The cannabis industry is growing rapidly, and with it, the demand for new and innovative products. According to a recent study, almost half of U.S. adults have tried cannabis products.
To stay competitive in this industry, knowing what consumers want and anticipating their needs is essential. You can achieve this by staying on top of consumer trends.
You need to be responsive to customer demand for your brand to grow. This means having the right products in stock at the right time. Inventory planning ensures you always have the products in stock that people want.
But how do you know what to stock? And how can you anticipate consumer trends? We’ll examine these questions and more below.
What Are Consumer Trends?
A consumer trend is a change or preference in how consumers behave. This could be anything from the types of products they buy to the way they consume them.
In the cannabis industry, consumer trends are constantly changing and evolving. As legalization spreads across the globe, we are seeing a rise in the number of people using cannabis for medicinal purposes.
We are also seeing a trend toward more sophisticated and expensive products as consumers become more discerning about the quality of the cannabis they consume.
How To Stay on Top of Cannabis Consumer Trends
There are many ways to stay on top of cannabis consumer trends, including:
- Attending industry trade shows and events
- Conducting market research
- Following industry leaders
- Using Google Trends to track search trends
No matter what combination of methods you use, it’s necessary to stay up to date on the latest trends so you can make informed decisions about your inventory. Knowing your cannabis buyer trends will help you understand the market’s movement and how to appeal to your target audience.
Why Is Inventory Planning Important?
Inventory planning is the process of managing inventory so that it meets customer demand while minimizing costs. It involves forecasting customer demand and stocking enough inventory to meet that demand.
Inventory planning is vital because it helps you avoid the cost of overstocking or understocking inventory. Overstocking can tie up capital in products that may not sell, while understocking can lead to lost sales.
An effective inventory management system will consider both customer demand and seasonal trends. This way, you can be sure you have the right products in stock at the right time.
Inventory planning is a crucial part of running a successful cannabis business. By staying on top of consumer trends and stocking the in-demand products, you can keep your customers happy and your brand growing.
Successful Inventory Planning With Inventory Financing
Inventory financing is funding that allows businesses to finance their inventory. You can do this through loans or lines of credit.
With inventory financing, you can buy inventory, cover the cost of storage, or even pay for shipping costs. It’s a flexible way to get the capital you need to grow.
At Bespoke, we understand the challenges of inventory planning in the cannabis industry. That’s why we offer inventory financing solutions tailored to your business.
Our team of experts will work with you to understand your needs and develop a financing solution that meets your goals. Contact us today to learn more about how we can help you grow your cannabis brand.
SOURCES:Gallup: “Nearly Half of U.S. Adults Have Tried Marijuana”