When a retailer runs out of one of your products, it's bad for everyone. The store’s customers can’t buy the product they want. The retailer loses an opportunity for a sale. And your brand immediately loses a revenue opportunity (and risks the loyalty of the consumer).
“Unfortunately, dispensaries get busy and a lot will wait until they are sold out of product,” explains Caleb Hamilton of Dime Industries. “That means they could be losing sales because when the shelf is empty, consumers will just walk down the street to find what they are looking for.”
Unfortunately, retail buyers don’t often communicate right away when a product is out-of-stock, so it's not uncommon for a salesperson to be in the dark that their product is no longer on the shelf.
With the right information, however, an out-of-stock situation actually is a reorder opportunity. It is a great reason to re-engage a buyer in a conversation that can lead to a larger order or to the opportunity to expand a store’s shelf footprint with more of your brand’s products.
Pistil provides daily out-of-stock updates to its clients, immediately alerting them to a reorder opportunity. Some of our clients schedule daily or weekly reports to be sent automatically to their inboxes so that they never miss an opportunity.
Some clients use Pistil to track out-of-stocks for their competitors as well. When a competitive product comes off the menu, it is often a good conquest opportunity. Positioning your product or brand as a better substitute for a competitive product that is out-of-stock can be an effective way to get in a new door.
Pistil’s restock feature is a favorite with many of our clients, including Logan White, Director of Sales at Loudpack. “Loudpack is an established brand with a large catalog of products that is constantly changing. Things come on and off the menu due to the availability of flower strain and so forth. The ability to use Pistil as a window into a retailer’s world and see what has sold out or come off the menu is very helpful for identifying restock and Winback opportunities.”
If you want to hear more about how Pistil can help you get in new doors, expand shelf space, and get faster reorders, request a demo below or contact your customer success representative.
