Mastering 420: How to Optimize Your Inventory for the Biggest Cannabis Sales Day of the Year

Ahhh, good ole’ 420, a day when customers flock to dispensaries looking for deals, stocking up on their favorite products, and trying new ones. A well-executed inventory strategy can mean the difference between record-breaking sales and missed opportunities. Here’s how to ensure your store is fully prepared for a smooth and profitable 420.

Analyze Past and Present Sales Data

For established retailers, past performance is the best predictor of future demand. Take time to analyze your previous 420 sales records and recent sales trends to fine-tune your purchasing strategy.

Look Back at Previous 420 Sales

Historical data gives you a snapshot of the past and can be useful in determining a baseline for future sales and making comparisons to inform holiday ordering decisions.

Some useful questions to answer include:

• What was your overall sales lift compared to an average weekend?
• Which product categories experienced the highest sales surge?
• What were your top-performing brands?
• Which specific products drove the most revenue?

Assess Your Current Sales Trends

While historical data is great for reference and informing decision making, it can be misleading taken alone. After all, the biggest truth in retail cannabis is it’s constantly changing. 

After looking at historical data from past 420s and the surrounding period, look at more recent data to see how sales and customer tastes have evolved.

• What’s your average weekend sales volume over the last 90 days?
• Which product categories, brands, and items are currently top sellers?
• Which products generate the highest revenue for your store?

For new operators, this will be your first opportunity to set benchmarks for future 420 events. Here are some tips exclusively for you:

• Review recent sales data over last 90 days
• Benchmark pre- and post-420 sales performance for future reference.
• Is this the first recreational 420 in your state? Study market trends in similar new markets.
• Check in with vendors to see if lead times have increased due to holiday ordering

Prepare Your Team for the 420 Rush

Your staff will be at the forefront of handling increased customer traffic and executing a seamless shopping experience. 

Employee training is more important than we can stress here, make sure to train them up on:

• Handling increased customer traffic
• Replenishing the sales floor efficiently throughout the day
• Upselling overstocked inventory at the register
  
  • Train them on the upsell talk-track with customers
• Highlighting special deals and product bundles to maximize cart sizes

Additionally, consider placing bargain or overstocked products near the register for easy impulse buys.

Optimize Your Inventory and Ordering Strategy

Don't get caught on your heels this 420 holiday. It's easy to be overwhelmed. Fortunately, you've got support in your corner from external vendors and internal staff. Use their power to ensure the day goes off without a hitch.

Check in With Vendors Early

With every dispensary placing large orders for the holiday, lead times can increase significantly. Reach out to your suppliers now, well in advance to secure your must-have products and avoid last-minute shortages.

Reserve Inventory Specifically for 420

• Use your inventory storage areas strategically by creating designated promo holding spaces.
• Set up dedicated promo rooms in your POS system to keep 420 stock separate and prevent accidental sales before the big day.

Prioritize High-Margin, High-Run-Rate Products

Identify your top-selling and high-margin products—these are the ones you absolutely cannot afford to run out of. Ensure you have enough stock to sustain peak sales hours.

Move Slow-Selling Inventory With Bundles and Promos

420 is the perfect time to clear out slow-moving products by:

• Incorporating them into product bundles with high-demand items
• Offering them as free gifts with purchases over a certain amount
• Creating doorbuster deals that entice customers to try something new

Executing a Winning 420 Sales Strategy

Spectacular results are often preceded by unspectacular preparation. Get your ducks in a row and do some work on the front end to set yourselves up for success.

When the time comes, you’ll feel more prepared and confident to meet the moment and host a killer 420.

The Day Of: Stay on Top of Inventory in Real-Time

Don’t fall into the trap of thinking you’ve done everything you can ahead of the day and you’ll just roll with it, come what may. 

You’re going to want to stay on top of inventory throughout the day to keep things running smoothly up front where staff and customers are congregating.

• Monitor sales data and replenish the sales floor regularly. Remember: if it’s out of sight, it’s out of mind, and therefore out of stock.
• Use real-time inventory tracking to flag products that are about to sell out.
• Have substitute recommendations ready for top-selling products that run low.

The Day After: Analyze and Adjust

Congrats, you made it through the day in one piece! Time to put up your feet and burn one in peace. What comes next? Celebrate your wins and prepare for next year:

• Export your sales data with a 1-day lookback period to establish a post-420 benchmark.
• Compare sales numbers against your projections to refine your strategy for next year.
• Identify products that didn’t move as expected and adjust ordering patterns accordingly.

Happy Buyers Tips: Maximizing Efficiency and Profits

To make 420 as seamless as possible, use Happy Buyers to execute these advanced inventory strategies to stay ahead of demand and maximize profitability.

• Set up blockout dates for 420 sales days to prevent inflated run rates from impacting post-holiday ordering.
• Leverage Buyers tools to surface:
  
  • Highest margin products
  • Top grossing products
  • Overstocked products
  • Slow-selling products
• On the day of:
  
  • Monitor replenishment needs in real-time. Happy Buyers refreshes hourly, so check backstock and restock the sales floor regularly.
  • Keep an eye on products about to go out of stock and line up substitutes to keep customers happy.
• The day after:
  
  • Export all product sales data with a 1-day lookback period to establish a daily benchmark for future reference.

By implementing these insights, retailers can keep operations running smoothly, prevent stockouts, and ensure customers find what they’re looking for throughout the holiday.

Final Thoughts

A successful 420 isn’t just about discounts and promotions, it’s about smart inventory planning that ensures your customers leave happy and your shelves aren’t left empty. By reviewing past sales data, preparing your team, optimizing your stock, and monitoring sales in real-time, you can make 420 your biggest sales day yet. Happy selling!