Inventory management is vital for successful retail operations. According to recent data from the National Retail Federation (NRF), process errors account for 27% of shrinkage, while 29% of inventory loss is caused by internal theft. On top of this, stores can lose profits if they don’t have enough supply to meet market demand.

On top of this, cannabis dispensaries have strict inventory requirements that go above and beyond typical retail operations.State laws require seed-to-sale tracking, and every state uses a different system of record with differing testing and labeling requirements.

This is where Sweed comes in.

Sweed is a comprehensive retail platform designed specifically for the cannabis industry. It has a point-of-sale (POS) system integrated with the most advanced seed-to-sale inventory management tools on the market to help dispensary owners track, manage, and analyze every aspect of their operations. And it can provide the reporting necessary to maintain regulatory compliance at all times.

Here are six ways Sweed can upgrade inventory management for your cannabis dispensary

1. Sweed Offers Real-Time Inventory Tracking

The only effective way to manage inventory is by having a real-time overview of exactly what’s on shelves and stocked in the back. Modern technologies like online ordering and delivery mean customers are often looking at your inventory in real time too. 

Being out of stock can harm customer trust, and you lose money as your staff needs to contact the customer to verify a replacement on their order instead of focusing on more productive tasks.

Sweed is a single dashboard that can track and manage inventory with automated updates across multiple sites. It provides up-to-the-minute visibility in stock levels to meet customer demand without overstocking and having products go bad or running out and losing sales. Never again waste time and resources with our innovative inventory management solution. 

2. Sweed Promises Compliance

Every cannabis dispensary must remain compliant with city, county, and state regulations for both adult-use and medical marijuana programs. Each state created different rules through the democratic process, and dozens of laws follow the initial legalization, which means the rules are always changing. Then there are taxes, banking, and data privacy laws to consider.

Tracking the fast-paced cannabis industry is difficult, and non-compliance is costly on both a civil and criminal level.

Sweed’s inventory platform tracks all product movement from seed to sale and maintains accurate records that can be accessed for any time range you need. And we provide alerts as new laws are adopted in the areas you serve. This protects your business from expensive fines and legal issues up to and including losing your business and prison time.

3. Sweed Streamlines Reordering

Whether you’re exclusively selling in-house products or dealing with a variety of third-party suppliers, it’s important to have a wide variety of products in stock. Customers have changing tastes, and there are always new products hitting the market. 

Sweed saves time and helps you maintain optimal stock levels with a streamlined reordering process. Our robust tools easily monitor stock levels, and you can set thresholds to trigger alerts. These insights will optimize your supply chain, reducing overhead and increasing profits.

4. Sweed Improves Cash Flow

Recent research estimates retailers lose 4.1% of revenue to out-of-stock issues and 3.2% in overstock. This puts a squeeze on cash flow, as you lose money coming in and have cash tied up in inventory that’s increasing overhead every second until it’s sold. 

Sweed is an efficient cannabis inventory management system that strikes the perfect inventory balance by analyzing sales trends and product performance. This reduces dead stock while giving you more spending power to improve other aspects of the business.

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5. Sweed Enables Multi-Location Management

Owning and operating a legally licensed cannabis facility is expensive, but those expenses get more reasonable when you own multiple locations. However, managing multiple locations increases the complexity of inventory management, as each store will have unique inventory trends, regardless of menu complexity. 

Sweed centralizes everything into one platform, making it easy to track product performance by location and run consolidated reports. We provide better visibility and control over your supply chain while allowing you to easily transfer inventory between stores and optimize each one based on individual performance. This ultimately improves customer satisfaction

6. Sweed Provides Data-Driven Insights

Successful cannabis dispensaries forecast future inventory needs, which requires data. Time of day and day of week have a huge impact on customer traffic. Seasonal changes and holidays also bring changes in shopping and lifestyle habits. 

With Sweed, you can identify slow movers and fast sellers at a glance. These insights let you optimize your product offerings and enhance marketing strategies to maximize profitability.

7. Sweed Tracks Customer Loyalty

Customer loyalty programs incentivize customers to return by gamifying sales. They can also track customer purchase habits and target specific demographics for promotion targeting.

Sweed supports cannabis loyalty initiatives for medical and recreational programs. You can track their entire history in one place automatically to keep customers happy and retain them for as long as possible.

Optimize Your Dispensary Operations with Sweed

Inventory management is a foundational part of the success of cannabis dispensaries. Tracking and analyzing data across multiple locations is a challenge that causes one in four businesses to fail in their first year.

Sweed leverages real-time tracking, data-driven insights, and automation to streamline operations and set your cannabis retail business up for long-term success.

Ready to upgrade your inventory processes? 

Explore or blog to learn how Sweed’s cannabis retail software can help you take control of your inventory and optimize your dispensary’s performance. Then fill out the form below or email us at sales@sweedpos.com to schedule a demo.