We’re living in the technological and digital era, and we’re enjoying its benefits daily, starting from reading this article, for example. Technology indeed has changed our world for the better. We are able to earn more, relax more, and save up more time and money. And, when you have something worth billions such as the world’s cannabis market (and some even hope for trillions), then it’s absolutely logical to employ technology to improve the cannabis industry, especially its retail sector. After all, that’s where the big bucks are. So, in a nutshell, this is what is happening at the moment.
Every entrepreneur loves the potentials of Big Data. By definition, Big Data enables us to clearly interpret the multitude of information we are surrounded with. Not only is there a huge amount of data present, but it is constantly changing, making it extremely hard to be properly filtered. Fortunately, companies offering analytics service for cannabis businesses help both growers and retailers with their business decisions. This is essential if one wishes to be a step ahead of the competition. Besides that, Big Data encourages breaking the myths about cannabis and decreases negative attitudes towards it by creating positive marketing.
2. The IoT’s for tracking
While the Internet of Things has immense potential for the growers (you can now change the soil temperature by a simple tap onto your smartphone), this modern-day phenomenon has become extremely helpful to the retailers, consumers, and the country itself, too. Namely, thanks to the “seed to sale” system, state regulatory bodies are able to track the product from the planting process, through everything in between, including harvesting and drying, all the way till the moment it appears in the stores.
The tracking systems are rather simple (barcodes or RFIDs), yet they are extremely useful for all parties. Both retailers and buyers are guaranteed high quality, i.e. they are getting what they have ordered. However, even more significant is the fact that retailers are avoiding huge fines and serious criminal charges precisely by using the IoT to check where exactly the merchandise is coming from, i.e. if it’s fully legal or not.
3. Indirect sales boosters
This technological impact is not directly connected to the retail sector, but it’s definitely very encouraging for the customers. We are talking about telemedicine and virtual doctors.
The beneficial cannabis qualities for human health have become a real talk of the town. Most people have heard of it, but not everybody is sure how it works and if their state can be helped or even cured by cannabis. To bridge the gap and offer fast assistance, today there are telemedicine companies enabling their users to get in touch with doctors via a video chat.
Also, certain companies possess the full right to give their patients a valid online approval so they could purchase the needed cannabis-based medicine. Some companies even deal with sales, too. Either way, having a problem diagnosed and getting a prescription quickly means retailers will have more customers pouring in.
4. Easy mobile apps – easy purchase
Speaking of speed and efficiency, it is common to order cannabis products online instead of going to the shop. In addition to it, today we even have cannabis apps for an extra quick delivery. Basically, technology is making the sales process as fast as possible.
The above-named applications of cutting edge technology are extremely helpful to cannabis retail business, so we can expect even greater revenues in the near future, as well as some new unprecedented technological solutions.