The demands of cannabis businesses are different from those of regular retail stores. A conventional point-of-sale system might not help you succeed in this industry because it needs important features like integrations, automation, and reporting for dispensaries to grow and thrive.
The best dispensary POS systems feature comprehensive compliance features that allow you to maintain your state’s compliance standards. They also support multilocation operations with a single login.
A retail point-of-sale system is essential for cannabis merchants to manage their business operations. It helps them track and report inventory data, create real-time reports, and more. It also allows cannabis merchants to quickly and securely accept cash and credit card transactions.
Retailers who fail to track their inventory will likely run out of products and miss sales. Research shows that between 70 and 90% of stockouts are caused by poor inventory management.
Using cannabis dispensary software can reduce their risk of inventory shortages with automated alerts. Additionally, it can help them stay compliant by tracking the amount of marijuana sold to each customer daily and the shopper’s purchasing limits.
It can also support e-commerce with integrations such as online menus like Weedmaps, Leafly, Olla, and Heartland. It also supports mobile checkout to ensure a smooth and fast transaction for first-time and repeat customers. With its built-in loyalty program, KORONA POS also makes it easy for dispensaries to cultivate loyalty and boost customer retention.
The POS system is the lifeblood of any retail cannabis business, so choosing a solution that streamlines dispensary operations and increases order management visibility is essential. Look for a POS with integrated online menus, a safe staff management portal, and mobile POS hardware (like barcode scanners) that seamlessly syncs with back-of-house systems.
A good POS will automatically sync product inventory so retailers can accurately picture what’s selling. It will also provide sales and financial data for reports, audit checks, and other compliance functions.
A POS should help cultivate loyalty in-store with features like SMS marketing, shopper profile management, and loyalty points tracking. In addition, a POS should offer a fast checkout process so customers can get in and out quickly. It should also be compatible with cannabis payment processors so you can accept cashless payments for a more convenient customer experience.
Customer Relationship Management
The customer experience is an essential component of a cannabis retail business. Whether buying online, in-store, or via delivery, cannabis shoppers expect quick and easy shopping experiences similar to those they would receive at a local coffee shop or Target.
Look for POS systems that allow you to track customers and their purchasing habits to improve customer service and boost sales. A system enabling you to analyze purchase trends can help you identify your most profitable products and optimize pricing strategies. Having the ability to track customer data can also improve your marketing and loyalty programs.
Regulatory compliance is an important aspect to consider when choosing a dispensary POS system. Rules and regulations differ from state to state, and compliance could result in fines or a loss of your store license. Having a cannabis POS system with built-in compliance features can help you keep close track of your compliance status and submit required reports regularly.
Ensure your POS system has built-in CRM capabilities that allow you to keep track of customer details and behavior, including their favorite product, purchase history, birthdays, and more. Look for a cannabis-specific POS solution that can integrate with the best cannabis customer loyalty programs, such as Springbig and Splango.
Accounting features are crucial to managing dispensary operations, and POS software should support various functions, including inventory tracking and reporting. The right cannabis POS system also integrates with other systems to streamline workflows and eliminate manual data entry.
Waste management is another critical feature to consider. It’s essential for tracking and minimizing the risk of losing valuable products due to improper disposal. A seed-to-sale POS solution that manages the entire supply chain allows you to track where the waste came from, which employee worked it, what it was used for, and when it was disposed of.
Staying compliant is a crucial consideration for any cannabis business, and having an automated compliance feature in your POS system will save you time and energy. Look for a POS with built-in alerts automatically generating and submitting sales reports, THC sale values, product labeling, and other compliance-related documents.
Additional features in cannabis POS software include customer relationship management and loyalty programs. However, a dedicated CRM or loyalty platform may be optional, depending on your goals and current business needs.
As a cannabis business owner, you must ensure compliance with local and state regulations. The best way to do this is through cannabis retail management software. These systems offer seed-to-sale features and tracking for lab information management, risk management, accounting, etc.
A quality point-of-sale system also provides consumer data that gives insight into your customers’ buying preferences. This helps you forecast inventory, determine top-selling products, and inform how you decorate and staff your dispensary.
Many POS systems have integrated hardware that can scan patient IDs, populate customer profiles, and automatically update metrics on your screen. This saves you from manually inputting this data and makes your workflow smoother.
Choosing the right cannabis retail management software can help you streamline your operations and improve your bottom line. With the cannabis industry proliferating, the right POS solution can help you keep up with demand and stay competitive. To learn more about the software tools CDG offers, visit our website or contact us today for a demo.