Cannabis Retailers

5 min read

9 Reasons Why Cannabis Retailers Need To Adopt the Latest Technology

April 15, 2019

With the technological advancements taking place, one cannot fathom how much it’s integrated into our lives. With the changing trends in shopping, customers are not just on the lookout for buying things but also for building a relationship with the brand or the store. Therefore, every store, from retailer to online, intends on shifting their focus to their customers, and how to build a long trusting relationship. Cannabis retailers work differently than general retailers. Their clientele is generally fixed. The selling patterns vary from other retail shops. But what they have in common is, the issues they face while storing data, keeping books, maintaining inventory etc.

Ever since the demand for marijuana has increased, the number of stores has increased than before. This means that there is more competition in the market and therefore cannabis retailers need to pull up their sleeves.

In today’s times, when everything functions with the help of technology, cannabis retailers need to think again of adopting the same. While talking about what technology cannabis retailers could use, the first thing that comes to mind is ‘retail software.’ In order to provide better in-store customer experience, store owners must invest in good retail software that will help them manage their business.

Reasons Why Cannabis Retailers Need To Adopt Latest Technology:

  1. Documentation of bills

The complexity of the business is one of the main reasons why cannabis retailers need to embrace new technology. When it comes to running a business, a lot goes into it, like maintaining tonnes of paperwork, storing data, maintaining bills and what not.  Technology helps to maintain proper documentation.

It has a significant role to play in each activity. Bills are essential as they help in keeping track of the income. At such times, having a retail software is convenient as they digitally store every bill and therefore, one does not need to maintain a separate file of them.

  1. Storing customer data

With the increase in the number of customers, it is essential to maintain proper customer data and store it well. Gone are the days of keeping books or filling excel sheets with the names of the customers.

The quicker, more straightforward and the most effective way of maintaining customer data is to adopt technology and get software that makes storage of customer data much more accessible. It also allows us to make the necessary changes later on.

  1. Keeps track of what is on the shelf:

Customer satisfaction is the most integral part of any transaction. Stores that sell cannabis have a specific clientele as not just anyone walks into such stores.

With the help of dispensary point of sale software, a store owner can come to know what products are available and what is not. Checking for things on a computer or mobile device helps in responding quickly. Usually, when asked in stores about a particular product, the person behind the counter goes searching for the product among the shelves.

In this day and age when everything is available by just typing a few things, why not make the best use of it. This way, even the customers will be impressed and wouldn’t mind making return visits to the store as they feel that their time is being valued.

  1. Market forecasts

In a world filled with uncertainties, specific software products have been developed which helps to establish forecasts. It is essential to know what sales in the future would look like (especially when it comes to selling cannabis) to understand market trends and stay ahead of the competition.

With the help of previously saved data, technology helps in understanding the market demands and what the future will bring. Technology helps in getting accurate forecasts based on the totality of information it has at its disposal. Technology also helps in scenario planning as it facilitates fast projections.

  1. Beat your competition

Technology helps dispensaries compete in the most significant manner possible. When technological advancements drive the world, no cannabis retailer would like to look as though they are old school. People get attracted to speed, and technology provides you with that speed. It also engages in comparative studies between where you stand and where your competition stands.

  1. Online presence

The biggest boon of technology is that everything can be done online. This includes trying to market for your cannabis shop. Cannabis retail shops can make use of the online community to get more attention

Creating email funnels and launching marketing campaigns will help you engage your customers and generate new business. Actively posting on social media about the culture, news, and in-store specials will help you boost online presence and sales.

  1. Provides HR Solutions

Retail software looks after every aspect of the retail shop, right from HR solutions to third-party delivery. In every issue, a retailer seeks ways to tighten up the operations, and at such times, it is software that comes to the rescue.

Operating with a point of sale software that tracks employee hours, sales, and actions will only help you improve how your retailer runs.

  1. Management of overall Inventory

Technology also helps in automating inventory control. Cannabis is quite expensive, for this reason it is essential not to order too much which can then get wasted. It can be difficult for a retailer to decide on how much s/he needs to buy.

At such times, retail software helps detect how much stock is still there and how much more is needed to meet demand. The electronic inventory helps to eliminate the issue of over-ordering or under-buying products.

Retail software enables you to order things based on the last sales patterns as well as it also incorporates valid information like what season you are buying it in.

  1. Global Reach

In this day and age when the world is becoming a smaller place to live in, everything has a global reach. Technology doesn’t only help you build an online presence for the community you are in, but it also puts you on a map.

People across the globe come to not only know you, but they also get an option of ordering from you. This way, you reach an audience that is not just bound by physical boundaries.

Retailers can be skeptical about investing in technology because of previous negative experiences. But, in reality, technology helps streamline dispensaries. For cannabis retailers, there is nothing more rewarding than implementing in an excellent retail software.

Guest Contributor: Hitendra Rathore is a Content Analyst at SoftwareSuggest