Meet LeafLink Plus!
A new membership plan for cannabis retailers with tools designed to make running your business easier and more profitable.
Author: Andrew Rexroad
At LeafLink, we are on a quest to solve the cannabis industry’s major pain points. From offering access to reliable and compliant banking, to solving delinquent payments, and making it easier to discover and buy the best products for local demand – our tools are specifically designed for the needs of the cannabis industry.
We are excited to introduce our newest offering for retailers, LeafLink Plus!
So what is LeafLink Plus exactly? LeafLink Plus is a new membership plan that offers retailers tools to help you run your cannabis business, make better decisions with data, and maximize profits. Two tools are currently included in the LeafLink Plus membership:
- Payment on Sell-Through, aka PoST. PoST is a fintech solution that’s designed to tackle the delinquent payments issues that plague the industry. With this tool, retailers only pay for products when they sell to the end consumer. It frees up badly-needed capital that’s usually tied up in inventory, allowing retailers to use it for other business activities. Want to learn more about PoST? Check this out.
- Inventory Insights, a brand new tool to help you make smart ordering decisions. We invest a lot of time talking to our customers; and our team is made up of cannabis veterans who bring an incredible wealth of knowledge to the work being done. Inventory Insights taps that knowledge to offer customers a new tool that integrates with your Point Of Sale system to analyze inventory and sales data, and give you actionable insights for better ordering decisions.
LeafLink Plus is currently compatible with Metrc, Dutchie POS, and QuickBooks Online. However, we plan to integrate with other tech partners soon.
What exactly is Inventory Insights and how does it help maximize your profit?
Inventory Insights is a self-service tool that integrates with your POS system to gather critical inventory data. LeafLink imports that data and builds you an actionable insights dashboard – in an easy to digest format, with recommended daily actions. It helps alleviate the guesswork when it comes to how much, when, and what to stock your shelves with – for each of your retail stores. With LeafLink’s Inventory Insights, you can prevent stale products from gathering dust on your shelf and the need to discount items in order to clear space.
Why did we make this and what pain points is it solving?
- Analyzing product performance manually is labor intensive
Tracking SKU-level performance is incredibly burdensome. We hear from retailers that they spend a lot of time manually exporting data, and maintaining spreadsheets, to understand which products are generating sufficient margins to keep them on the shelves. Let us do the mathletics for you and provide you with a detailed dashboard that analyzes your data, and identifies a path to thicker profit margins – without all those spreadsheets. Save time, and make better, more informed decisions with Inventory Insights.
- Discounts are killing profit margins
We can help you make better purchasing decisions – from when to restock, how much you have on hand, what time of year items sell well, and much more. With fresh data at your fingertips, you are empowered to make more informed decisions based on your store’s needs, removing the guesswork. You can prevent the need to discount aging or underperforming products! - Consumer demand is fickle
Consumers are constantly changing their tastes and with the rapidly-evolving cannabis industry, products on the market evolve fast. Having daily data reports helps alleviate the unknowns when it comes to predicting consumer behavior. Inventory Insights make planning for the future easier. Tap into your data! And get ahead of the busy times, so you avoid stock outs. When products consumers want are always available in your store, they know where to go for more.
What does this dashboard look like and what kind of information does it breakdown?
The Inventory Insights dashboard has four main reports. Each report can be filtered by product category, so you have a clear view of a product’s profit rank in your catalog.
1. The Daily Action Report
A detailed look at what products we recommend reordering to generate more revenue. You can see quantities on hand, how long they’ve been on the shelf, average margins, and more! It’s your easy button to find the next steps to take on the path to profitability.
2. The Daily Leaderboard
Ranks the products in each of your categories by profit, so you can make better decisions on how much to buy over time. It is rich with data you can use during vendor negotiations to get a better deal on products that sell well at your store.
3. The Weekly Replenishment Report
Gives you a detailed look at what products need to be re-ordered, so that you don’t miss out on a sale because of a stockout. This tool, used weekly, will keep the top-performing products in stock at the appropriate inventory levels as demand changes.
4. The Location Performance Report
Helps businesses review the high-level business outcomes and their trends over time. Get a clean light of sight into revenue performance, discount trends, and gross margin outcomes. You can also get basket statistics and information on what categories are paying the bills, location-by-location. No two stores are the same and the customer behavior will change on location, so get the most out of each store by tapping into your data with Inventory Insights.
We are thrilled to bring this new experience to the cannabis industry, and look forward to hearing your feedback. Log into your LeafLink account to upgrade your account to LeafLink Plus. Or reach out to learn more.
Want to learn about LeafLink Plus and Inventory Insights? Our website is the place to be.