Expert Inventory Management Tips for CBD Retailers
Are you looking into getting involved in the CBD retail business? Or maybe you are already an established retailer in your area who is looking for some new ways to revolutionize the way that you manage your inventory? Whatever your situation, this article will seek to help you find some ways to manage your CBD inventory and other details involved in the CBD retail industry.
For those who are unfamiliar with CBD, it is a chemical from the cannabinoid family known as cannabidiol. It is similar to THC but is not psychoactive. This means that it has all the benefits that medicinal cannabis does, but without the part that makes you feel high. This chemical has been a recent discovery that has been hugely beneficial to the medical industry and has been utilized already for a number of different treatments. It is a great industry to be involved in, and this article will hopefully allow you to thrive in the CBD retail industry.
A prime concern when considering the management of any type of inventory is the type and quality of storage you have. There are certain CBD retail products on the market that must be stored at certain humidity levels or temperatures in order to stay in a safe and consumable state. This means that you must have access to large quantities of refrigerated storage on hand, which can be quite pricey to purchase and operate. You may also consider off-site storage of excess CBD product stock, and have new stock moved into the store as needed. This can allow you to purchase much larger orders, allowing you to get a better deal by purchasing from a wholesale producer. If you are a smaller retailer then it is also not a bad idea to buy a manageable amount of stock and just replenish as needed. You will usually not be able to take advantage of wholesale prices, but you can definitely save by not paying for additional storage space.
If you are looking to improve your business and its supply chain then it is recommended that you look to purchase your CBD products from a large supplier, ensuring that you will be getting the best possible prices. There are a few different things that you should consider when buying cbd wholesale from anyone. By using online resources to figure out which CBD retail partner which is best for you then you can be sure that you know all the key points to look for. Getting wholesale prices should help to increase the profit margin of your business overall. In some cases, if you get a good deal then you can even extend some of the savings to your loyal customers by lowering select prices for a time being.
An excellent way to manage your CBD product inventory is to keep it completely segregated from the inventory that is on hand which might contain THC. This will ensure that you will not get your two inventories mixed up. Giving a patient who came for CBD a THC high product could be disastrous, so you need to do your due diligence to make sure that the two never come into contact. You could accomplish this by getting a separate storage shelf for the two different products, or even have two completely different sections of the store. You should also clearly label any THC products as such, to ensure that there is no confusion on the part of the customer. Many stores also like to keep THC products behind a counter, similar to alcohol and tobacco, to prevent any children from coming into contact with the product. Another option is to only sell CBD products, and then you will not need to worry about the associated issues.
There is nothing worse than being a business owner who has a huge stock surplus that they need to get rid of quickly. If you find yourself in this position then a great option to have is the ability to create good promotions in order to create a surge of business that will help you to deplete your excess CBD product inventory. Some examples of good promotions could be things like a discounted price on the excess inventory item.
Another great way to get rid of excess stock is to do something like a buy two get one free promotion. This will increase the sales of the product, while simultaneously getting rid of much more stock then a customer would normally purchase in one visit. There is really no limit to the number of promotions that you could pick, just try to be creative and find something that will help your business while also helping your customers.
A huge part of managing any type of inventory is ensuring that the quality of the product does not diminish at all while under your watch. This means that you will need to regularly be checking up on the quality of your products, ensuring that nothing has expired, or been damaged while in storage or on transit to your retail location. As much as wholesale companies and producers can try, there will always be some faulty products that slip through the cracks. BY thoroughly inspecting products upon arrival and also before putting them on the shelf, you will be able to guarantee that you have done your due diligence as a business owner to prevent any faulty or compromised products from ever reaching the consumer.
Hopefully, this article has been helpful and informative regarding the different ways in which you can switch up your CBD retail business’ inventory management system to allow it to perform to its full potential. There are many simple ways to switch up the things that are not working for you in order to get a system together that is perfect for your unique business needs. If you follow the concrete tips and tricks in the aforementioned paragraph then you should see a noticeable improvement in the structuring of your business, and the way that it manages its CBD inventory. Take control of your business before it is too late. Implement some of these strategies and you will see noticeable results.