Managing the inventory for cannabis inventory can be challenging. You may find it hard to track individual products, which can potentially risk your compliance with your state. In an evolving and dynamic industry, new product launch and products disappear at a slight difference in speed. Moreover, the problems of the supply chain potentially break an otherwise well-operated business. In this article, we will discuss further into some resourceful tips you can utilize to boost your inventory operations:
Incorporate your tool stack
As you look for software solutions that can assist you to keep up your inventory, you must select a point-of-sale partner that assimilates with the system, which is a vital part of your brand already. You will need to look for something that would perfectly slide and integrate into your current processes as it frees up some of your time that you can use to concentrate on other things that matter the most, such as establishing big-picture approaches.
METRC reconciliation is the first and the most vital software that helps in integrating cannabis dispensary inventory management. Basically, this is an inventory tracking system that’s seed-to-sale that state regulators utilize to compliance and monitor activity.
Make use of the appropriate tools
If you try to manually manage and keep track of your inventory won’t just make you susceptible to mistakes, but it can potentially waste your important time as well. Since managing inventors can extremely take a lot of time, it’s essential for you to all the measures that need to be done to prevent mistakes and to restructure and update processes for your team. Providing your employees, the appropriate and updated tools and technology is the key to reduce the hectic hours consumed by auditing alone.
Come up with an inventory audits process
In terms of guaranteeing that you have precise reporting in your store and to keep being compliant, physical inventory audits definitely play a crucial role. If you lack authentic data, your business will be late to capture internal fraud and theft, create unwise ordering decisions, and will eventually lose sales.
Your dispensary business will cause an entire full-state audit and will be under a greater risk of penalties especially when your physical inventory is extremely far from what was claimed. Because of this, we highly suggest every dispensary owner establish a fundamental operating inventory audit procedure—preferably to do a thorough audit of your whole inventory once per week, at least.
Plan for the worst
Even companies that devote a thorough inventory planning still encounter problems that cause their plans to not be aligned. No matter if such problems arise externally or internally, all dispensary and cannabis stores must have contingency plans. They need to come up with a plan for ordering problems, slow sales, or product shortage. Once a retailer has experienced problems before, make sure that you have secondary vendors that you can ask for help. Discover partnerships with some vendors and stores that can let you offload fail products.
White label or private label products are actually those supplied or manufactured by a company regarding offer under another brand of the company. Private label services and products are available in a series of industries from web hosting to cosmetics to foodstuff. As a matter of fact, there are a lot of advantages for retailers to promote white label products.
The labels and packaging are usually custom tailored to meet specifications such as logo of the firm, description, solution name as well as make contact with details. Private labeling allows more control over pricing strategies. There’s more freedom for retailers to create their own marketing strategies also to control self-inventory in stock.
Private label services or products are provided by one firm under another firm’s brand. In addition to that, these are also considered as private goods, private brands or store brands. Private goods are available in a broad range of industries from cosmetics to food. In recent years, these products were usually known to be of lesser cost options to primary brands however, a lot of private goods are now displayed as premium brands as well as compete with the current name brands.
There are a lot of benefits for retailers to promote white label products. The labels and packaging can be personalized in order to meet desired specs such as the contact information, company’s logo, description and product name. Private labeling also allows more command over the pricing strategies. Aside from that, there is more freedom for retailers to make their own marketing strategies and to make command over their own inventory of stock. With greater margins possible, there’s a higher chance for greater income. Private branding also allows retailers to make a unique and personalized image that promotes stronger client loyalty.
Furthermore, private labeling allows for greater command over a lot of factors such as distribution, marketing and sales. Retailers can also have full control over the product distribution with white label products. Basically, the products are available from the retailers – clients will no longer proceed to a popular store and look for the private label product at a lesser cost. Clients will not look for private label products somewhere else online either.
With white labeling, retailers can also get products which have already been developed or which can be re-branded and changed in an individual fashion. Retailers can basically control a lot of business aspects as well as make their own one-of-a-kind product. They can customize the products, add their own additional logos, titles, materials, etc. This can also be done in a lesser time than it would actually take to create and develop the products out from nothing.
In the past years, there had been a great improvement in the number of cbd white label products. Particularly, this is very true, where private label products account for almost 50% of the goods sold in supermarkets. These statistics is close to 25 percent however, the trend seems to be rising. Private goods come from a lot of different sources. Several companies offer contract manufacturing for private products.