Inventory management is an important feature of any business. Especially, for cannabis retailers, this factor is more important because it provides sellers and buyers with fully updated information about the product and is tied to federal and state regulations. In this article, we would like to show how to choose the right inventory management features to accelerate your POS for cannabis retail.
Overview of POS for cannabis retail
POS for cannabis retail refers to systems consisting of software, hardware, and other connections that provide cannabis shops with the technical support to sell their products in the best way while still complying with national or regional regulations. Using these systems can support accurate and timely billing, management, and reporting processes to resolve issues as quickly as possible. In particular, cannabis retail POS software solutions can be used in conjunction with a retail management system or accounting software to help manage the entire retail business.
Choose the right inventory management features to accelerate your POS for cannabis retail
Real-time inventory tracking
Real-time inventory tracking is one of the most basic requirements of a POS for cannabis retail. This feature in the software will show managers exactly what they have and where it is. Besides, it needs to reflect in real-time any movement or inventory allocation within the company.
It will assist in order and product management so that sellers don’t sell the same poor-selling thing twice or sell without being able to deliver. For goods entering the warehouse, this feature will fully update information from quantity, code, and status. Notably, if the business has multiple warehouses, this feature helps to manage inventory between warehouses quickly and easily.
Purchase management & supplier management
One key to finding POS for cannabis retail is inventory management software that can gain control over purchasing and suppliers. These two features help businesses to create and auto-fill their orders, and centrally store all details of suppliers, especially in case retailers buy from multiple parties. In addition, it will automatically generate any quantity discounts offered by the supplier to make optimal purchasing easy. Users can also view transaction history for easy management.
Reporting & low stock alerts
The reporting feature is especially important because it helps managers get the full picture of their business. Besides, POS software with this feature will make it easier to control risks and limit damage. Along with that, the low stocks warning feature will help the store make appropriate buying decisions. These two features included in the POS system will help users understand the inventory turnover ratio, order rate, unit of sale, and profit.
ConnectPOS is the best POS for cannabis retail. It provides order management and inventory management features through the Multi-Source Inventory (MSI) solution combined with centralized data features. From there, businesses can manage product metrics, communicate them to customer orders, and even devise tailored sales and marketing strategies. ConnectPOS is particularly good at segmenting inventory, sales by gram, and packages, especially for corporate CBD products. Moreover, it integrates with payment gateways to facilitate the business process of both buyers and sellers. The solution also offers a variety of support in payment methods that make the payment process faster, safer, and more secure.
Choosing a POS for cannabis retail with effective inventory management features will help businesses achieve certain business successes. If you are looking for the best system, feel free to contact us.