Never Promote Out of Stock Cannabis Products Again
If your cannabis isn’t movin’, your cannabis is snoozin’. 😴
Retailers in all industries are likely to end up with “dead stock.” In the cannabis retail space, this seemingly macabre term refers to the packages of cannabis left on the shelves in your back room that are no longer selling. With cannabis having an expiration date, not selling these cannabis products can be detrimental to your dispensary's bottom line. By continuing to hold dead stock, you are missing out on ordering new or popular products that your customers will actually want. Understanding dead stock, as well as the ways you can make your dead stock sellable can help you avoid or eliminate having it. Getting rid of dead stock is a crucial part of the long-term health of your dispensary.
Out with the old, in with the NEW! Get your cannabis products moving!
What is Dead Stock?
As mentioned above, dead stock is the cannabis products that have not sold and thus are “dead on the shelf.” They are cannabis products that no longer have an appeal to the overall market. This could mean cannabis that has expired, has been replaced, or never quite caught on in the first place.
How long has your weed been sitting there for? 🤔
How does holding dead stock hurt your dispensary?
The biggest drawback to keeping dead stock around is the opportunity cost of ordering new products that your customers want. Dispensaries could use those occupied shelves to keep newer, more valuable products, or even add more high-demand products to inventory. In addition to taking up valuable shelf space, the labour costs of managing dead inventory may quickly surpass the value of the dead stock itself. By keeping dead stock around, you are lowering your chance of potential revenue. If your cannabis isn’t movin’, your cannabis is snoozin’. 😴
Unfortunately, the quality doesn’t last forever 😔
The Disadvantage of Holding too Much Cannabis Inventory
The ideal cannabis supply chain should keep just enough products on hand to keep shelves full while eliminating overstock that won’t sell before the next shipment arrives. In a perfect world, cannabis flows like clockwork, and there are never any overages or shortages. Unfortunately, this is not the case in retail and particularly in cannabis retail, as the arrival of products after ordering is typically unpredictable. Luckily, there are several ways in which you can merchandise your products in your dispensary to make your dead stock more attractive to your customers.
Entice Customers to Happily Purchase Dead Stock
Without the right tools, selling cannabis is hard. With new products popping up every day and customer preferences constantly changing, it may seem like a challenge to direct customers’ attention to specific products - like dead stock.
BudSense makes selling weed easy with several different tools and features to help you merchandise cannabis in your dispensary and capture the attention of your customers.
Below are some ways you can edit your dispensary menus to help merchandise and move dead stock in your dispensary.
Custom Labels
Choose from our selection of labels or create your own custom label 🏷
Labels are used to show end customers important information to assist in their purchasing decisions. BudSense labels include “Sales”, “Features”, “Low Stock”, “Restocked”, but that’s just the start! You can customize the text to create your own labels! These labels highlight individual products in real time to inform and catch customers’ attention.
Marketing Menus
BudSense’s Marketing Menus are built to promote and advertise specific products with the end goal of maximizing revenue. There are several different marketing menus that can be built using BudSense’s Marketing Menus including Featured Category Menus, Featured Product Menus, Drive Thru Menus, and Smart Playlists.
Product Highlighting
Communicate that the product on the menu is important
There are many ways you can add color to your menus to direct your customer’s attention. Highlighting products on your menu is one of them. By highlighting a product you are communicating that the product on the menu is important and you recommended purchasing it. In addition to highlighting the product, you can also add style (bold and italics), change the font size, and change the font color.
‘Last Chance’ Menu
Build a menu specific to those dead stock products. You can include products from all categories and use smart filters to automate populating these menus with low-stock products.
When dreaming up your next merchandising strategy, it can be hard to come up with a cannabis retail selling idea off the top of your head. We hope these examples and tips inspire you to get creative with your in-store merchandising.
If you’re looking for help with taking your merchandising from good to great contact us any time. We are happy to brainstorm ideas with you. Book a demo today to learn more about how BudSense makes selling weed easy.
