The most successful cannabis retailers are the ones who make data-informed decisions.
That's why we’re excited to introduce executive dashboards — Flowhub’s new data visualization feature designed to help multi-location cannabis dispensaries effectively track and analyze performance across all stores.
The Executive Dashboard provides cannabis retail executives and management teams with Key Performance Indicators (KPIs) at a glance. With the ability to see real-time trends and compare data across store locations over time, you’ll be able to better understand sales patterns and gain the business intelligence you need to maximize, personalize, and localize customer experiences.
How it works in Flowhub
In order to view the Executive Dashboard, you must have the “Executive Dashboard” user permission. Please ask your local administrator to enable this feature.
Once you have access, you’ll see the Dashboard populate on the Reports New tab.
All your historical data will be available for analysis. You can easily adjust the Date Range to view graphs for a desired timeframe. By default, graphs will show data from the previous week (last 7 days). Once you select your Date Range, click “Update Charts”.
Here’s what an Executive Dashboard for a cannabis retailer with three store locations might look like:
The Executive Dashboard includes the graphs below, providing a real-time snapshot of sales trends and comparison between stores. Visualizing these key analytics will help you identify opportunities for improvement, data mastering, and standardization across your dispensary locations. We’ve included some examples of questions you’ll be able to answer with these insights.
Pre-tax sales by location
- Which stores drive the most revenue for your business?
- Are there specific days of the week that consistently drive more sales?
- Does it make sense to start running a special on slower days to boost revenue?
# of transactions by location
- Is there a correlation between number of transactions and sales?
- Do the highest transaction stores also drive the most profits?
- Do high transactions days have longer wait times?
- Do you need to make a staff adjustment to handle higher volume?
Average sale amount by location
- Which stores have the highest and lowest average sale amount?
- Is there a difference between stores in metropolitan vs rural areas?
- Are specials being misused?
Conversion rates by location
- Of the people who check in to your store, how many make a purchase?
- Does the check out conversion rate differ from store to store?
- How could a higher conversion rate boost your sales?
Quantity sold of each category by location
- What products are most and least popular?
- What are the purchasing trends at each dispensary location?
- Which specials are utilized most frequently?
This data can help you forecast sales and make inventory purchasing decisions based on demand.
Average customer wait time vs transaction time by location
- How long are customers waiting between check in and check out?
- How long do transactions take at each location?
- Is one store more efficient compared to another?
- How can you improve the time it takes to move customers through your queue?
- Do longer wait times affect average sale amounts?
Top customer sources (% of sales)
- Where are you customers learning about your business? Word of mouth? Leafly? Instagram?
- Are you seeing return on investment (ROI) from your marketing efforts?
If you aren’t tracking customer sources, this is a great opportunity to start collecting this data at dispensary check in to measure how specific channels are impacting sales.
The Executive Dashboard is meant to provide you a bird’s eye view of your Key Performance Indicators (KPIs). To drill down deeper into the data, you can always utilize the Executive Dashboard in conjunction with your custom and scheduled reports.
Visual analytics = Better business insights
The Executive Dashboard is a valuable feature for any multi-location cannabis dispensary looking to analyze key performance data. By visualizing your data, you can more easily extract real-time insights necessary to develop scalable business strategies and optimize for success.
This is just the start! Stay tuned for more exciting data visualizations and Flowhub feature announcements soon.
If you’re interested in learning more about how Flowhub point-of-sale software can help your dispensary grow revenue and stay compliant, watch a demo.