Track inventory and sales at your in-store and online locations for a seamless customer experience. Stay compliant with state regulations and meet profit goals.
Mistakes can cost your business money and client safety without proper inventory management. State citations for track-and-trace violations can also lead to loss of license.
Real-time Inventory Tracking
To operate a successful retail cannabis business, you need an accurate, real-time view of your inventory. Cannabis dispensary software aggregates all the key components of inventory management, helping you stay compliant and deliver scalable growth to your operations.
Unlike other POS systems, a cannabis-specific POS system offers features that meet the unique needs of your marijuana retail business. These include tracking all sales data for each customer, including online purchases, and providing a unified view of inventory in a single dashboard. It also helps you optimize marketing strategies based on customer insights to drive higher engagement and more revenue. Any cannabis retailer needs the right tools to handle inventory properly, particularly when operating in a highly regulated industry. The right cannabis POS can streamline your back-of-house operations and make it easier for employees to manage inventory effectively.
For example, using a POS with an integrated scale can help your employees save time by automatically capturing weight data for each new batch of products. This can help you prevent costly inventory shrinkage or theft. Having the right tools also allows you to implement the FIFO (first in, first out) method, which prioritizes selling your most popular products.
Mobile Ordering
A top-of-the-line cannabis inventory system can help your business optimize operations to boost revenue. Known as seed-to-sale software, these systems can track and organize marijuana inventory from the planting stage to a customer’s purchase. With streamlined features that automate processes, you can save time and resources by eliminating tedious manual data entry. This means you’ll have more time to devote to other tasks that will grow your cannabis business and increase profit.
Efficient inventory management is essential to ensuring the quality of your product and staying compliant with regulatory requirements. When choosing a dispensary inventory management software, look for one that tracks cannabis and non-cannabis products with ease and provides real-time updates on your stock levels. The program should also offer efficient purchase order and invoicing functionality. Look for options that use accrual accounting, which aligns with industry standards and allows you to understand costs and profitability better. A dispensary inventory system helps you track sales, analyze inventory, and identify top-selling items. This data can inform your marketing efforts to attract new customers and encourage repeat business. It can also help you predict future demand and ensure your top-selling products are always available.
Automated Purchase Orders
Using a dispensary software system to automate purchase orders helps streamline the order management process. This will help you track your inventory more accurately, reducing stockouts and optimizing your purchasing budget. You’ll also be able to implement a JIT strategy (just-in-time), an inventory management technique that reduces the total cost of goods by buying products only when needed. This lets you engage your customers with product suggestions, SMS marketing, promotional offers, and loyalty rewards. This will increase your brand awareness, customer engagement, and loyalty, resulting in repeat business and increased revenue. It’s important for a dispensary to keep accurate track of inventory to adhere to regulations. A quality dispensary point-of-sale system should integrate with CCTT and other tracking systems to ensure compliance. It should also allow back-end inventory management and be consolidated across all sales channels. This will enable you to make more informed decisions about your inventory, e-commerce, and distribution. This will also save you money on shipping costs, improve customer service, boost profits, and increase sales potential.
Reporting
Keeping a close eye on inventory helps dispensaries avoid shrinkage and losses due to theft or a lack of proper tracking, which can lead to costly state citations and loss in profit. A good cannabis POS system will note any transfers and keep inventory level records so these issues can be addressed immediately and stopped in the future.
Dispensaries also need to stay in compliance with METRC regulations, and the best way to do this is by utilizing an effective cannabis management tool that works with seed-to-sale tracking technology. Look for a POS system that integrates with these systems to ensure your business stays compliant and that you can make data-driven decisions that optimize operational efficiency. Using cannabis POS software, retailers can automate transaction reporting and reduce the need for manual processes, such as writing receipts, tracking cash payments, and counting inventory. This can also help minimize security risks, as keeping large piles of cash on hand can tempt burglars.
An integrated POS system can help with various other management functions, including online ordering and delivery logistics. It can also improve customer retention by offering SMS text messaging, product recommendations, and loyalty program rewards tailored to each shopper based on their demographics and purchasing history.
