Cannabis dispensaries big and small need the right technology to stay competitive, whether they are integrating inventory and online sales, deploying in-store digital signage or having the right point-of-sale (POS) solution in place.
The trick is to find the right balance, embracing the tools that boost efficiency and sharpen the competitive edge, but not paying for functionality you don’t use.
Many cannabis retailers are turning to digital signage, erasing the old chalkboard menus, to display information about products and prices. In some cases, the signs are integrated with inventory, ensuring that prices and what’s in stock are up to date.
Statistics show that digital out-of-home (DOOH) media, with its bright colours and moving visuals has a greater emotional appeal to consumers than the images of a static menu.
Digital signs are a great, space-economical way to promote products and promotions, with menus that can change dynamically according to time of day, external conditions (weather, holidays, special events, etc.), and other factors.
Cannabis dispensaries can also set up touchscreen kiosks that have interactive displays, helping to streamline their in-store sales processes, and allowing customers to explore product, subject, or safety information in a self-directed way.
The kiosks can be set up to not only let customers get information about products but to also make orders that are quickly fulfilled by the in-store team. Experience from other retail sectors shows that users of digital kiosks may order more products than consumers doing so conventionally.
Inventory Management Systems
Running an efficient cannabis retail business requires an inventory management system that enables you to monitor product levels in real time—allowing you to restock when necessary, mark down slower moving merchandise and transfer product items between stores. It must also communicate with regulatory databases, for seed-to-sale tracking.
A good inventory management system will synchronize with multiple sales channels from third-party sources, ensuring supply information is always up to date, and that customers don’t pay for an item that is out of stock. It should also provide daily, weekly and monthly reports that give an accurate view of product movement, including what’s selling, what’s not, and what has the highest turnover ratio.
While there are standalone inventory management systems, some comprehensive POS solutions integrate an inventory management platform that meets federal and provincial compliance regulations, and offer a user-friendly design and lightning-fast transactions.
Connecting a Cannabis POS and Online Ordering
Especially after the pandemic, many brick-and-mortar stores have discovered the importance of developing the online side of their business. Table stakes for cannabis retailers are simple, static websites that serve as brochures for their businesses.
Increasingly merchants are developing more robust, fully functioning e-commerce sites. They often feature online menus integrated into the sites and synchronized with the stores’ POS. They are able to provide inventory displays in real-time with accurate pricing, helping to drive traffic to the store.
To implement a cannabis pick-up program, merchants require a payment processing system that can display transaction from multiple sales channels and that integrates with leading POS systems and ecommerce platforms.
The Right Payment Technology Solution for You
Whether you sell in-store or online, Merrco has the right payment processing solution for you including retail (card present), ecommerce (card not present), click and collect, and gift card solutions.
As the leader in payment solutions for cannabis and other highly regulated industries, we can ensure your business has a competitive edge with a payment system designed for your specific needs — one that can scale and grow as your business does.