In a new industry that is growing at a very fast rate, it can be overwhelming to ensure that you are providing the cannabis goods that customers want. In turn, it is fairly common to have products that may not have been as hot on the shelves as you might have thought. The good news is, having dusty items in your store does not necessarily mean you are going to end up throwing your money away. Luckily, there are several ways that you can get rid of less popular items in your cannabis store while still making a profit.
Avoid slow-selling products.
Having the perfectly curated inventory stock at all times is not very likely, especially in the cannabis industry where products are constantly being added and removed. With that being said, while your inventory might not be flawless, it is possible to build a healthy product list for your stores by monitoring cannabis trends in the market. In other words, it is important to keep up with the trends to ensure that you are providing consumers with what they want. Specifically speaking, the best way to avoid dusty products in your store is to build a healthy inventory system. In fact, by providing goods that are in demand, not only will you avoid having to deal with slow-moving items, but you will also be able to drive sales which will consequently boost your revenue. Once again, creating a perfect inventory list is nearly impossible considering the constantly changing trends in the cannabis market. Therefore, in addition to keeping an eye on market trends, tracking your own store’s inventory and sales data will also help you determine what products are doing well in your dispensary and what’s not. Essentially, you don’t want to continue purchasing certain items that are not in demand at your store to avoid having a stock surplus.
Eliminating dusty items in your store.
With TechPOS, there are 2 sales features integrated into the system that can be used to help get rid of any slow-selling items. By creating Campaigns and Combos, you can incentivize customers to buy certain products from your store to boost your sales and to also gain profit from products that would otherwise expire on your shelves or go to waste from not being sold.
Campaigns can be used as a strategic method to market your brand to both existing and new customers. In addition, creating appealing campaigns and sales will further help drive sales for your cannabis goods. Particularly, it can help your business profit off of poorly selling items.
• Attract new and existing customers
• Lead to customer growth
• Drive sales
• Push out slow-selling products that are part of the promotion
The combo feature integrated in the TechPOS system is another fundamental way to market products to your target audience. More importantly, creating combo packages are a great way to eliminate dusty products by including them in bundles with items that are guaranteed to sell.
• Boost profit by pairing dusty products with more popular and fast-selling items
• Increase your average product order value
• Eliminate excess products in your inventory
• Incentivize customers with enticing bundle deals
In summary, there are various ways to handle an overstock in your dispensary without losing revenue. If anything, sometimes a product surplus might even be beneficial in the sense that the use of sale incentives can gain traction for your business. Specifically, the use of campaigns and combos can lead to a boost in sales, a wide reach to potential customers, and more. So overall, while it is important to keep an eye on product trends within the cannabis market, having an overstock of products can also open up opportunities for your business to gain revenue rather than simply wasting dusty items.