BDSA Launches New Basket Analytics Solution for Cannabis Industry
BOULDER, Colo. – BDSA, the leader in data, market intelligence and strategic guidance to the cannabis industry, announced today the availability of its new Basket Analytics solution, the most in-depth solution of its kind in the cannabis industry. BDSA Basket Analytics is now available on BDSA’s GreenEdge™ platform.
Retailers can maximize basket sizes and in-store experience via unique and strategic store layouts and planograms, positioning products most likely to be purchased together on shelves to encourage cross-sell and upsell opportunities. Further, retailers can unpack untapped promotional programs, educate their budtenders to increase basket size, and generate more consumer trips to the stores and higher basket sizes when in the store.
Manufacturers and brands can build strong retailer sales stories and relationships with quantitative proof of their brand’s value to a store. Further, they can drive successful innovation, better manage product portfolios, and create relevant and impactful marketing campaigns and promotions.
BDSA can now put specifics around how cross-brand and cross-category consumption translates to volume. Baskets containing concentrates in Colorado, for example, are among the biggest in dollar size. While concentrates tend to have a higher retail price, 20 percent of the time these shoppers are also buying flower and 14 percent of the time they are also buying edibles.
“Retailers are intently focused on increasing basket sizes and manufacturers must create and expand penetration within stores. Our new Basket Analytics solution with insights down to the brand level enables all cannabis industry participants to be more successful,” said Micah Tapman, CEO of BDSA. “More and better data enables manufacturers and retailers to make better informed decisions that lead to increased revenue, more effective promotions and enhanced market share. ”
BDSA solutions enable product development and innovation, sales and marketing activities, revenue optimization and investment decisions. Enhanced attribute coding and advanced forecasting algorithms combine to make BDSA’s market insights invaluable tools to review product attributes, velocity and distribution, and more.
BDSA helps businesses improve revenues, reduce innovation risk, and prioritize market expansion with accurate and actionable cannabis market intelligence, consumer research and strategic guidance. The company provides a holistic understanding of the cannabis market by generating insights from point-of-sale data, consumer research and market-wide industry projections. Retailers, manufacturers, brands, wholesalers and investors can now make better strategic decisions that drive profitability, increase revenues and market share, and reduce expenses. BDSA is headquartered in Boulder, Colorado. To learn more please visit www.bdsa.com.