Having a real understanding of consumer buying trends can be the difference between your cannabis shop and nearby competition. By keeping a finger on the pulse of cannabis retail, and stocking your shelves according, you can grow a successful operation.Here’s a quick overview of what’s hot right now and what you can do to stay on top of buying trends in your operation and grow your dispensary profits.
Popular Products To Consider
Not long ago, buyers were mainly limited to flower with the occasional homemade cookie or brownie. Todays's cannabis retail trends show that consumers are stoked to explore a wide range of products that allow them to consume in other ways.
Recent studies indicate that when it comes to cannabis retail trends in 2017, flower is absolutely on the decline. In California alone, only 55 percent of all transactions were for marijuana in flower form. With the spotlight shining so brightly on other methods, it could pay off to keep a well-stocked selection of vape pens, concentrates, edibles, and even topical products at your operation.
That’s not to say flower has already had its day in the sun; instead, consumers are more particular with the type and quality of the bud they are purchasing. This year several strains have performed above the rest, including Gorilla Glue #4, Jack Herer, and Bubba Kush.
How Can I Track My Own Trends?
Rather than simply basing your inventory off of various reports and hoping for the best, you can utilize a cannabis POS system to measure success at your cannabis retail operation. Depending on your shop’s overall vibe and specific clientele, you may find that specific products or strains outperform others.
For example, instead of having to write down, keep track, and calculate the percentage of flower you sold each month, your POS system can do all of the math for you and generate reports about your shop’s specific cannabis retail trends. Not only can you track a variety of metrics, but you can analyze shopper profiles and even assess which times of the day bring in more traffic.
If your dispensary is performing well each month, you may not feel like it’s necessary to implement a piece of software to track trends and sales, yet there could be a wealth of untapped potential that’s just waiting to come out. Are expanding your profits something you’d like to do with ease? Request a demo of our dispensary POS system today to find out more.