If cannabidiol (CBD) isn’t on your vape shop’s shelves yet, you could be missing out on big sales.
CBD has recently exploded onto the vape scene, and 60 percent of Americans have already given it a try. If you’re hoping to attract new customers to your shop and start making more sales, then you need to stock up on this hemp-based product.
But before you hop onto this profitable trend and dive into the world of CBD, there are a few key things you need to know. In this blog, we’ll share our top four tips for managing your CBD inventory.
1. Understand the Legal Landscape of CBD
The most important step to take before investing in CBD inventory is to understand the laws and regulations regarding this substance.
Hemp-based CBD products are legal or conditionally legal in all states, but you should still take special care to keep your vape shop compliant. Make sure to research your specific state’s laws regarding CBD to protect your business from hefty fines and penalties.
The most critical thing to keep in mind when stocking up on CBD inventory is that most states restrict the sale of this product to underage customers.
Choosing a vape shop point of sale (POS) system with built-in age verification is the easiest way to ensure that you’re only selling CBD to customers who are of legal age. With built-in age verification, your POS system will prompt your cashiers to either manually enter customers’ birthdates or scan their IDs using an age verification scanner, making it quick and easy to verify age before a sale.
2. Secure High-Risk Payment Processing
Before launching your store’s CBD collection, you’ll need to secure high-risk payment processing.
CBD is relatively new to the vape market, and it’s still being regulated by the federal and state governments. Given these factors, you may struggle to find a standard payment processing provider.
Instead, you’ll need to apply for high-risk payment processing. While this specialty service often comes with higher payment processing fees and stricter requirements, it offers you the most flexibility in terms of the products you’re able to sell in your vape shop.
Along with CBD inventory, you’ll be able to stock up on other new and popular products like delta-8 and kratom, further expanding your reach and boosting your sales.
Our recommendation is to secure integrated high-risk payment processing through your vape shop POS provider. This will ensure that you’re getting the best possible rates on your payment processing and that you have access to industry-specific support as you grow your vape shop.
3. Ditch the Manual CBD Inventory Management Processes
If you’re upgrading your vape shop’s product line with new CBD products, then it might also be time to give your inventory management strategy an update.
Implementing a modern inventory management solution eliminates the need for time-consuming and error-prone manual processes and makes it easy to keep track of your vape and CBD inventory.
With the right vape shop POS system, you’ll be able to access an accurate, real-time overview of your CBD inventory from anywhere, making it a breeze to keep your shelves perfectly stocked.
Here are a few features to look for as you search for the perfect CBD inventory management software:
- Real-time inventory monitoring gives you access to your stock levels at any time, from anywhere.
- Carton-pack tracking allows you to see your inventory broken down by total cartons or individual units.
- Custom label printing simplifies the inventory count and checkout processes by allowing you to print barcode labels for individual items.
4. Stay on Top of CBD Inventory Trends
The CBD market is constantly changing as new products are introduced and consumers’ preferences shift.
To keep your customers happy and your sales high, you need to stay ahead of these trends and make sure that your CBD inventory reflects what’s most popular.
The best way to accomplish this task is to rely on your vape shop POS system’s sales reports. Your POS system records every single sale that takes place in your shop, and it should analyze your sales to reveal which of your products are selling the most and the least.
If you notice, for example, that your sales of CBD-infused gummies have increased in the past few months, you can potentially boost your customer satisfaction and your profits by adding new flavors and potencies to cater to this growing demand.
On the other hand, if you notice that sales of your CBD oils are falling, you might choose to run a promotion on these items to encourage your customers to try them out.
Keeping close tabs on your sales reports through your vape shop POS system will help you optimize your CBD inventory and ensure that your offerings meet your customers’ wants and needs.
Tackle CBD Inventory With Cigars POS
Ready to grow your customer base and your profits by offering the best selection of CBD inventory in the neighborhood? We’re here to help.
Cigars POS is an all-in-one vape shop POS solution designed to support small business owners just like you. With built-in age verification, robust inventory management features, advanced reporting and analytics, and integrated high-risk processing, Cigars POS has all the tools you need to grow your business.
Schedule a personalized demo today to see Cigars POS in action, or use our build and price tool to create a custom POS system for your vape shop.
