Are you curious about the sales trends for the 4/20 celebration in 2023? We’ve gathered some interesting data from BioTrack’s Cannalytics business intelligence software that sheds light on the numbers.
Discounts were higher than ever
Let’s start with the discounts. Over the past three years, the average percent discount per ticket has been on the rise. In 2021, the average discount was 20%, but it jumped to 26% in 2022, and then skyrocketed to 36% in 2023. Retailers may have offered bigger discounts to lure more customers or simply to stay ahead of the competition in the increasingly competitive marketplace.
The increase in discounts had a direct impact on the average ticket price. In 2021, the average ticket price was $54, and it increased slightly to $55 in 2022. However, in 2023, the average ticket price went down to $51 due to the increase in discounts offered to customers. The more discounts offered, the lower the average ticket price, but that’s not necessarily a bad thing. Lower prices could mean more customers, which could translate into higher total sales revenue.
In 2023, Flowers, Edibles, and Vapes all saw an average discount rate of 40%, which was higher than the 30% discount rate in 2022 for the same categories. This increase in discounts may have been a strategic move by retailers to attract more customers and increase sales revenue.
Flower is still king
Another interesting observation from the data is that flower was the top-selling category every year from 2021 to 2023. Flower accounted for nearly 50% of all sales on 4/20. This trend indicates that flower is still the most popular cannabis product among consumers.
There you have it – the 4/20 sales statistics for 2023. The discounts were higher than ever, the average ticket price was lower, and flower remained the king of cannabis products.
Cannalytics has the analytics you need
By utilizing Cannalytics and analyzing sales data, businesses can make informed decisions about their marketing strategies, pricing, and product offerings. With this information, they can improve their sales performance, optimize their inventory, and stay ahead of their competitors. By using data to guide their decisions, businesses can increase their bottom line and grow their customer base. So, whether you’re a cannabis retailer or a producer, incorporating data analytics into your business strategy can help you stay ahead in the rapidly growing cannabis industry.
If you’re interested in learning more about how BioTrack’s Cannalytics software can help improve your cannabis business, we encourage you to schedule a demo with our team today. Our experts can walk you through the program and show you how to use the data to make informed decisions about your business. Don’t miss out on this opportunity to take your cannabis business to the next level – schedule your demo today!Request a Demo