Vetrina

Great advice from one of the best Elyse Ranger. Your 420 goals should be set, now who will be your main vendor partners? And how will your dispensaries be differentiated vs. competitors in the market? #420 #Cannabis

Picking up just one more flavoured vape SKU....

"What if we ran no discounts on 420?" We've heard a lot of promotional planning for 420 over the last 4 weeks. Everything from store wide discounts to pulling back on all discounting. Running NO discounts on 420 is probably a pretty unpopular theory amongst dispensaries on both sides of the border. The theory is, if you're already running a tight month on margins due to: - the drop in sales before and after 420 - Additional Saturday/weekend activity vs. month-prior - 420 happening on Easter Sunday It's hard to maintain MOM margin let alone walk away from 420 with a profit "But can we afford not to?" ~ everyone screams in unison??? What do you think?

Awwwh shucks... #Vetrina #Cannabis #CannabisRetail #Joyleaf

Would you buy a bread maker for $279? Most people thought that was too expensive... until Williams-Sonoma, Inc. introduced a "premium" model for $429. Suddenly, the $279 model started flying off the shelves. Sales doubled overnight. This is the power of price anchoring—one of the most effective psychological pricing tactics that can transform your #Cannabis retail business. Price anchoring works because consumers rely heavily on the first price they see (the anchor) when making decisions. Once you start seeing it ~ you won't be able to stop noticing it everywhere. Many cannabis retailers are starting to position products in their stores to account for this, but how else does this show up? ⇢ Subscription services showing the premium tier first ⇢ Jewelry stores presenting the most expensive ring before more "reasonable" options ⇢ Restaurants position high-margin dishes along the 'golden triangle' ⇢ Car dealerships showcase the fully-loaded model before revealing the base model How can you take advantage of this at your dispensary? For cannabis retailers facing pricing compression, anchor pricing strategies can be game-changers: ⇢ Use visual merchandising to showcase specific products that guide customers toward high-margin items ⇢ Evaluate your customer journey to place anchor products strategically ⇢ Train your team to understand when and how to reference anchor products in conversations The middle option almost always wins. When customers see a range of prices, they tend to assume the cheapest options are inferior, while the most expensive seem excessive—making mid-range products look like the best value. What pricing psychology tactics have you used in your business? Have you seen the impact of strategic price anchoring? #Vetrina #RetailStrategy #PricingPsychology #AnchorPricing #Cannabis #ProfitableRetail

What is your in-store team's total compensation? Do you include tipping? If you aren't monitoring or standardizing your tipping you could have trouble down the road when you're elevating your floor team into key holder/leader levels. #Cannabis #CannabisRetail

Planning 420 rev projections can be scary... #420 #Cannabis #CannabisRetail

45 days until #420 - what are you projecting in revenue? 𝗟𝗲𝘁'𝘀 𝘀𝘁𝗮𝗿𝘁 𝘄𝗶𝘁𝗵 𝘀𝗼𝗺𝗲 𝘁𝗶𝗽𝘀 𝗼𝗻 𝗵𝗼𝘄 𝗻𝗼𝘁 𝘁𝗼 𝗴𝗲𝘁 𝘁𝗿𝗶𝗽𝗽𝗲𝗱 𝘂𝗽 𝗖𝗼𝗻𝘀𝗶𝗱𝗲𝗿 𝘁𝗵𝗲 𝗳𝗼𝗹𝗹𝗼𝘄𝗶𝗻𝗴: ✽ Many retailers experienced a 10-20% decrease in sales the week leading up to and after 420, making the month flat. ✽ April has 30 days; March had 31 ✽ The number of Saturdays: April had 4 vs. March with 5 ✽ Your quarter can look messed with January, February, and March all with a different number of days in the month 𝗪𝗵𝗮𝘁 𝗰𝗮𝗻 𝘆𝗼𝘂 𝗱𝗼? ✽ Start 420 planning early. ✽ Determine your dispensary goals and how much you want to invest in achieving them. ✽ Review your historical data, including popular products and categories. ✽ Then, set target sales and transaction counts, average order value, discount percentage, and marketing spend (if any). Come prepared to speak to your executive or management teams about these potential pitfalls. What else do you consider when projecting? Tell us below 👇 👇👇 #Cannabis #CannabisRetail #Vetrina

Could you not, please... #Vetrina #SKURationalization #Cannabis #CannabisRetail

Here's the painful truth about cannabis retail: 70-80% of your sales come from just 20-30% of your SKUs. Maintaining a profitable assortment isn't easy. Too few choices, and you've lost that customer to the competition. Too many choices and the "paradox of choice" can kill your sales. Far too often, we see dispensary shelves overrun with hundreds of options. When customers face too many options, they experience decision paralysis and often leave without buying anything. You can use SKU rationalization to fix this problem. How? ⋆By identifying true winners and underperformers through data analysis ⋆ Allowing for dynamic assortment planning based on customer preferences ⋆ Concentrating spending on high-performing products ⋆ Reviewing performance metrics every 6-8 weeks and adjusting accordingly One client implemented this approach and freed up 30% of their inventory budget to reduce stock-outs. When people could easily find what they wanted, their customer satisfaction scores improved by 25%. If you're a multi-store operator or dispensary owner who feels like your inventory is controlling you instead of the other way around, have a peek at this oldie-but-goodie https://lnkd.in/gh2Gbbmd #CannabisRetail #InventoryManagement #SKURationalization #Cannabis