Whether you are a Cannabis retailer or e-commerce website, reports and analytics are imperative to every business. It not only helps you make well-informed decisions about inventory and staffing but also with customer retention. If your objective is to provide a shopping experience and increase the bottom line of your retail store, you’ll need to start tracking the key metrics. Installing an efficient POS solution at the Cannabis retail store helps you achieve the necessary objectives. These are six key reports that we believe every Cannabis business should keep an eye out for.
Daily Inventory Reports
As a retail business, it’s crucial to have control over your inventory. As a Cannabis retailer, you’ll need to constantly keep track of the key metrics and detailed record of the different cannabis products that your store sells. Your retail POS system must tell you the available quantity of each strain of Cannabis available in real time. TechPOS Store Management solution provides you with all the necessary information to help you manage the inventory reports while highlighting the product categories (flower, pre-roll, etc.), package quantities, price relevant to each category, descriptions as well as current storage location. These inventory reports must be run regularly to showcase the cannabis stock, its current value, opening inventory as well as quantity ordered. TechPOS’ Daily Inventory Snapshot not only helps with inventory management but also with your financial forecasting. Regular monitoring of inventory reports reveals the Cannabis products that are running low on stock so that you can efficiently replenish them.
Product Sales Report
Amongst the different Cannabis product varieties that are available in-store, as a store manager or owner, you need a better understanding of the product performance. Whether the demand for a certain Sativa is higher than an Indica or vice versa, these performance reports help you maintain demand and supply needs in your store. These also help create the necessary price fluctuations and thus increase revenue based on demand levels per category. It’s important to understand the quantity vs revenue vs demand, which is well displayed on Product Sales report extracted from the retail POS system. A good performance report will provide you with intricate details such as the first sold date versus last sold date, quantity sold each month as well as revenue collected. It will help you understand the product category that is worth investing in and the ones you should refrain from. Especially sales and revenue are the two key factors determining a Cannabis retail store’s success. TechPOS solution is designed to create such intricate reports efficiently with very minimal manual intervention. Retailers can see their monthly gross and net sales per product and the margin earned at one click.
Every business needs to keep track of their sales and revenue on a daily and monthly basis. For this reason, an ideal revenue report extracted from the retail POS system would include important metrics like the cost of goods sold and gross profit. A revenue report indicates the health of your business. Besides having access to sales overview reports regularly, the retail POS system will also help you analyze the data at a granular level. Sales performance will help you make business and marketing decisions while anticipating future sales and providing targets to the retail employees. Using an effective business solution like TechPOS will help you understand your total cost, quantity sold, projected vs actual sales, profit and revenue.
Transaction Details and Summary
Just as sales, transaction reports are beneficial for the business. These reports can help you track cash flow and any related inefficiencies that can be rectified. From cash events to voided sales to discounts and refunds, a detailed transaction report showcases and tracks every transaction completed by each employee at the retail store and records the type of transaction each time.
Profit report gives you actionable insights for your Cannabis business. As a business owner, it is crucial to monitor the gross profit your Cannabis retail store is making. The report also estimates PST and GST as well as the customer’s choice of payment method. With TechPOS solution implemented in your retail store, it gets easier to keep a track of the profit reports and margins in a matter of few clicks. TechPOS will help you extract essential metrics like daily total sales, sales by product, cost, tax paid by type and payment collected by type, leading to gross profit earned.
The success of your business is not only dependent on your product sales and performance, but also on efficient employee management. Determining the value your employee brings to your business cannot be quantified at all times. But some of the key metrics can be obtained through an ideal retail POS System. From tracing each sale completed by an employee and Employee Total Hours, to auto-creating a clock in and out Time-sheet and calculating employee performance, TechPOS system creates robust and beneficial employee reports for your business. These are business insights that help a Cannabis store owner understand profitability per employee such as average transaction amount and number of orders completed. With TechPOS solution, you can go a step further and trace each cannabis product purchase back to the employee. This helps establish the compliance standards were met and track employee-customer interaction in case of product recalls.
These business insights and reports are imperative for every cannabis store to operate in the region successfully while maintaining their license. Apart from accessibility to all the aforementioned reports and insights, it is vital to ensure that the POS system at your Cannabis retail store is both user-friendly and secure. We at TechPOS have designed just that and are looking forward to optimizing your store with you.