Why Cannabis Retailers Need to Leverage New Technology

Posted by katherine on February 21st, 2020

There are already several software solutions available for the cannabis retail environment. Due to the unique nature and compliance requirements in the cannabis industry, such solutions are designed specifically to overcome the industry’s unique challenges. These solutions range from time clock software to data storage and customer management software.

As a cannabis dispensary owner, your job is to find the best software that aims to solve your unique business challenges. Additionally, after you’ve invested, ensuring that your taking advantage of the latest features and functions will position your business for sustained success.

In this article, we’ll cover the top reasons why cannabis retailers need to leverage new technology.

Transactional Information

The complexity of the cannabis industry is the top reason why retailers need to leverage new technology. When it comes to running any business, a lot goes into it, such as maintaining bills or paperwork and storing data. Technology can help preserve important transactional information.

Transactional information has a vital role to play. It allows you to monitor your income, determines where costs can be cut, or helps you better optimize your budget. Investing in software that can track, store, and manage transactional information can save you tons of time and money.

Customer Data Storage

As cannabis popularity continues to grow, your business needs to maintain customer data and store that data securely. Long gone are the days of having to keep track of customer information manually.

The quickest and most efficient way to store and maintain customer data is through advanced software that makes storage of customer data more accessible. Not only does this option allow you to access customer information quickly, but it also allows you to make adjustments when needed.

Inventory Tracking

Stores that sell cannabis typically have specific and repeat clients, as not just anyone can walk in and make a purchase.

With a point of sale software, such as Cova Software, store owners can quickly determine which products are available and which are not. Additionally, being able to check inventory from a computer or mobile device allows users to respond promptly to inquiries about specific products, improving the customer experience.

Market Forecasting

To help you better manage your store, specific software has been developed to market forecast. It’s vital to understand what your sales in the future could look like - especially when it comes to the cannabis industry. Such software allows you to understand market trends and stay ahead of your competition.

Along with previously saved data, technology can help you understand market demands and what to anticipate in the future. Not only does technology provide accurate market forecasts, but it can also assist in scenario planning.

FLSA Compliance

Being compliant with the Fair Labor Standards Act is essential for any business. To help ensure you remain compliant with labor laws, you should invest in time clock software to accurately track your employee’s work hours.

Without advanced web-based time clock software, you could end up being audited, resulting in potentially significant fines. This not only impacts your business financially but can significantly reduce employee morale and productivity.

Digital Presence

The most significant advantage of modern technology is that it allows us to do everything online. This includes marketing for your cannabis store through online communities such as Facebook or Instagram.

By creating email funnels and launching marketing campaigns, you can help improve customer engagement and bring in new business. Actively posting on social media about news, culture, and in-store specials can help improve your online presence and increase sales.

Global Reach

In our modern society, everything has a global reach. Technology doesn’t just help you build an online presence for your community, but it also brings to light your business.

Customers across the world don’t just get to know your store, but they have the option of ordering directly from you. You can now reach an audience that is not bound by their physical location, further increasing your sales and overall success of your cannabis store.

Retailers are often skeptical when it comes to investing in technology. In reality, technology can help streamline cannabis store processes. For those in the cannabis industry, there is nothing more rewarding than properly implementing software to help boost their business’s reputation and sales.