VWB Blog Using the right software tools equips dispensary retailers to build a store layout and customer experience that sets them apart. Avoid all-in-one solutions that claim to do everything and anything, as cannabis requires specialized technology.
A POS system tracks day-to-day sales data to help you stay compliant and grow your business. It can even help you streamline payments from customers and automate accounting tasks.
Inventory Management
For cannabis retailers, managing inventory is critical to running a successful business. Cannabis dispensary POS software can automate this process, keeping track of stock levels in real-time and ensuring that the store has enough products to meet customer demand.
A comprehensive POS solution will also integrate with state-regulated track-and-trace systems, making it easier to stay compliant. For example, Cova’s POS platform ensures that dispensaries are not selling more than the legal amount of marijuana to any one customer.
Another helpful feature is a customer relationship management tool that allows stores to manage customer data and communicate with them for marketing or loyalty purposes. These tools are essential in retail, but not all dispensary POS solutions will include them, so it’s essential to research them before choosing a software provider. This can help increase average order value and brand affinity, positively impacting profitability.
Customer Relationship Management
Cannabis business success is founded on relationships, and this is especially true for the industry’s customer service. The right CRM software will help you keep in touch with customers and provide a high-value experience.
Integrated CRM features typically include email marketing, SMS/text messaging capabilities, and a loyalty program. This allows dispensaries to easily promote products and services to their current customers based on their purchasing history. This also helps them cultivate repeat customers, which increases revenue.
The best cannabis CRM software will streamline sales pipeline management with sales reporting capabilities, inventory data, and more. This enables businesses to make strategic decisions based on hard facts rather than intuition or guesswork.
A good cannabis CRM will help businesses comply with local laws by automating record-keeping tasks like age verification requirements, purchase limits, sales report generation, and more. Companies like Leaf Logix have built their business on providing seed-to-sale tracking solutions to the industry with their POS, cultivation, processing, wholesale and distribution, and e-commerce modules. The software offers a programmable store hours function that makes it easy for cannabis businesses to generate and submit compliance reports.
Analytics
A good cannabis POS allows you to monitor inventory levels and sales trends closely. It helps you stay ahead of product demand and ensure that top-selling products remain in stock. It also lets you see if customers prefer certain products over others and determine how to promote them best.
The right dispensary software solution lets you track customer demographics and their buying patterns, enabling you to optimize your marketing strategies for each segment. This is critical for maintaining competitive advantage and increasing your customer base.
A reliable POS system should quickly and efficiently facilitate transactions, ensuring customers can pick up their purchases and get on their way promptly. It should also have built-in theft detection and management processes to protect your business from employees taking merchandise and other assets. This can have significant legal and financial implications for your business. You may even lose your license.
Security
Many states and provinces require a robust security system that may include alarms, locks on all exterior doors to the facility, smash-proof windows, and specialized cameras to prevent product theft. Regulators also want security diagrams and a narrative description of how the systems work together. This is where a video analytics software solution like Solink can add significant value to your business.
Actionable data analysis sets dispensary operators up for success regardless of volatile market conditions. With data insights, you can make strategic decisions on inventory forecasting and ordering, staffing for busy days and times, discounts and coupons targeted to segmented customer groups, and improving your marketing and sales tactics.
The right cannabis menu software can boost website traffic and drive top-tier conversion rates in your online storefront. Choosing a native platform that offers a full spectrum of menu functionality instead of an iFrame menu app can improve SEO, secure ownership over your customer data, and offer customizable features to match your brand identity.
Mobile POS
POS allows budtenders to accept payments at the point of sale, with ID scanners and other hardware for confirming each customer’s age and buying patterns. It also keeps track of customer sales and loyalty programs, allowing business analytics to inform new product offerings or marketing initiatives.
Most dispensary POS solutions include state compliance features designed to automate data reporting and help ensure that cannabis businesses comply with local regulations. For example, POS is integrated with popular loyalty programs to allow users to sign up for accounts, redeem rewards, and purchase with a few taps. It also integrates with accounting systems to streamline back-of-house management.
A well-known POS provider that built its brand around compliance and offers a robust seed-to-sale tracking system for retail locations. Its mobile POS is easy to use and works on most devices, supporting various payment methods. It has an excellent customer service reputation and supports in-store and online sales.