Maximize Revenue with Smarter Inventory and Performance Management

In the fast-paced world of cannabis retail, managing inventory and optimizing sales performance is crucial. One of the biggest challenges retailers face is stock aging and overstocked items, which can quickly drain your profits if not addressed. 

For example – Imagine having $500 worth of products that will expire within 30 days, or shelves clogged with items that won’t deplete for 75 days. 

These scenarios aren’t just hypothetical – they’re a daily reality for many retailers. But what if you could turn these potential losses into gains? 

Tackle Aging and Overstocked Items with Strategic Discounts

The key to maximizing revenue lies in easily accessible, digestible reporting. A weekly review of aging stock can empower you to create targeted sales and discount strategies to move expiring products before they hit the dreaded point of no sale. 

For example – Take Retailer A: With several products set to expire within a month and overstocked items taking up critical vault space, a well-timed discount can turn a looming loss into a revenue opportunity.

The best part? This information is at your fingertips, thanks to FlyWheel! Ready to guide your discount strategies and align your team on what to push and why. FlyWheel’s ‘Stock Aging Report’ gives you a visual detailed view of:

• Days Remaining Before Expiration

• Lost Revenue From Expired Products

• Ability to Filter by Product, Category, and Brand

Elevate Sales with ‘ABC Analysis by Product’ 

It’s not just moving products – it’s about selling the right products. FlyWheel’s ‘ABC Analysis By Product’ categorizes your inventory by revenue contribution over the last 30 days, classifying items into A (top 80% of inventory), B (next 15%), and C (bottom 5%) categories. This insight allows you to customize your inventory management plan to highlight these categories, driving sales by easily indicating which items are your top performers. 

By having easy access to these strategic sales numbers, you can also measure which employees are selling the products that drive 80% of your revenue. This opens the door for sales contests, improving staffing models that ensure top performers are in the building during high-traffic times, and performance conversations that are backed by hard data.

Drive Efficiencies Between Sales and Inventory Management 

A seamless relationship between sales and inventory management is essential. Few things are more frustrating for a budtender than selling a product only to find out it’s out of stock. And for those managing inventory and orders, being told a product is sold out after the order was already placed is a nightmare. 

FlyWheel’s real-time inventory management system, complete with a ‘Days of Product Remaining’ report, alleviates these pain points with:

• Product Category and Brand

• Available On-Hand Quantity

• Avg. Quantity Daily Sold

• Days Remaining

• Revenue 30-90 Days

• And more!

This report ties directly into FlyWheel’s ‘Replenishment’ tab by:

• Live syncing inventory for instant product availability.

• Choosing which products you want re-ordered and adding them to your PO.

• Identify ‘sold out’ products immediately and find viable replacements.

• Advanced visibility into:

  • Amount Needed for Restock

  • Lead Time

  • Remaining Days of Supply

  • Current On Hand Quantity

• Ability to communicate directly with Brand reps via direct email through FlyWheel for seamless, uninterrupted communication.

Check out our video of a step-by-step walkthrough of the ‘Replenishment’ feature with 240L Technical Customer Success & Training Rep, Mike Hosty!

FlyWheel Replenishment Feature with Mike Hosty

By establishing a tailored, streamlined process for ordering and replenishment, you can reduce the risk of out-of-stock items; ensuring that your top-selling products are always available when demand peaks.

Optimize, Perform, and Profit

With the right tools and insights, you can transform inventory challenges into profit-driving opportunities. By staying ahead of expiring and overstocked items, leveraging ABC Analysis for better sales performance, and driving efficiencies between sales and inventory management, you’re not just surviving – you’re thriving in the competitive cannabis retail landscape. 

Optimize your processes, enhance your team’s performance, and watch your profits soar!

Ready to get started? Reach out to us today: 240logistics.com/contact
Schedule your FlyWheel Demo: 45min w/ Brian H. - VP of Sales