Retail Market Benchmark: Another perk from Headset Retailer

Headset Retailer - the retail data intelligence tool successful cannabis retailers and dispensaries use every day to make critical decisions and keep their competitive edge - is more powerful than ever. Not only can you keep track of your sales metrics and enable Vendor Managed Inventory (VMI) with your vendors, but you can now also use Retailer to compare your metrics to the overall marketplace and get an idea of where your business stands.

Data is pulled from the Headset Insights platform, where it is coupled with real-time retail data and market projections, making it the most accurate and comprehensive market analysis tool in the industry. Headset Insights is currently available for retailers in Washington, California, Colorado, Nevada and Alberta, Canada. Not a retailer in one of those areas? No worries. You can still compare your stats to any of these regional markets.

Retail Market Benchmarking gives your retail data context in a variety of areas; businesses can:
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• Compare their sales growth to the market at large.
• Learn what kind of products are popular in their market and how their inventory compares with their landscape.
• See differences in product pricing against the rest of the marketplace.
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Sales growth

Context is key for understanding sales growth. For example, looking week-over-week, a business may experience a 4% dip in sales. While the drop in total revenue may initially cause concern, the effects may be marginal when viewed in context of the entire market taking an 8% drop. 

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The sales growth benchmarking dashboard lets you compare your sales with the movement of the overall marketplace, making it easy to compare unit volume and average item price to determine if fluctuating revenue is due to the number of units being moved or the average price of those units. You will also be able to see how different categories have grown in your stores compared to the marketplace. The dashboard also allows you to clearly identify the top-performing brands and trends in the market.

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Sales and inventory assortment

The assortment dashboard serves as a guide to make sure your carrying the right kind of inventory for your market. The tool compares what you’ve sold and what you have in stock with the rest of the market to help you understand if there are specific products that are over- or under-stocked in your store. 

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Look at categories versus prices to make sure you are not only stocking the right product categories but also selling them at optimal price points.

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Pricing and unit volumes

Headset Retailer pricing dashboard provides the most extensive analysis of average item prices by category compared to market averages. These metrics provide retailers and dispensaries a general idea of where they stand in terms of product pricing decisions.

Our price distribution charts can help you understand what range consumers are willing to pay for certain products. Some categories, like pre-rolls, will have a much smaller distribution compared to something like flower products, which come in a variety of package sizes, and have a wider range of prices.

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The new Market Benchmark dashboards offer a breakdown of the proportion of product units are in each price group. This will help you determine if you need to diversify your price selection or to double down on popular ranges.

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At the end of the day, Headset Retailer Market Benchmark puts your data into context to help you make critical decisions that will determine the long-term success of your retail business.

In the coming months, Headset plans on adding even more regional markets as we continue to gather more detailed analyses to our full Headset Insights solution.

We want to hear from you. What do you need to be successful? What questions are you trying to answer with Headset? If you have thoughts or want to chat about the future of Retailer, submit your ideas to our Feedback Portal.