducing aging risks.

Sell-Through Analysis

• Tracking Product Life Cycles: Gain insights into sales speeds and patterns, addressing slow-moving products before they age.
• Identify Sales Trends: Forecast demand more accurately and adjust inventory purchases to prevent aging.
• Opportunities for Growth: Focus on popular items and consider discounts for slower-moving stock to keep inventory fresh.

Inventory Efficiency Dashboard

• Categorization of Stock Levels: Monitor stock levels in real-time, ensuring timely reordering and reducing the risk of aging inventory.
• Optimal Inventory Levels: Balance inventory to meet demand and prevent overstocking, minimizing the chance of unsold aged products.
• Minimizing Missed Profits: Adjust orders based on stock levels to avoid stockouts and address slow-moving items before they age.

Interested in learning more? Read the full blog here.

General Cannabis Retail Best Practices

Stock Level Guidelines

Maintaining optimal stock levels is vital for avoiding both overstock and stockouts. Here’s a quick reference:?

• Good Stock Level: 30 - 59 days left of stock?
• Back Stock Level: 39 - 18 days left of stock?
• Critical Stock Level: 17 days left of stock?

Inventory Management Tools

Utilize a suite of tools to manage and streamline operations effectively:?

• Customer Relationship Management: Salesforce?
• Central Messaging System: Slack?
• Digital Marketplace & Order Management: FlyWheel & LeafLink?
• Inventory Management & Order Input: FlyWheel & Flourish?
• HR Management Software: Gusto?
• State-Administered Cannabis Tracking System: Metrc & BioTrack

Interested in learning more? Read the full blog here.

• Secrets to Cannabis Inventory Management: Claim NOW!
• Post-420 Thoughts from 240 Logistics CTO: Tim Schmitt
• Centralized Purchasing Program

The launch of our Inventory Management Guide has lit a spark in the industry that refuses to be ignored! Over 20+ pages of thoughtfully curated insights, standard operating procedures, and our uniquely handcrafted glossary terms. There is something to learn for everyone of all levels of the industry!

Download HERE!

Ready to get started? Reach out to us today!