Hashish basket dimension information exhibits completely different patterns of use throughout authorities markets
While the U.S. cannabis markets may look similar on the surface, each is driven by different consumption habits – and it is crucial for marijuana manufacturers and distributors to understand these patterns as they develop and sell products for each state.
Basket size has long been a metric that has helped them with this.
The amount a consumer purchases at a time is not only an indication of a customer’s purchase profile, but also the range of products available.
For example, retail basket size data provided by Seattle-based data analytics firm Headset showed that a quarter of all purchases in California in 2020 were made by consumers spending more than $ 150 at a time, while purchases less than $ 40 were larger The percentage of sales in Washington State.
Retailers are often asked to increase the average basket size by reducing out-of-stock items, changing product placement, offering loyalty programs, or offering discounts.
However, focusing on basket size alone can mislead marijuana retailers.
You should also consider the comparative profitability of the baskets within each market.
For example, a consumer who spends $ 50 in California will not contribute as much to sales as one in Washington because that particular basket size in California is well below the average.
And the dates will always change.
California consumers spent more per visit in 2020 versus 2019, with large spending as a percentage of sales also increasing.
The number of high-quality baskets (valued at over $ 150) in California rose 44% in 2020, representing 25% of total sales.
Andrew Long can be contacted at [email protected]