240 Logistics: Weekly - September 3 2024
Inventory ?? Sales??Compliance ?? Stockouts ?
This week we thought it best to keep you informed on inventory management best practices and operating procedures. Imagine a new vape product just hit your shelves. It has sold better and faster than you could possibly imagine. Caught in the midst of the excitement, suddenly you only have a one week supply left until a stockout!
Keep reading to find out how we keep your shelves stocked and keep customers coming!
Over the last few weeks we have seen changes to our consumer insights - here is what we found:
In the fast-paced world of cannabis retail, inventory management can be the difference between a profitable day and a costly mistake. One of the most powerful tools at your disposal is FlyWheel’s Days of Items Remaining Report. This feature is designed to provide cannabis retailers with clear, actionable insights into their inventory levels, helping to ensure that the right products are always available when customers need them.
What is the Days of Items Remaining Report??
FlyWheel’s Days of Items Remaining Report categorizes products into three distinct levels: Good, Low, and Critical. These categories provide an instant snapshot of your inventory health, allowing you to quickly identify which products are well-stocked, which are nearing depletion, and which are at risk of stockouts.?
Beyond these categories, the report offers powerful filtering options, allowing retailers to sort and view inventory by Product Name, Category, Brand, Strain, and Stock Level. This flexibility ensures that you can drill down into the specific inventory data that matters most to your operations.?
Actionable Ways to Use the Days of Items Remaining Report
Levering the Days of Items Remaining Report effectively can transform your inventory management practices, driving both sales and customer satisfaction. Here are some actionable ways to use this feature in your daily operations:?
Prevent Stockouts with Critical Alerts
Regularly monitor the Critical category in your report. For any product in this category, take immediate action to reorder and avoid stockouts. This proactive approach ensures that your best-selling products are always available, reducing the risk of lost sales and disappointed customers.?
Optimize Reordering with Low Stock Insights?
Use the Low category to schedule reorders efficiently. Rather than waiting until stock levels reach the critical point, reorder products while they are still in the low category. This approach helps you maintain a consistent inventory flow and avoid emergency restocking, which can be costly and disruptive.?
Interested in learning more? Read the full blog here.
Navigating the complexities of cannabis product intake is essential for any retail operation aiming to thrive in today's regulated market. Join us as we dive into the best practices that streamline intake procedures, ensuring every step—from manifest checks to quality control—is optimized for success. Discover how these strategies not only safeguard compliance but also pave the way for enhanced customer experiences and sustained business growth in the cannabis retail landscape.
Product Intake Best Practices for Cannabis Retailers
Efficient product intake is crucial for cannabis retailers to maintain compliance and operational efficiency. Here’s a comprehensive guide outlining best practices to streamline your intake process:
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Intake Process
1. Manifest Compliance Check:
2. Ensure Compliance:
3. In-Store Protocol for Invoices:
4. State Reporting System:
Interested in learning more? Read the full blog here.
Ready to take the guesswork out of what to buy and when?
Want to elevate your inventory management and supply chain operations?
Discover the strategies that will guarantee your business has:
No more empty shelves
No more headaches
No more guesswork
Ready to get started? Reach out to us today!