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Showing posts from May, 2020

Top 3 Ways Inventory Visibility Reduces Overhead and Boosts Revenue

In today's cannabis market, there's an overload of communication between retailers and brands around maintaining the buyer-brand relationship. In most cases, this overload is caused by a lack of real-time data being exchanged, making it so that both parties need to be in a constant state of requesting and sharing inventory level data to avoid stockouts. An unfortunate side-effect of this manual communication strategy is that it's become customary for buyers to stock brands that they have a good relationship with instead of using data to inform these revenue-driving decisions. This forces brands to spend a lot of time communicating with buyers about sales and inventory levels in order to coordinate orders since sales data isn't being proactively shared with them. Due to the current instability and unpredictability of the market, the average cannabis retailer in California is dealing with 14+ distributors who all have unique schedules and processes, making them even more

Improving the Brand-Retailer Connection

In most other markets, retailers and brands are able to develop co-beneficial partnerships based on their ability to share information. Sephora, the world's leading specialty beauty retailer, shares point-of-sale and inventory details with supplier brands, allowing for vendor managed inventory partnerships that save time and generate more profitability. Empowered by data, brands can control costs, grow market share, and increase sales at an influential retailer like Sephora. In the cannabis market today, there is an overload of communication around maintaining the buyer-brand relationship, but very little exchange of real-time data between retailers and brands.  We've discussed how sharing sales data can   im prove inventory management , product branding, and retail synergy by identifying target customers that brands and retailers have in common and then focusing on how best to serve those customers with our marijuana vendor managed inventory system. Sharing data between partn