As mature markets become increasingly competitive, savvy cannabis retailers and brands are looking for meaningful ways to analyze performance. This week, BDSA announced a new tool to provide cannabis companies with actionable intelligence. BDSA Basket Analytics is now available on BDSA’s GreenEdge™ platform.
So how does this work?
BDSA Basket Analytics gives manufacturers quantitative proof of their brand’s value to a store. The tool also provides retailers the data they need to maximize basket size and in-store experience via strategic store layouts. Using BDSA data, retailers can encourage cross-sell and upsell opportunities by positioning products that are most likely to be purchased together.
For example, BDSA can now put specifics around how cross-brand and cross-category consumption translates to volume. Baskets containing concentrates in Colorado, for example, are among the biggest in dollar size. While concentrates tend to have a higher retail price, 20 percent of the time these shoppers are also buying flower and 14 percent of the time they are also buying edibles.
“Retailers are intently focused on increasing basket sizes and manufacturers must create and expand penetration within stores. Our new Basket Analytics solution with insights down to the brand level enables all cannabis industry participants to be more successful,” said Micah Tapman, CEO of BDSA. “More and better data enables manufacturers and retailers to make better informed decisions that lead to increased revenue, more effective promotions, and enhanced market share. ”
