SEATTLE, May 5, 2020 /PRNewswire/ -- Headset, the leading provider of data and analytics to the cannabis industry, announced today the launch of an ongoing weekly report to make sense of the impacts to legal cannabis sales. The report provides a week-to-week overview, beginning from March 9th, on how cannabis sales are affected by changes in regulations, consumer sentiments and economic trends.
To date, key insights from the report reveal:
- A peak in sales on 3/16 in most markets. By 3/16, most governments had issued shelter-in-place orders and consumers began worrying about their access to cannabis products during this time.
- Edibles sales increased, likely due to customer concerns for lung safety during a respiratory virus outbreak.
- Tourism reliant markets like Nevada and Colorado have seen sales volumes decline since the start of the COVID-19 crisis.
- Sales across the U.S. started surging again on 4/15, likely due to the rollout of federal stimulus checks. These strong sales volumes continued through the weekend leading up to 4/20.
"The COVID-19 pandemic has created a dynamic and shifting cannabis retail landscape," said Cy Scott, Founder and CEO of Headset. "We felt the best way we could help our clients was to provide them with a better understanding of changing customer purchasing behaviors in order for them to supply their needs safely."
Headset plans to update the report over the next four weeks to provide ongoing analysis of sales trends during this crisis. The report is free to Headset clients or it can be purchased. The report can be accessed on the Headset website.
Powerful Insights for Cannabis Retailers
Headset also announced the release of Retailer Premium. The product builds off the free version of Retailer Insights, offering four new modules designed to take a deeper look at the factors that drive success for business owners. The modules include:
- Basket Analysis: Identify what's in the basket and how to grow it by understanding the largest product categories and product associations to inform discount and pricing strategies.
- Demand Planning: Understand the "when" behind sales by identifying seasonal patterns for certain products and categories in order to determine product assortment for holidays and important retail periods.
- Marketing: Track the ROI on marketing efforts, identify successful channels, assess the impact of promotions and discounts and justify spending.
- Customer Analysis: Determine which customers drive sales by understanding their shopping behaviors and how much and how often they spend on particular products.
"Retailer Premium is the most powerful tool we've built to date for retailers to leverage in order to grow their businesses," said Scott. "This upgraded version provides full visibility into a store's revenue drivers to uncover in-store and marketing strategies to stay ahead of what customers want and when they want it."
Headset is a data analytics company in the cannabis industry with a mission to help businesses make better-informed decisions through data. Headset focuses on collecting and analyzing consumer transaction information. Headset's models and dashboards help cannabis retailers better optimize their day-to-day operations. In addition, product manufacturers, processors and distributors leverage the aggregated, standardized and anonymized receipt-level sales data in real-time to identify trends and opportunities, stay competitive and collaborate with retail customers. Learn more at https://www.headset.io/.