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September 6, 2022

How To Increase Revenue For Your Cannabis Store

Ryan Lalonde profile image
Ryan Lalonde

As a business owner in a competitive market like Cannabis retail, you need to come up with creative ways to help boost your revenue. We asked our team to put together some great ideas that any Cannabis Retailer can use to assist with sales. Keep reading. Customer Appreciation Events Host an appreciation event for your customers. It does not have to be extravagant. It can be as simple as inviting customers to your store on a specific day to receive exclusive discounts. Use the opportunity to encourage your customers to extend the invitation to their friends and family to help grow the reach of your Cannabis store in the process. Appreciated customers become loyal customers. Sales Channels Now, customers want to shop at their convenience. Provide your customers with the ability to purchase directly in-store and online from your website. As you increase the number of ways customers can buy from you, you will see orders increase. You only make it harder for customers to buy from you when you provide just one way to make a purchase. Data & Analytics Using the sales data available to you through the Cannabis software you use, like your POS, you can make decisions on product offerings that will help increase your sales. Determine which products are the most popular and order more of those while limiting ordering the items that don’t sell. Take steps to make sure your most popular products are always in stock. Running out of inventory will only hurt your sales. Merchandising Merchandising means displaying your products to encourage your customers to spend more at your dispensary. Build a strategy around product placement at your Cannabis store. Do you have specific products you want to sell? Make sure they are visible throughout the store. Constantly have items displayed next to the checkout. That is the moment someone is ready to pay, and catching their eye with accessories is a great way to upsell and take advantage of impulse purchases. The way you display products on your website also matters. Set your website up for e-commerce and take advantage of the ability to feature specific products or groups of products as soon as someone hits your menu. Then, you can guide your customers to buy more of the products you want them to buy.