Cannabis has emerged from the shadows to become a major industry, legalizing in 16 states and Washington, D.C., as well as several international markets -a tipping point for the entire industry. As a result of this growth, there are also economic opportunities as well as unique barriers. For example, a complex regulatory landscape and marketing limitations complicate the process. However, the industry’s most potent driving force continues to make commercial enterprise possible: tailor-made technology.
Unlike traditional retailers, the cannabis industry is subject to a complex collection of state-by-state mandates and a never-ending shift of local laws. U.S. cannabis retailers cannot just sell. They must verify the buyer’s identity and medical card where applicable, calculate local taxes, track every individual purchase, and send to regulatory bodies to validate and enforce possession limits. Being compliant is only half the battle — albeit a necessary one.
Cannabis Technologies Are Advancing
In order to truly grow businesses and the industry, retailers need to do more than simply file regulatory reports on the internet. Since the industry has begun to recognize the value of technology applied to most aspects of the business, from point-of-sale and delivery to CRM and marketing automation, technology has gained a lot of support. This is only the beginning of the process. Visit https://homegrowncannabisco.com/medical-marijuana-seeds as an example.
Cannabis is still an immature industry, and sales and marketing technology are relatively new concepts. Cannabis technologies advancement and adoption are growing quickly – and with that, the industry is maturing as well.
Order Online And Pay In Person
Cannabis is a federally controlled substance, so using a credit card or transacting online is difficult. For this reason, many dispensaries only accept cash payments. Technology provides customers the option to browse and order online and pay in person, resulting in $9 billion in sales a year thanks to workarounds.
There is a unique online-offline separation in the cannabis industry that needs to be accommodated in POS systems. A large portion of dispensaries’ orders are placed online, and without these tools, they would miss out on a large portion of their revenue.
In contrast to managing inventory, which is challenging for cannabis products, collecting payments may seem straightforward. A dispensary’s technology needs are not met by the technology used in more established, less regulated sectors. There might be 30 menu items at a restaurant, but a dispensary might have 300 or more likely 3,000, which requires vast attribution data related to strain type, serving size, and ingredients.
There are more than 134 attributes that can be assigned to edibles, for example. The process is difficult in an industry without a standardized way of collecting data. A dispensary must also maintain stock accuracy across all its menu items and manage shifting inventory levels. This is one of the main reasons for the introduction of the WM Store at Weedmaps in order to streamline the order process for customers and retailers. When it came to managing inventory and facilitating customer experiences, businesses were flying blind just a few years ago because of this technology.
Analytics For Cannabis Consumer Needs And Prices In Real Time
It will take only a few minutes for them to visit a dispensary. Cannabis retailers must increase their customer base and secure repeat business if they are to succeed. Since cannabis is subject to stringent marketing restrictions, standard marketing technology cannot be used by dispensaries. Business owners can target marketing campaigns to customers based on their preferences with better cannabis marketing automation and CRM systems.
They can, for instance, send out a new product notification to only previous customers who purchased similar products. Analyzing sales data in real-time allows pricing optimization and reveals customer insights in an accurate and timely manner. Delivery and fulfillment apps can reach a wider audience, and provide customers with greater convenience when ordering and receiving products.
In A Nutshell
The cannabis industry has evolved significantly over the past twenty years. Check out Homegrown Cannabis Co. as they lead in supplying great seeds for beginner growers. Nevertheless, it is only just beginning its journey. With more states legalizing adult use, cannabis retailers and brands must-have technology that is adaptable and scalable, and can meet consumers and businesses at whatever stage they are at. Despite its allure, federal legalization will only make the entire industry more complex and costly for business owners and consumers alike. Technology will continue to play a critical role in the industry’s success as it becomes increasingly adaptable.