Launching a cannabis dispensary comes with its set of challenges, and managing inventory can be particularly daunting. In today's episode of KayaCast, we sit down with Ameel Bachir – a seasoned cannabis retail strategist from Forte Operations, who has an extensive background in developing successful inventory systems for cannabis retailers, including his pivotal role at Tokyo Smoke.
Ameel shares invaluable insights into starting strong with the right inventory investment, selecting a product mix that caters to every kind of cannabis consumer, and adjusting your stock based on market response. He reveals the key percentage of budget to allocate towards inventory initial stocking and talks through the processes of selecting cannabis brands, considering market data, and understanding customer needs to optimize retail offerings.
Learn strategies for differentiating your dispensary through inventory selection, how to adjust your stock wisely, and why it’s crucial to train your staff on the nuances of your product offerings to boost sales. Ameel also touches on handling legacy versus novelty products and tips for profiling different customer types to ensure your dispensary meets a wide range of consumer preferences.
Whether you're a new dispensary owner curious about how much to invest initially, or an existing retailer looking to refine your inventory strategies, this episode provides actionable advice that you can implement right away.
Don't miss these expert insights on scaling your cannabis business efficiently through strategic inventory management. Tune in now!
Thank you for tuning into the KayaCast Podcast - your go-to guide on all things cannabis retail.
Find out more about Forte Operations at:
https://forteops.com/
https://www.linkedin.com/company/forte-operations/
https://www.instagram.com/forteops/?__d=11
https://www.linkedin.com/in/ameelbachir/
#cannabisindustry #kayacast #businesstips #businessgrowth #entrepreneur
00:00 Introduction to Dispensary Challenges
00:09 Meet Ameel: Cannabis Inventory Expert
01:03 Initial Inventory Investment Strategies
03:03 Choosing the Right Cannabis Brands
05:16 Balancing Traditional and Innovative Products
07:04 Determining the Right Number of SKUs
09:20 Inventory Turnover and Supplier Relationships
10:56 Creating a Healthy Product Mix
14:21 Pricing Strategies and Loss Leaders
17:05 Profiling Your Customers
22:32 Competing with Grey Market Stores
24:35 Existing vs. Emerging Markets
28:51 Challenges with Product Availability
29:41 Identifying Slow-Moving Products
32:23 Effective Product Display Strategies
38:02 Training Employees to Upsell
41:30 Planning for Inventory Growth
50:33 Adapting to Customer Feedback
51:26 Conclusion and Contact Information
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