Do you run a cannabis dispensary and use an Excel spreadsheet to keep track of your inventory?
If so, how confident are you with the daily data submitted about the products you sold, the amount of inventory left, and what you need in the following days?
According to studies, inaccurate data causes businesses to lose 30% of their revenue, or over $14.2 million a year.
Inaccurate data might also make it difficult for a cannabis company to cater to customer demand. In extreme cases, you may encounter state compliance problems that could completely shut down your company!
What if we told you that dispensary point-of-sale software can do more than simply ring up sales?
It can also help you manage your inventory more effectively.
Understanding POS Software
Optimizing your business is the main goal of a dispensary POS software. In essence, such a system is where your customers pay for the goods they purchase from your store. A point-of-sale transaction is completed each time a customer completes a purchase. Every business needs a POS since it integrates inventory, sales, customer service, and more.
With a complete, automated system, an all-in-one point-of-sale (POS) allows you to improve the whole consumer experience. Using Excel, QuickBooks, and registers to do everything by hand is an antiquated strategy that will put you well behind your rivals.
You can confidently make the best business decisions by utilizing the wealth of tools and data available with a complete point-of-sale system.
Legal Compliance: Dispensary POS Features
Making sure that all sales adhere to legal requirements is one of the primary duties of a dispensary’s point-of-sale software. Legal compliance features can guarantee that all business operations are in compliance and assist in saving your employees from making legal errors.
A sound point-of-sale system can offer:
- Age Verification Scanner: Keeps employees from unintentionally selling to minors
- Purchase Limit Alerts: Notify you if a customer is buying too much cannabis
- Hours Of Operations Compliance Alerts: Make sure your employees are only using the system during business hours
Additionally, creating and distributing the compliance reports that keep you in compliance can be facilitated by a top-tier cannabis point-of-sale system.
Why Is Dispensary POS Software Important?
Point-of-sale software can significantly benefit your canna-business in several ways, some of which are mentioned in the rundown:
1. Online Cannabis Shopping
Nowadays, a lot of people purchase online because of the advancements in technology. This worsened during the COVID-19 pandemic, which made many dispensary operators think about expanding their online operations.
A successful firm relies heavily on keeping its operations current. For this reason, you need a robust point-of-sale system that is dependable and capable of handling both in-person and online cannabis sales.
2. Loyalty Programs
Attracting clients to the fledgling dispensary is a significant obstacle that any business owner must overcome when starting a new venture. Loyalty programs are one of the finest methods to accomplish this.
In marketing, these campaigns have a lengthy history. You may now use a customized digital marketing version of loyalty programs with cannabis point-of-sale (POS) systems to track your clients’ purchasing patterns and discover their preferences.
3. Sell Through Different Channels
The best dispensaries use a variety of sales channels. You can sell through a variety of channels, including an Internet store and a mobile platform, with the aid of the best cannabis point-of-sale system.
Besides, you’ll need to cater to those who pass your storefront as the marijuana market expands and gets more competitive. As a consequence, selling cannabis through a variety of channels is made easier with a contemporary point-of-sale system.
4. Oversee Several Stores
A lot of people in the cannabis industry aim to own and run many sites. However, to effectively run several sites, you need a practical solution that lets you control everything from a single device. You may manage employees, add inventory, evaluate analytics, and keep tabs on spending for several locations employing a point-of-sale system.
Your POS system can be used to show:
- Menus
- Promotions
- Advertisements
… or it can be used to sync with digital signage.
With the newest point-of-sale technology, you can effortlessly control every location at your fingertips.
5. Internet-Based Promotion
In addition to having great operating tools, the finest point-of-sale software also has useful marketing options. Seek out a point-of-sale system that offers SMS alerts and targeted email marketing.
Using your point-of-sale system, you can organize unique events and holidays for your community. Notify patients promptly of any limited-time offers or sales via SMS text. In retrospect, a marketing CRM should always be included in a point-of-sale system.
6. Reliability
Under normal conditions, a dispensary relying on a generic POS system usually experiences regular fatalities and crashes. Even well-known dispensary point-of-sale software has had consistent performance problems, leading to significant outages during busy times like 420.
Researching a POS system thoroughly by reading reviews and client comments helps one evaluate dependability before committing to one. Choosing a cloud-based POS system does have certain benefits, including reduced technical requirements and economies.
As dispensary data is kept on remote servers run by a third party, it is vital to ensure your selected POS supplier follows government rules on the protection of this information.
Not what you want, right?
Final Thoughts
Make sure your point-of-sale software can easily link with your CRM, online menu, and loyalty program to get the most out of it. You may increase the efficiency of your dispensary and save time by selecting a point-of-sale system with these features.
Ultimately, a POS system tailored to your needs will make things easier, whether you want to expand your company or are getting ready to operate a cannabis shop. You can oversee several locations, online orders, delivery services, and more as the owner of a cannabis shop.
The top cannabis point-of-sale systems make all the problems you’re scared to confront easier.