The holiday season is a busy and profitable time for many businesses, but especially for cannabis retailers in the US. With more states legalizing recreational and medical marijuana, the demand for cannabis products is growing every year. According to the National Retail Federation, retail sales during 2022’s November-December holiday season grew 5.3% over 2021 to $936.3 billion. It’s no Green Wednesday or 4/20, but it certainly represents a bump for most retailers. However, the holiday season also brings some challenges and opportunities that cannabis retailers need to be aware of and prepare for. Here are some tips to help you make the most of this festive period.
Plan ahead and stock up
The holiday season is a peak time for cannabis sales, so you want to make sure you have enough inventory to meet the demand. You also want to avoid running out of popular products or having to deal with supply chain issues during this busy time. Plan ahead and order your products well in advance, and keep track of your inventory levels and sales trends using tools like the POSaBIT inventory dashboard. You may also want to offer some holiday-themed products or bundles to attract more customers and increase your average order value. For example, you could prominently display cannabis-infused holiday edibles, beverages, or chocolates. If it’s legal in your area, you could also create gift baskets or boxes that contain a variety of cannabis products, such as flowers, oils, vapes, or topicals.
Promote your business and offer deals
The holiday season is a great time to market your business and reach new customers. You can use social media, email newsletters, flyers, or word-of-mouth to spread the word about your store and your products. You can also prepare early to offer discounts, loyalty rewards, or gift cards to entice customers to shop with you. You may also want to partner with other local businesses or organizations to cross-promote your products and services.
Follow the rules and regulations
Cannabis retailers aren’t as free as most retailers during the holiday season. Limitations on sales, discounting and other procedures are common in some areas. Be aware of the laws and regulations that apply to your business and follow them strictly. You also need to educate your staff and customers about the responsible use of cannabis and the potential risks and side effects.
Prepare for increased traffic and security
The holiday season may bring more customers to your store, which is good for your sales, but also poses some challenges for your operations and security. You need to make sure your store is clean, organized, well-lit, and comfortable for your customers. You also need to have enough staff on hand to handle the increased traffic, and be sure they’re well-trained. You may also want to hire some extra security guards or install some cameras or alarms to protect your store from theft or vandalism. To reduce reliance on cash, try moving some customers to cashless payment options like POSaBIT Payments.
Celebrate with your staff and customers
The holiday season is a time to celebrate and show appreciation for your staff and customers. You can organize some fun events or parties for your staff, such as a potluck, a secret Santa, or a karaoke night. You can also thank your customers for their loyalty and support by sending them cards (who doesn’t love mail?), emails, or texts with warm wishes or gratitude messages. You can also donate some of your profits to local charities or causes that align with your values and mission.
The holiday season is a wonderful opportunity for cannabis retailers in the US to boost their sales, expand their customer base, and strengthen their brand image. By following these tips, you can make sure you have a successful and enjoyable holiday season.