If you're like most cannabis retailers, you probably prepared for 4/20 by stocking up on bulk items like flower, edibles, and oils. All of these products have to be stored in specific conditions to thrive. This is one of the main reasons it is best to make a quick turnaround with your dispensary’s excess inventory.
The other reason? Dutchie’s data shows that customers who buy items as part of a sales promotion tend to spend more. So let’s talk about how you can get rid of excess inventory without hurting your bottom line.
Sales in cannabis can be compared to sales of produce. It is centered around the season it's grown, harvested, and cured. It sells best during major holidays, especially 420, but also following 420 when it can be paired with springtime activities. Like produce, cannabis also has a window of time where it’s the freshest —just after the seals on wholesale containers are opened but before the terpenes aerate. Even with the finest airtight methods, all cannabis is more likely to fly off the shelves when it still retains its natural moisture. This goes for infused gummies and baked goods too—the fresher the better.
Since 420 has come and gone, you may have excess inventory on your shelves— particularly if a vendor cut your store a deal on bulk cannabis products. Although the cannabis space differs from traditional retail, it’s smart to follow the retail model: continue sales after the holiday to make room for fresh stock. In cannabis, it’s often unclear when a sale ends, with retailers keeping the same items on sale until they run out. The problem with this approach is that there’s no urgency to entice your customers to buy today. Put a fresh spin on your post-420 sales to drive urgency to buy. Seasonal angles that nod to a moment in time, whether it’s a month-long promotion (“May Flowers”) or a single day (“Herb Day”), communicate a clear start and end—and the shorter the themed promotion, the more likely customers will feel inclined to take action and buy.
Don’t be shy about advertising your specials, using in-store signage and marketing to make promotions impossible to miss. Sometimes a budtender may forget to tell a customer about a complimentary vape battery that accompanies the purchase of a certain cartridge—and that sale could have been the push the customer needed to stock up. The same scenario goes for bundle deals. Make the promotional value clear to all customers so they can weigh the benefit of purchasing now.
Dutchie can help facilitate this post-420 sales tactic. Offers is a unique and customizable feature, which allows you to display your active promotions anywhere on your online menu. Select your favorite deals and Specials to highlight at the top of your menu, or at the bottom for add-on purchases. Dutchie has seen a 41% increase in the amount spent per order when they include an Offer.
Clear out excess inventory and watch your revenue increase with just a few simple steps. Whether it be a BOGO special, dollar amount off, or percentage discount on a certain brand, any type of promotion can be made into a spotlight on your menu. After all, cannabis customers are often looking to get their hands on the next new product or freshly harvested strain.