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Understand the 'when' of the retail cannabis industry with Demand Planning dashboards
With the year coming to a close, it’s a great time to look back on what happened and prep for what’s coming up. We are excited to announce we have a brand new set of dashboards in Insights to help you do just that: our new Demand Planning Add-On! Demand Planning helps you understand the WHEN of the retail cannabis industry. Retailers can use these dashboards to help plan when they need to stock up on certain types of inventory. Producers can use demand planning to help figure out when they need to ramp up production when the best times to restock at a store are, and when the best time to have a vendor day is. These dashboards allow you to explore temporal sales trends at the category, segment, and brand level. There are several ways that Demand Planning can help you understand the cadence of the recreational market.
In our Period over Period analysis, the visuals help you to understand seasonal sales trends such as changes in demand by month or week. You can also view how sales change throughout the year, including a weekday analysis. This is invaluable when examining rapidly changing sales trends, such as those sales shifts due to recent flavored Vapor Pen bans in the state of Washington. With this analysis, you can see if there are certain times of year that you need to be ready to ramp up for. You can also filter by category, segment, or brand and compare to the market. For example, you might see that the chocolate edible segment has quite a boost over the market in the week leading up to Christmas.
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Looking at the data month over month and week over week is incredibly valuable, but getting even more granular can tell you even more about how customers are shopping in the recreational markets. Our Day and Hours analysis allows you to see how sales change throughout the week and hour. You can use this dashboard to understand when customers are in your stores. You can even filter by category, segment, and brand. These could be useful tools for vendors trying to see when customers are buying particular types of products so they can plan the most effective vendor days. It could also help retailers determine what kind of staffing they need at what hours. For example, you might see that tinctures tend to sell better in the mornings, so that’s a great time for your budtenders with more tincture knowledge to do their shifts.
Are you curious when your retailers are running discounts and how they are affecting unit volume? Our Discount Analysis helps you understand how discounting on different days or even different hours of the day impact average prices in the market as well as for selected brand, category, and segment combos.
Our last dashboard in the Demand Planning suite is a timely one, looking at Holiday Lift. This dashboard will allow you to understand how holidays impact overall consumer demand. Here, we can understand how prices, sales, unit volume, and discounting are impacted by holidays like Christmas, 4/20, and Green Wednesday. Like our other Demand Planning dashboards, you can filter by category, segment, and brand so you can see what are the hot items around these holidays that you need to stock.
Our Demand Planning add-on will hep you make better decisions based on when customers are buying cannabis products. To see these new dashboards in action, check out our Demand Planning webinar. Or reach out to our sales team about setting up a demo.