240 Logistics: Weekly - September 17 2024

??Attention??

Urgently Calling All Members of the Cannabis Industry ??

Training and Preparation for Croptober has begun! ??

The good news is there's still time to:

Prepare Your Staff ?? Stock Your Shelves ?? and Make Money??

Let 240L Guide You! ??

Let's discover how to maximize your profitability this Croptober Season! ??

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 $0.08
• ?? Flower prices: Decrease by $0.04 - So far in preparation for Croptober, flower prices are being maintained at a consistent level. This week's decrease is a near-equal counter of last week's increase of $0.03
• ? Top 3 performing categories: No Change

As Croptober approaches, cannabis retailers brace for one of the most crucial periods of the year. The influx of fresh products offers tremendous opportunities, but without effective inventory management, it can quickly become overwhelming. For retailers, turning this peak season into a profitable venture hinges on streamlined operations and informed decision-making. Here are key strategies to help you make the most of Croptober, enhanced by the power of FlyWheel’s analytics.?

1. Strategically Manage Aging Inventory

As new products flood your shelves, it’s essential to clear out older stock to make room for fresh ones. Slow-moving and aging products can tie up valuable shelf space and capital, ultimately dragging down your bottom line. Start by assessing your current inventory and identifying items that aren’t selling as expected.?

Use FlyWheel’s ABC Reporting feature to categorize your products based on their performance. This will help you prioritize which items to discount or bundle in promotions, ensuring they move quickly before Croptober’s fresh stock arrives.?

2. Prepare Your Team for the Influx

With Croptober comes a surge in product variety and volume, making it crucial for your team to be well-prepared and aligned. Ensure that your staff is fully trained in sourcing criteria, inventory intake processes, and best practices for handling the increased product flow. Every team member should understand their role in the inventory management process to maintain efficiency and accuracy.?

The Cannabis Inventory Management Guide offers valuable insights and over 10 dispensary SOPs to help you streamline operations. By having well-defined processes and a trained team in place, you’ll be better equipped to handle the complexities of Croptober, from receiving shipments to managing stock levels.

Interested in learning more? Read the full blog here.

Data-driven inventory management is key to avoiding excess stock in the future. By integrating tools such as cannabis analytics and reporting dashboards, or cannabis management software, dispensaries can gain valuable insights into customer behavior, product trends, and inventory movement.?

Here’s how data can help:?

• Historical Data Analysis: Analyze last year’s sales performance to better forecast demand for future Croptober seasons. Use cannabis inventory forecasting software to predict optimal stock levels.?
• Real-Time Monitoring: Use an inventory management dashboard for cannabis to track which products are selling and which are stagnating. This allows you to adjust orders or run promotions in real time.
• Automated Alerts: Set up automated alerts for slow-moving inventory, giving you time to adjust sales strategies or place reorders before products hit their expiration dates.?

Implementing these cannabis inventory management practices ensures that dispensaries avoid the costly mistake of over-ordering, while also improving cash flow and customer satisfaction.?

Plan for Next Season

Finally, the best way to prevent post-Croptober overstocking is by planning ahead. Dispensaries that adopt a proactive approach to inventory management for cannabis can fine-tune their ordering processes, ensuring that future seasons don’t result in overwhelming surpluses.?

Here are some steps to take:

• Improve Supply Chain Visibility: Use cannabis logistics solutions that offer greater transparency into your supply chain. With tools like FlyWheel you can better plan your inventory, monitor your stock, and capitalize on opportunities.
• Refine Dispensary Inventory Optimization: Implement inventory management for dispensaries that provide precise insights into stock levels. This enables retailers to fine-tune their reordering process based on demand projections.?
• Track Consumer Trends: Utilize a cannabis analytics dashboard to stay informed on evolving consumer preferences. This way, you can curate your inventory based on what’s trending, preventing excess stock of less popular items.

Interested in learning more? Read the full blog here.

• Oregon Market Case Study
• FlyWheel
• Comprehensive Guide to Cannabis Inventory Management

Ready to get started? Reach out to us today!