Let’s face it: Preserving a strict inventory management tactic is a essential aspect of any profitable retail small business. But when it comes to cannabis retail, right inventory management is additional than just a very good small business practice — it is a legal requirement.
Compliance dictates that you conduct in-retailer inventory counts and report discrepancies on a routine basis, based on the regulations that govern your unique industry. For instance, in California, cannabis retailers need to reconcile their physical inventory with the records in the track and trace database at least as soon as each 30 calendar days Ontario retailers, on the other hand, need to do this weekly.
Even though it appears simple adequate, the truth is that right inventory management is time-consuming and burdensome — in reality, it is a single of the largest challenges at the moment facing the retail side of our sector. But by using the newest revolutionary options in cannabis retail technologies, you can make inventory management easier and additional streamlined than ever.
Prior to we get into these breakthrough options, let’s realize specifically why inventory management is so essential to your operation.
1. Assistance avoid cannabis theft and diversion
No matter what sector you are in, retail inventory management is essential to support lower fraud and avoid shrinkage. But in cannabis, it goes deeper than just guarding your bottom line (even though that is undoubtedly vital). Theft prevention in our sector is also a matter of public security, as legal merchandise that are diverted to the illicit industry could potentially finish up in the hands of underage youth.
The very good news is that merely getting disciplined with your inventory management routine will go a lengthy way in stopping internal theft and fraud. Feel about it: if your staff know that inventory counts are not getting carried out consistently, they might be additional enticed to exploit that reality. On the other hand, when your employees members see inventory counts getting carried out like clockwork, they’ll assume twice just before attempting to get away with some thing.
two. Generate a superior buyer practical experience
The second largest explanation you need to invest the time and sources into right inventory management is buyer service. With so lots of cannabis shoppers starting their searches on-line, it is essential that you preserve correct, up-to-date menus to steer clear of that all-as well-familiar situation: a buyer discovering a strain or answer they want on your on-line menu, only to show up to the retailer to obtain that it is really out of stock. Like it or not, your reputation requires a hit each time this happens — so you want to do every thing in your energy to avoid it.
By conducting routine inventory reconciliations, you will support guarantee that your on-line menus accurately reflect your physical inventory. And, thanks to Cova’s sector-major integration with the new Weedmaps platform, your store’s inventory will automatically sync with your on-line menu each time you make an update — which indicates no additional double entry or manual updating in Weedmaps.
Introducing Cova’s Newest Cannabis Inventory Management Options
At Cova, our group is often functioning to innovate and enhance the way cannabis retailers conduct their small business. And our newest options are assisting automate and expedite inventory reconciliation, producing the approach smoother and less difficult than ever just before.
When it is time to count inventory, your group can now merely use the Cova barcode scanner to scan the designated batch of inventory the scanned file is then uploaded to Cova for automated reconciliation and reporting. Moreover, our new bulk adjustment function lets you pick the explanation code and adjust a number of merchandise at as soon as, rather than manually adjusting them a single by a single.
For the reason that Cova integrates straight with the traceability program in each industry we serve, all inventory adjustments and reconciliations produced in our program are automatically reported to the government — which indicates you save even additional time and dollars when maintaining a tight rein on your inventory and complying with regulation.
Study A lot more About Cova With a No cost Demo
If you are prepared to see just how Cova can support you level up your cannabis retail game — like maintaining prospects delighted when stopping diversion with impeccable inventory management — then book a totally free demo currently!