8 Dispensary KPIs To Measure The Performance Of Your Cannabis Business
To thrive in this competitive industry, cannabis retailers must use data
Embarking on your cannabis entrepreneurial journey is quite an exciting adventure, but running a successful dispensary business is a different game altogether. To thrive in this competitive industry, cannabis retailers must use data and technology strategically to measure the performance of their business operations. Dispensary KPIs are the data points that you must track to ensure that you always make the right decisions for the success of your business. Most cannabis POS systems track relevant dispensary metrics and present information to you in an organized format that allows you to extract maximum insights from that data. Following are ten dispensary KPIs that you must track at your cannabis retail store.
1. Time Per Sale Transaction on your POS
One of the most important KPIs to track is your average transaction time, as it has a direct impact on customer experience. If you are using an inferior cannabis POS to process your sales or haven’t fully trained your staff in its operation, you can lose out on dozens of customers per week due to long lines and frustration. Overall time per transaction can also help determine staff scheduling. If your customers are waiting too long, you may want to have more employees at the check-out counter. A well-designed dispensary POS system reduces overall transaction times to the minimum possible, allowing your budtenders to focus on customers, ensure inventory is well-stocked and curate an elevated shopping experience.
2. Average Basket Size and Purchase Value
By tracking the average basket size and transaction value, you can evaluate your customer buying habits and ideal price points and create your marketing and promotional campaigns or upsell opportunities accordingly. Incorporating such strategies will help you increase the number of products purchased or the average value and thus, increase sales. For example, it’s useful to know that your average transaction includes 1.7 products and the average sales value is $35. Knowing these two averages shows your benchmark and helps you evaluate your dispensary profits. Tailoring your sales offerings to the actual behavior of your clients is a great way to maximize profits.
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