Whether you run a dispensary, grow, processing, or logistics business, you need a robust software system to manage your operations efficiently and professionally. This includes seed-to-sale tracking, cashless payment solutions, API integrations, online menu inventory, SMS and loyalty programs, etc.
Customer Relationship Management (CRM)
Cannabis businesses are built around a sensitive, regulated product, and to operate and grow, you need a solid data foundation that will help you track inventory and maintain government compliance. The best marijuana dispensary software solutions include robust CRM functionality, which helps you retain customers and build loyalty. Often, POS systems that offer CRM will also provide bonus features like in-app queuing and SMS texting. Greenbits, for example, is a popular POS solution for dispensaries and hash shops that offers CRM and additional add-ons like Smart Screens to display menus in-store.
A POS system will help you comply with your state’s seed-to-sale tracking requirements. These software systems will automatically submit sales and other reports to the proper authorities in real time. They may even allow you to keep track of your state’s unique reporting requirements and submit information daily if required in your jurisdiction.
A POS system will also help you upsell and cross-sell products, facilitate marijuana delivery services, and offer tablet or kiosk ordering in your store. You can also add a branded mobile app to your brand, which is a great way to promote and monetize your marijuana business and generate additional revenue. App users are a great source of consumer feedback, which helps you optimize and enhance the customer experience.
Inventory management is a key aspect of cannabis business operations and is especially important in a highly regulated industry. Cannabis POS systems that provide an automated way of recording and tracking inventory can reduce the risk of product loss and improve compliance reporting. A dispensary should also have an audit process to identify discrepancies between physical and POS inventory records. This helps reduce shrinkage, which is especially harmful in a regulated industry where compliance violations could lead to penalties and fines.
A marijuana POS system should allow for easy purchase order creation, improving supply chain efficiency and providing transparency for customers and vendors alike. It should also allow for customer data collection, allowing retailers to market directly to consumers based on their purchasing behavior and preferences.
Ideally, a marijuana POS system will also include features for managing incoming and outgoing payments and streamlining financial operations. This will help reduce the time and effort needed to manage a cannabis store while ensuring that all transactions are accurate and compliant. The FIFO (first in, first out) model is an essential inventory management practice for a perishable product like cannabis. This method of accounting reduces potential waste by selling the oldest products first and can help prevent stockouts. Documenting inventory expiration dates and other quality and freshness concerns is also critical.
Point of Sale (POS)
A good cannabis POS system does more than just help you sell products and accept payments. It also collects consumer data and analytics that inform your decision-making processes. This data can help you detect trends in consumer behavior, forecast inventory levels, better understand your top-selling products, and even improve your marketing and sales tactics.
You should look for marijuana POS software with built-in features for staying compliant with state and local regulations. These include on-demand sales reports, accurate inventory management, and support for tracking products from seed to sale (track and trace). You should also consider a system with integrations with auxiliary service providers, such as online menus, cashless payment solutions, and delivery logistics. Look for a system that offers an open API system to ensure your auxiliary services are easily integrated into your POS system.
When shopping for marijuana POS systems, ask for a demo and test the system. You don’t want a new POS to cause any disruption in your operations, so it’s vital to ensure you’re comfortable using it before making a purchase. It’s also a good idea to find out if the company has a reputation for providing reliable and consistent service.
Often abbreviated as POS, point-of-sale systems are retail-oriented programs that help businesses with day-to-day operations. They organize data for taxation, analyze consumer patterns, and initiate loyalty programs. Cannabis POS software has similar functionality but integrates seed-to-sale tracking and other marijuana compliance tools, such as age verification scanners.
The best cannabis POS systems are easy to learn and use. Ease of use is essential because the more time an employee or budtender spends learning how to operate software, the less productive they are at work.
Marketing is an important part of any retail business, and it’s no different in the cannabis industry. Smart cannabis marketing strategies can help companies establish themselves as trusted sources of information about products and industry regulations. They can also improve customer acquisition and retention by creating innovative, personalized experiences that align with brand values.
The cannabis industry is developing rapidly, and retailers must understand the importance of staying relevant and competitive. As consumers return to purchasing in stores, brands must develop a distinct branding practice that differentiates them from competitors. This can be done through thoughtful interior design, physical space, store playlists, and menus.