Market Date:24 February, 2020

For cannabis applications, 1 size doesn’t fit all

Since the legalization movement proceeds, cannabis dispensaries are becoming increasingly similar to any other mainstream retail performance, like a shoe or clothes shop, Clients expect a superior and tailored experience along with the maximum quality merchandise for the lowest deals.

However there’s one huge difference between both. Contrary to other retail shops, cannabis stores have to maintain compliance and report on to say track-and-trace systems. To be able to deliver on that expertise when preserving high levels of assurance in compliance, a dispensary operator must hire top talent, employ sound procedures and strategy carefully so as to maximize and enhance business operations for continuing growth. The technology stack that forces today’s contemporary dispensary is in the epicenter of executing a successful retail operation in a burgeoning sector.

Why the present options fail

All of cannabis retailers require a point-of-sale platform (POS) to handle the front-end operations like processing payments and promotions, in addition to a back-of-house performance for stock management and compliance monitoring and reporting. This necessitates performance-driven engineering that arms retailers with strong data insights and resources to drive their company further and create experiences that are smooth.

Lots of the current existing POS solutions provide a “jack of all trades, master of none” approach by supplying the tooling and technologies for the whole cannabis distribution chain. From growing into manufacturing to selling, they have developed homegrown solutions which try to create the retail owner’s task as simple as possible by relying upon just 1 seller for everything. On the outside, this really is attractive because it eliminates the burden of needing to develop and operate a sophisticated instrument heap by him or herself.

But, every dispensary has distinct growth priorities rather than all stores operate under precisely the exact same business models. The forfeit to get a single-solution program is a shortage of customization, scalability and continuing product innovation. Additionally, it presents problems for the seller, particularly on resource allocation and determining which instruments get the most funds.

Why a platform procedure functions

Innovation, irrespective of business, is driven by customer demand and business demand — and there’s absolutely no lack of either in a market expected to reach $26.3 billion by 2025. 

The tech market has been gravitating toward an openly-integrated “platform system ” that pulls on a complicated and rich ecosystem of partners and sellers each supplying complementary offerings. It’s not surprising that the development of this cannatech marketplace should follow exactly the exact same route as leaders such as Salesforce or even Apple by redefining the answers to contemporary technology issues. 

The planet is too huge and complex for any 1 company to construct the hardware and software that support the whole cannabis distribution chain. The ones that attempt to do this will fail since there’ll always be somebody performing one category of this chain better. By cannabis cultivation to payments to CRM and customer loyalty to shipping, HR, analytics and advertising, new players are emerging as group leaders in every one of those sub-markets. The remedy would be to leverage the growing cannatech ecosystem and associate with these market leaders to provide an extensible POS and stock management platform which may be made out to support all aspects of the supply chain.

The instrument stack alternative

Together with the ideal smart POS platform in the crux of any retail industry, dispensary owners can hand-pick the most effective essential elements of this cannabis tool pile for their small business. As an example, they can automatically upgrade online menus using Leafly, electricity their delivery solutions through Dutchie, incorporate with BDS Analytics to drive better decision making and track clients through CRM and loyalty rewards applications like SpringBig or even Sprout.

Cannabis retailers deserve to select and choose what their cannabis tool pile resembles — from hardware to applications — to make the ideal customer experience that contrasts with their shop’s unique vision and mission. No dispensary requires a one-size-fits-all strategy, and neither should their point of purchase system.

In the conclusion of the day, it comes down to one item: the client experience. The near future of cannabis legalization and medicinal usage is bright and as technology leaders and innovators, it’s our obligation to supply the most effective technological solutions to address contemporary challenges which benefit the greater good.