How to Maximize Revenue & Increase Inventory Turnover with Digital Signage
For many cannabis dispensaries, digital signage is an obvious choice. It’s a convenient way to display product information and details such as price, size, THC and CBD that are all integrated with your POS. However, did you know that digital signage can also maximize revenue and increase inventory turnover?
How to Maximize Revenue with Menu TVs
Most Menu TVs include visually appealing branded configurations, product details, and even pictures to draw the eye of a consumer - enhancing the overall in-store experience and enticing them to purchase more. To help maximize revenue and increase cart size, the addition of integrated features such as flagging items that are new in-store, on sale or have limited stock can help create urgency for impulse buying. Custom flagging and sorting can also allow you to draw attention to specific items to move them out of inventory before they become stale.
Some dispensary menus will also have an option for more focused categories such as high THC, new and top sellers allowing the customer to gravitate to their preference.
Best Practices For Moving Inventory Before They Expire With Menu TVs
Many cannabis retailers face the problem of products sitting in inventory for too long, resulting in product waste and losses. Here are some best practices to avoid this:
● Create 'sale', 'featured' or 'staff pick' ..... board
● Highlight older items on a static Menu TV or 'Featured' board and easily update them on a daily or weekly basis
● Have staff regularly monitor in-stock dates and boost products that have XX amount of days on the shelf
● Promote known slow movers from other industry data sources
Also as menu boards are an easy way to inform your customers of basic product details, it frees up your budtenders to have more time to develop relationships with customers, provide better service, and make suggestions to upsell even further.
Supplement Your Menu Strategy with Promo TVs
Digital signage such as Menu TVs can also be accompanied by Promo TVs for advertising products, educational content, events, and more. These reception boards can display a slideshow of content to showcase singular or multi-products on an entire screen - sharing more detailed product descriptions and using eye-catching images to enhance the customer’s experience and encourage impulse buying. As part of the slideshow, cannabis retailers can highlight products to promote their high-margin items or get rid of overstock.
How do I use a Promo TV with my Menu TV?
● Use enticing ad content to draw the eye of consumers to your TV area
● Highlight known brands and high-velocity products to get them interested in your TV
● Create a ‘Sales Slide’ or content to highlight your slower-moving products to get them off the shelf
● Schedule promotional content to appear at your busiest times
When it comes to the Promo TVs, cannabis retailers are able to utilize content from their digital signage provider or upload their own. Retailers can choose to have static feature board content or create dynamic ads to draw more attention to a product.
Introducing a consumer to new product releases or product format innovation can alter their original purchasing intention, generally in the form of a cross-sell, thereby increasing basket size and revenue per transaction.
Most Promo TVs also offer the functionality of scheduling content to promote certain products for specific customer audiences or highlight daily, weekly or monthly promotions to help move stale inventory.
“Last year, we saw an average increase of 36% in units sold for the first three months that products were promoted, across all formats. For some formats, such as edibles and beverages, we saw an increase as high as 173.7%”*
Using Digital Signage To Speed Up Customer Transaction Times
Use your Menu or Promo TVs to answer some of your customers' most FAQs and make it easier for them to make a decision faster by highlighting the products they are looking for:
● Promote what’s new or featured
● Showcase highest THC items
● Highlight items that are on sale
● Recommended staff or budtender picks
Leverage Kiosks and Tablets to Increase Basket Size
Touchscreen TV, Kiosks and Tablet apps allow customers to review detailed product information and images at their own pace. The user can search via various filtering and sorting options available to them to help them make an informed decision and find the exact product they are looking for.
Tablet app home screens are branded to your store and can also be designed to account for how your customer’s shop as well as products that you want to highlight.
Using Menu and Promo TVs in combination with Tablets allows you to highlight specific products on the TVs, while also providing the customer with the opportunity to filter through your selection of products in more detail and at their own pace.
The use of digital signage in cannabis dispensaries results in customers having a better ability to explore and examine products and find the right items for them - leading to bigger basket sizes and ultimately, increasing sales.
*Source from Edgeworth Data Sciences, 2021 data.