Did you sell more cannabis than your competition this month?
How much of your product was sold and how many people bought it?
Are your products priced competitively?
Who are your best customers and where are they located?
These are the kind of questions marketers ask when examining product sale volume and speed. It’s important to know where you stand so you can drive more sales and increase market share.
To help you understand how your products are faring in the overall market, we draw on transactional data in our Receipt Module.
Here are the key metrics you can get from your Receipt Module:
Basket Composition
The percentage of times customers purchase your product out of the total number of times any product is purchased, averaged across all verified receipts within your set parameters.
It helps you look for combinations of items that occur together frequently in your customers’ transactions.
Basket Size
The number of items found in a single purchase, averaged across all verified receipts within your set parameters.
It helps you track the size of your customers’ baskets, whether they grow, stay or shrink.
Category Share of Sales
The percentage of sales dollars that a category of items accounts for within a single purchase, averaged across all verified receipts within your set parameters.
It helps you track the proportion of total sales that each of your category segments accounts for (oil, dry flower, etc.)
Customer Count
Your brand’s projected customer count, new and repeat purchases, from all customers in Canada. Your brand’s percentage of all customers collected (non-duplicate) from verified receipts is projected onto the total monthly legal customers in Canada according to StatsCan, or monthly estimates where StatsCan data lags behind.
It helps you track your brand’s customer performance, new and repeat purchases, compared to the industry average.
Market Share
Your brand’s projected market share from all products sold in Canada. Projected from your brand’s percentage of total sales dollars collected from verified receipts.
It helps you track your brand’s market performance, compared to the industry average.
Projected Sales Dollars
Your brand’s projected sales dollars from all products sold in Canada. Your brand’s percentage of total sales dollars (before tax) collected from verified receipts is projected onto the total monthly legal sales dollars in Canada according to StatsCan, or monthly estimates where StatsCan data lags behind.
It helps you track your brand’s sales performance, compared to the industry average.
Purchase price
The price of a product sold (before tax), averaged across all verified receipts within your set parameters.
It helps you track the average sold price of your products.
Ticket size
The amount of money spent in a single purchase, averaged across all verified receipts within your set parameters.
It helps you track the dollar size of your customers’ transactions.
Wallet share
The percentage of dollars spent on your product out of the total amount spent in a single purchase, averaged across all verified receipts within your set parameters.
It helps you track the proportion of dollars spent on your products compared to other products within your customers’ transactions.
It’s essential for marketers to connect their efforts to the bottom line. With the help of Cohesion, they can evaluate the impact of their current initiatives, and forecast future product demand and allocate the appropriate resources.
Each of our data modules is built on data submitted daily to us by tens of thousands of Lift.co. users: hundreds of receipts, reviews and brand data inputs every day.
