Running a successful cannabis dispensary can be challenging, with numerous regulations to follow, perishable products to manage, and customers to satisfy. The most efficient way to monitor your dispensary’s efficacy is by using data to optimize operations. Using sales and inventory reports, you can glean essential insights into your dispensary's performance, helping you identify trends, optimize your inventory, and improve your bottom line. Meadow understands the importance of reporting in the cannabis industry and offers a range of powerful reporting features to help dispensaries understand and enhance their performance. In this blog post, we'll explore the top five most important reporting features offered by Meadow’s cannabis retail software platform, and how dispensaries can leverage these features to gain actionable insights and take their business to the next level.
Gain valuable insights into your product sales and details with our comprehensive reporting system. The products report plays a pivotal role in managing your dispensary. This detailed breakdown of your product data allows you to easily manage your menu offerings. Use this information to optimize your sales strategy and increase revenue. Access customizable charts directly in Meadow Admin through Product Insights or download a detailed Excel file from our reporting suite. Another key take away from a products report is to audit your inventory for inaccurate shelf price calculations, wholesale cost entries, and compliance maintenance.
Key Takeaways from the Products Report:
- Understand your Range of Products: The products report offers a comprehensive overview of all the products in the system. This means you can review your entire product catalog in one place, without having to switch between different tools or platforms. This can save time and increase efficiency for dispensary managers.This report can also help with omnichannel sales management by providing information about the availability of each product across different sales channels, such as online, in-store, and integrated menus like Weedmaps and Leafly. This allows you to better coordinate your sales efforts and ensure that your customers have access to the products they want, regardless of the sales channel they prefer. The products report includes detailed information about each product, such as THC percentage entries and descriptions, which allows you to have a better understanding of each product and its unique features. You can also use this information to compare and contrast different products, identify gaps in your product offerings, and make informed decisions about product selection and stocking.
- Maintain Compliance: The maintenance of compliance is an essential element when it comes to running a cannabis dispensary, and the products report helps dispensary owners to review the cannabis content entries and ensure that the data contained within it is accurate and aligns with the state's daily sales limits. In Metrc states, dispensaries are required to comply with daily purchase limits, which vary depending on whether a customer is a recreational customer or medical patient. It is essential to stay knowledgeable about these limits to avoid any potential compliance issues. However, with the built-in safeguards of the Meadow platform, dispensaries do not need to be concerned about surpassing the limits as the platform automatically tracks sales and prevents this from occurring. Read more: Cannabis Compliance Software
- Audit Margins: Ensuring healthy profit margins is crucial for the success of any cannabis dispensary. Use the products report to evaluate whether a product is generating sufficient profit to justify its presence on the shelves. The report displays the cost per unit and current shelf price of each product, allowing you to identify any discrepancies and make informed decisions. To improve your margins, negotiate better prices with suppliers or consider increasing prices if the demand is high. This report helps you catch any data entry errors by comparing the actual shelf price with what it should be. With all this information available in one place, you can quickly analyze the entire product catalog and identify areas for improvement. If you need this information quickly, turn to Meadow Admin's Product Velocity or Product Insights features. Product Insights enables you to review your top-performing products based on revenue percentage, while Product Velocity helps you determine when to reorder a product based on its velocity, or selling speed. By leveraging these tools, you can optimize your inventory and maximize your profits, leading to a more successful and profitable cannabis dispensary.
Meadow’s Point of Sale provides businesses with a powerful reporting system that allows them to gather and analyze essential customer data. Regularly reviewing this data can help businesses gain valuable insights into customer behavior and preferences, leading to informed decisions that improve customer satisfaction and drive revenue growth. By analyzing customer behavior and preferences, businesses can segment their customer base and create targeted cannabis marketing campaigns that effectively engage and attract customers.
Key Takeaways from the Customer Export:
- Identify your VIP Customers: VIP customers tend to make more frequent purchases and spend more money per transaction than regular customers. Look for customers who make multiple purchases or high-value purchases within a certain period of time with this report. View date of last order, total amount spent, average days between and average order value to identify and reward your most loyal customers. By using these strategies and tools, you can identify VIP customers and tailor your marketing and sales strategies to better engage and retain them. This can ultimately lead to increased revenue and customer satisfaction. Read more: Showing Your VIP Dispensary Customers the Love They Deserve
- Review Customer Demographics: Reviewing customer demographics is important because it allows businesses to gain a better understanding of their customer base, which in turn enables them to make informed decisions about marketing, product purchasing, and customer engagement. By analyzing customer demographics such as age, gender, location, and buying habits, businesses can identify trends and patterns that help them tailor their offerings to better meet the needs and preferences of their customers. This can lead to increased customer satisfaction, loyalty, and retention, as well as improved revenue growth. Understanding customer demographics can also help businesses identify potential gaps or opportunities in their product offerings, and make strategic decisions about expanding or refining their product lines. Review this in depth using the customer export or at a glance within Meadow’s premium insights feature.
- Improve your Marketing Efforts: Meadow’s built-in CRM gathers data from customer profiles, purchase history, buying behaviors and loyalty programs so you can segment audience groups and send targeted SMS campaigns to engage customers and drive sales. Send mass messages to your entire audience or targeted messages by layering segment conditions to find exactly who you want to talk to. Sending marketing campaigns requires no additional reports, CSV uploads or filtering; you can simply choose these data points within the Meadow Marketing tool and we’ll sort your customers data into useful ROI-generating campaigns.
Stay on top of your dispensary inventory management with our intuitive reporting system. Easily track your current stock levels and monitor items that are running low. Identify discrepancies, spoilage, or losses that may be impacting your bottom line. Our inventory reports help you optimize your inventory management and increase profitability with package level details.
Key Takeaways from the Current Inventory Report:
- Understanding Sales Trends: Inventory reports can provide a detailed analysis of sales trends over a given period of time. This can help dispensary owners to identify which products are selling well and which ones are not. Based on this information, dispensary owners can make informed decisions about restocking and reordering.
- Managing Stock Levels: By analyzing inventory reports, dispensary operators can determine which products are moving quickly and which ones are not. This information can help them to manage stock levels more effectively, ensuring that they always have enough inventory to meet customer demand without overstocking and wasting money.
- Reducing Waste: Inventory reports can help dispensary operators to identify products that are not selling well or are nearing their expiration date. This information can help them to take steps to reduce waste by either discounting these products or removing them from their inventory.
- Improving Cash Flow: By keeping track of inventory levels and sales trends, dispensary operators can better manage their cash flow. This can help them to avoid overstocking, which ties up valuable capital, and to make informed decisions about when to order new products.
- Meeting Customer Demand: Inventory reports can help dispensaries ensure that they always have the products that their customers want in stock. By analyzing sales trends and customer feedback, operators can adjust their inventory to meet changing customer preferences and demands. Learn more about dispensary inventory management best practices.
Meadow's Premium Insights
Dispensary managers are busy individuals who have a lot on their plate. With so many tasks to manage, from ordering inventory to managing staff, they simply don't have time to waste. That's why dispensary managers need actionable data fast. Meadow’s Insights and Velocity features offer users the ability to access real-time data in the form of embedded graphs and charts without the need to generate a report. This feature provides valuable insights that users can use to make informed decisions quickly and easily. Whether you are a business owner, marketer, or analyst, the Premium Insights feature can help you stay on top of your data, identify trends, and make data-driven decisions to improve your business.
Key Takeaways from Meadow’s Premium Insights feature:
- Identify your Most Profitable Brands: See breakdown of your brands with revenue, cost and margin calculations. Toggle between revenue in $, order count, unit count, margin %, % of orders, cost of products sold, and average sales price for products from the brand.
- See a Detailed Breakdown of Product Category Performance Over Time: Toggle between percent of revenue, revenue in $, order count, unit count, margin %, percentage of orders, cost of products sold, and average sales price for products from category.
- Forecast What Products to Purchase and When: Using Inventory Velocity you can see which products are selling best, which are sitting on the shelf, and when you should re-order (or not). How many units of a product do you sell on an average day? That's its velocity. Once you know that, you can track inventory to make sure you have the right quantity of each product on hand: too little and you'll run out; too much means money sitting on the shelf. Review upcoming reorder dates of your top performing products to stay ahead and never let those products sell out. Additionally review what products are sitting with far reaching purchase dates.
The Orders Report is one of the most robust reports available from Meadow. Get a comprehensive view of your business's financial health with this report. Monitor your cash flow, analyze the relationship between sales and costs, and predict future sales. Our reporting system includes relevant parameters such as revenue, expenses, profit margins, and sales trends. Use this data to generate valuable insights and make informed decisions that optimize your sales and maximize profitability. Regularly reviewing this report is crucial for business owners and managers who want to stay ahead of the curve in the cannabis industry.
Key Takeaways from the Orders Report:
- Verify your Financial Stability: The Orders Report provides valuable insights into your business's health and financial stability. Revenue and profit margin are key indicators of financial stability for retail businesses. High revenue indicates substantial sales, while high profit margin shows efficient cost management and healthy profits. Read More: Money Management: Cannabis Dispensary Cash Flow & Financing Strategies
- Calculate Gross Margin: Gross margin is the difference between revenue generated from sales and the cost of goods sold. It's a crucial metric for measuring product profitability in retail businesses. The Orders Report allows you to track gross margin and optimize product pricing and inventory management.
- Value of Customer Transactions: Another important metric for retail businesses is Average Transaction Value (ATV). It measures the average value of each customer transaction and reveals purchasing behavior. By tracking ATV in the Orders Report, you can adjust your pricing and promotion strategies to increase sales and customer loyalty.
- Track Business Growth: Conducting regular financial analysis using key performance indicators (KPIs) helps you track business growth. KPIs such as revenue growth, profit margin, customer acquisition cost, customer lifetime value, website traffic, and conversion rates provide valuable insights into your business's performance. By tracking these metrics regularly, you can identify trends and opportunities for improvement.
- Staff Appropriately: The Orders Reports can help you schedule shifts more efficiently by tracking order volume per hour by day of the week, related averages and trends. This helps you schedule shifts ensuring that you have enough staff on hand during busy times and reducing labor costs during slower periods. By looking at order frequency over a specified period of time, businesses can accurately schedule shifts for their employees in order to meet customer demand during those peak times while reducing overhead by eliminating unneeded labor costs. Review detailed visuals that track hourly sales and show precisely when customers are ordering the most — thus allowing businesses to streamline their workforce scheduling accordingly.
- Discount Reporting: To ensure the success of your discounts and promotions at your dispensary, it's essential to monitor their impact on revenue and profitability continuously. The Orders Report provides valuable insights into the types of discounts being offered, the criteria that customers must meet to qualify for the discounts, and the dates or time frames during which the discounts are valid. By tracking this information, you can evaluate the effectiveness of your discount strategies and make necessary adjustments to optimize their impact. Additionally, if a brand will reimburse you for a promotion, you can use the Orders Report to calculate the credit you'll receive for your next order. With this information, you can make informed decisions and develop effective promotional strategies that boost sales and increase customer loyalty.
Cannabis dispensary owners may have some differences to traditional retail stores, but they share the same ultimate goals – delivering a superb shopping experience and increasing their profits. To help them accomplish that, investing in comprehensive cannabis software is paramount. Not all programs are created equal though; when looking for one with POS reporting features you should look out for things like key metrics tracking capabilities and data manipulation abilities. Doing so can boost your company's efficiency while helping make sure customers keep coming back again and again.
Learn more about How Dispensaries Can Turn Data into More Revenue