With the continued legalization of the recreational and medical use of cannabis, the industry has been flourishing significantly, drawing more people to this market. But of course, managing a dispensary business is not easy. Let's say you've overcome every obstacle, sorted out all the legal roadblocks, found yourself a good supplier, hired a reliable and skillful team, and are ready to celebrate your new business opening with a bottle of champagne. But wait, have you forgotten something?
You can't start your business without a reliable cannabis POS system. While you might think you've already got a regular point-of-sale system for your dispensary, more is needed. Although it might work fine, a cannabis-specific POS system for your dispensary makes life much easier. Below are eight reasons why you need a dispensary POS system. But first, what is a dispensary POS system?
Dispensary POS System Overview
Dispensary POS systems allow cannabis retailers to operate their businesses by completing their transactions and processing customer payments. These POS systems have many features in common with a regular POS system.
In addition, a dispensary POS system has other added features specified for the cannabis industry, which can significantly improve customer experience.
Everyone in the dispensary can use the system and complete and follow each transaction from the manager to the cashier. Dispensary POS systems allow business owners and managers to leverage the data and tools to make better business decisions.
Do you need more reasons to know why you need a dispensary POS system? Then read on.
Why Do You Need a Dispensary POS System?
If you've just dived into the world of POS systems, you're probably shocked and confused about the enormous number of POS systems available in the market, and you may ask yourself why you need a cannabis industry-specific retail POS system at all.
Each company has unique problems and issues that don't concern other industries' business owners as much. A regular POS system can only take some of these special concerns into account and find proper solutions to them.
When you're about to establish your cannabis dispensary, you must consider many factors, including compliance problems, legal regulations, inventory management, and specified marketing, to name a few. So ideally, cannabis-specific POS systems should function better than generic POS systems and cover all your concerns providing your customers with a pleasant experience.
Benefits of Using a Cannabis Dispensary POS System
Now let's look at why you need a cannabis POS system and how it can help you improve your dispensary business.
1. Stay Legally Complaint
All dispensaries must stay completely compliant with all the state's applicable laws. Any violation of these laws and noncompliance can result in loss of license and even time served in jail.
Depending on the location and the state laws, dispensaries must report daily, weekly, or monthly. Although these reports can be done manually, there are problems associated with that, including a higher likelihood of human error and a longer processing time.
Dispensary POS systems can manage all these without a single error providing proof for all purchases. Furthermore, these systems can verify age and identification and provide online ordering functionalities for recreational and medical marijuana dispensaries.
Some of the most common compliance violations include
- Patient purchase limits
- Sales to minors
- Inadequate delivery
- Inadequate report inventory
- Operating without a license.
2. Track Inventory
When starting a marijuana dispensary, you must be ready for all the hectic work required. It is a tedious task to track and manage inventory.
A dispensary POS system designed to answer all your concerns can help you eliminate this tedious process and manage your supply according to the new changes in the market.
Additionally, many dispensary POS systems directly connect with the state's traceability system, saving a great deal of time and resources. The high-tech features of dispensary POS systems help provide a precise inventory report, display real-time menu updates, and reduce stock discrepancies.
3. Manage Multiple Locations
As an ambitious cannabis business owner, you need to consider the time when you start growing your business, and you need to manage several stores. That's one of the reasons you need a dispensary POS system that can overtake all regular POS systems.
Some cannabis POS systems can be run on your smartphone, laptop, or tablet, allowing you to manage all your stores simultaneously. Check our guide and best practices and learn how to add multiple locations to your POS system to optimize your operation.
4. Better Customer Service
The main pillar of every successful business is its satisfied customers. For that, you need to offer exceptional customer service.
We have mentioned before that the cannabis industry has to deal with many bank restrictions. You can trust dispensary POS systems to help you achieve this goal.
POS systems for cannabis dispensaries provide seamless integration with all online markets, eliminating this problem. Additionally, other useful features like queue management and curbside delivery provide every one of age with a pleasant purchase.
Keep in mind that better customer service equals more returning customers. So the more you invest in these services, the more you can increase your profit.
5. Detailed Customer Database
One of the main reasons you need a dispensary POS system is that it allows you to collect and analyze data from your customers` shopping habits. These data are a great resource to detect the preferences and new trends in the market and supply your store accordingly.
Additionally, you can use this data in the customer relationship management (CRM) platforms and create customer outreach campaigns such as loyalty programs. These programs will help you achieve a better customer relationship which translates to a more successful business.
6. Strategic Insights
Knowledge is power. And it can never be more relevant than it is when applied to business. As mentioned before, the cannabis dispensary POS systems collect a great amount of valuable data, which can give you a great strategic insight into the demand of the market.
With this data, you can make all your decisions with more confidence knowing you have used reliable data to develop your cannabis dispensary. Moreover, you can learn about products with higher demand in the market and stock up your store with them.
7. Online Cannabis Shopping
Thanks to the development of technology, many people have now turned to online shopping. This escalated during the covid-19 quarantine, which led many dispensary owners to consider growing their businesses into the online world.
Keeping your operations up-to-date is a key element in a successful business. That's why you need a good POS system, reliable and capable not only for your in-person customers but for cannabis eCommerce as well.
With Cova's cannabis POS system, you can expand your dispensary's footprint online without worrying about changing or updating your system.
8. Loyalty Programs
When opening up a new business, an important challenge every owner needs to face is attracting customers to the young dispensary. One of the best ways to do so is through loyalty programs.
These programs have a long history in marketing. Now, with cannabis POS systems, you can take advantage of a modified digital marketing version of loyalty programs to help track your customers' shopping habits and learn about their preferences.
Dispensary POS Demo
Priding ourselves on our high-quality cannabis POS systems, which have been brought to you by a team of world-class experts, Cova is happy to help you build your dream cannabis dispensary.
As an award-winning cannabis retail platform, our dispensary POS systems is the most reliable platform in this market. With Cova's POS, you get eCommerce, payments, inventory management, and advanced data analytics- your one-stop shop for all your tech needs.
Start your journey now by scheduling your COVA Software Dispensary POS Demo. Our team members will soon get in touch with you to learn about your needs and how we can help.
Bottom Line
Opening your dream dispensary is challenging, and running it and turning it into a successful business. But there's no need to lose hope. You can always rely on a good dispensary POS system to help you overcome many difficulties.
Whether you want to grow your business or you're about to open up your cannabis dispensary, you will have an easier time with a POS system specified for your needs. As a cannabis dispensary owner, you can manage multiple stores, online orders, delivery services, and more.
The best cannabis POS systems simplify all the issues you're afraid to face. And with Cova's advanced capabilities, you can relax and let our system take care of everything.
