MJBiz Buyers Guide: Retail Strategy 23 - 10
MJBizDaily Buyers Guide Retail Strategy
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" We analyze our sales and compare them to BDSA market sales data on a regular basis, " Power says,
referring to the Colorado-based cannabis data firm BDSA. " We analyze each category's gross sales,
net sales, top stock-keeping units (SKU), margins, who buys them, what price point, which brand,
etc. We use our top SKUs to figure percentage of predictive forecasting sales and reduce/replace
items by turnover, popularity and margins. "
STAY WELL STOCKED: MANAGING THE SUPPLY CHAIN
There is more to managing a store's inventory than simply understanding consumer buying habits.
Staying on top of the cannabis supply chain is key to ensuring products arrive at the store on time.
There's no one-size-fits-all supply chain strategy for cannabis retailers. Some are vertically
integrated and control their own supply lines, while stand-alone retailers rely on third-party
wholesale suppliers.
For vertically integrated retailers, internal communication throughout the supply chain is essential.
" Vertically integrated cannabis businesses must focus on communication, " says Dennis Curran.
" There is an inventory sweet spot that vertically integrated stores need to reach, in which they can
turn over their products without flooding themselves with inventory that they cannot sell. Effective
communication between the retail team and the manufacturing facility will prevent surprises. "
Non-vertically integrated retailers have the freedom to curate which products they stock, but
that freedom comes with its own unique set supply chain hurdles. This puts an emphasis on
transparency and strong relationships between the wholesale buyer and seller.
Vertically integrated companies should keep a line of communication open between cultivation, manufacturing and retail
departments to keep inventory balanced. Photo by Christa Madrid
10
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MJBiz Buyers Guide: Retail Strategy 23
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