How Cannabis Retailers in Canada can now save time and money on inventory management
We know Retailers experience pain points in overseeing every single product the performance of every single product in their store. “Which products are contributing to my revenue? Which aren’t? What’s moving slowly out the door? How many days worth of stock do I have left of every product?” These challenges are echoed throughout the Cannabis retailer industry. We’ve listened to over 900 Retailers within our network and we’ve built a solution to tackle these obstacles they face on a day to day basis.
Version 2 of the retailer Insights Dashboard launches today and we can’t wait to share it with you. It’s one of the most powerful and easy to use tools to enter the industry — designed based on hundreds of hours of conversations with Retailers.
How much time would it save to always have your key insights at a glance?
Here’s what we've added to version 2:
- Tracks every product’s performance ranked in a list by product category. Also provides sales by units per day to give you the most accurate representation and forecast!
- Identifies the best selling and worst selling products based on sales velocity
- Swiftly identify and forecast which products are about to stock out and analyze the products that you’re overstocked on
- Ranks products that are about to run out of stock & what is overstocked by calculating the day’s worth of product left based on their daily sell rate
- Provides strong product references to suggest to consumers when a product is sold out
As we launch the second version of the insights dashboard, we had an opportunity to sit down with Chief Technology Officer, Gerrit Van Woudenberg to talk about what he and the team have built and where it is going.
Q: How has POS integration changed the way Cannametrics provides Retailers with insights and solutions?
Prior to POS integrations, we had always been focused on the core value proposition of our platform, to provide transparency and key product data to Retailers. We’ve known for a long time that there would be a tremendous power in combining this data with real-time sales but I don’t think we truly understood the impact of cross-linking the data and how much opportunity exists to provide insights to Retailers that are not available anywhere else.
Q: What problems are the new features solving for our Retailers?
One of the main issues was Retailers being able to see what their best performing and worst performing products are in their inventory. On the Retailer Dashboard, we’re calling those the “Best Movers” and “Worst Movers”. We automate inventory tracking and have identified these for Retailers to empower them to cast data driven decisions regarding how they stock their inventory and what they should keep.
The other major component that we wanted to solve for Retailers is to help them with their reordering. The Retailer Dashboard provides the inventories, the current number in stock, and the sales velocity of these products. Once you have that data as a retailer, you’ll know what you need to order and how many, because it’s based on actual data.
The final element here is overstock. The Dashboard can also inform Retailers what products they can put on clearance based on data-driven stock out projections.
It’s important to me that data is easy to be read and understood. We wanted to capture all of the usable information and transform it into a simple, easy-to-use interface. Everything that we have built is pre-configured, self-intuitive, and approachable for users of any tech background. Ultimately, we wanted the tool to be a joy to use.
What’s next? How would you see the retailer dashboard evolving? Are there any spoilers you can give us?
This is just the beginning, we are always striving to add value to our Retailers and have some really exciting things in store.
One of the big ones is providing insights at the budtender level, including their performance.
In our research, Retailers have also told us that they want to see provincial/geographical trends of best/worst products and we will have solutions for that as well.
Overall, experiencing the Retailer Dashboard V2 has been quite joyous for me. I’ve really enjoyed going through it and putting myself in the shoes of a Retailer. It’s simple to use, but the insights are very, very powerful. This is one of the things that we’ve built at Cannametrics that I feel is the most useful. I’m really excited for Retailers to get to use this.
The Retailer Dashboard is ready for you
Retailers with Cannametrics Premium can now take advantage of this incredible Dashboard on Cannametrics. We believe Retailers deserve the tools to view their store’s performance with seamless accessibility. Transparency has always been our core value and we’re proud to be providing Retailers with the tools to transparently view the essential business intelligence they need to succeed.