April 20th is the day for cannabis advocates everywhere. With large celebrations, safety meetings, smoke-outs, and thousands of consumers in search of 420 specials, it's a prime opportunity for cannabis dispensaries to stand out from the competition and provide a positive buying experience. Here is some striking data to help you prepare for the big day, as well as 420 2019 predictions.
420 2019 Prediction: This will be the biggest 420 sales day in history. For most legal markets, 420 will land on a Saturday for the first time. However, we may see a decline in the average sale amount due to increased competition, new or occasional holiday participants opting for cheaper products or lower quantity purchases, and trending lower price points in states like CO and OR.
420 2019 Prediction: Last year saw a decline in conversion rate (the percentage of check ins that end up making a purchase) in comparison to an average Friday. In 2019, we may continue to see fewer customers making it to the checkout counter due to large groups shopping together unless retailers make an conscious effort to improve conversions. Strategic product placement, targeted specials, and training staff to interact with every customer—including spectators and those who check in with no intention of making a purchase—are prime strategies for increasing conversion rates.
Here is a breakdown of top selling product categories on 420 2018:
420 2019 Prediction: Top selling items will be easily shareable, instant-use products more friendly to new consumers like flower, edibles, pre-rolls, and cartridges. Sales on accessories and lower-priced items are also expected to increase on 420.
420 2019 Prediction: 420 has become the “Black Friday” of the cannabis world. On 420, retailers can expect to attract both brand new consumers looking to participate for the first time as well as occasional users who may only purchase cannabis products a few times per year. Retailers must be prepared for long lines, handling customer wait times, and providing more assistance to less experienced consumers who need help selecting the right products.