When it comes to finding the right (POS) point-of-sale system for a cannabis operation, there are many things to consider. But by following some general guidelines, retailers can make the decision-making process a little easier.
And, finding the proper integration can help operators boost their profits and keep customers coming back.
What to consider when shopping for a (POS) point-of-sale system?
First, retailers should consider the features of the (POS) point-of-sale system that would best support their business model and operations.
For example, retailers can look for a system to track inventory and sales. And if their Wi-Fi connection is spotty or they operate a delivery service, they can find options that will work offline and then process transactions once their Wi-Fi access is restored.
Additionally, retailers should consider their brand and how the (POS) point-of-sale system will support it. A (POS) point-of-sale system can help retailers create a professional and polished look for their dispensary and improve customer experience.
How to Increase Customer Spend Per Transaction
Finally, retailers should consider their workflow and how the (POS) point-of-sale system will integrate into it. The right (POS) point-of-sale system can make a retailer’s life a lot easier by automating tasks and improving efficiencies.
According to statistical research on (POS) point-of-sale system integrations, consumers will spend up to 83% more on average per transaction when using card vs. cash.
When looking for a (POS) point-of-sale system, these are just some of the factors to consider. By keeping these guidelines in mind, cannabis retailers can find the system that is best suited for their business and budget.
Improving Customer Retention
By implementing a (POS) point-of-sale system, you can keep your customers coming back! Consumers are busy, and while price is a leading factor in purchasing behavior, the convenience element offers retailers a competitive advantage.
A Consumer Report released by the National Retail Federation found that 97% of respondents have declined a purchase because it just wasn’t convenient to them. For instance, think Amazon Prime and Instacart; both options offer consumers the flexibility and convenience to shop from home. Not only will people often pay more for the convenience, but they also keep coming back to shop over and over.
In addition, you can use your (POS) point-of-sale system to create customer loyalty programs and reward your best customers with special perks for continuing to come back and spend more. This increases your customer loyalty and brand presence in the cannabis space.
Which (POS) point-of-sale system is best for my cannabis operation?
In short, it depends! There are many different (POS) point-of-sale systems on the market. They vary by price, access, integration, etc.
Many also offer customizable solutions to align with your business strategy. Therefore, it’s essential to determine what business goals and outcomes you want to achieve before purchasing a new system.
In addition, what’s your current and future strategy? Since a (POS) point-of-sale system can be a costly purchase, operators want to make sure they have researched which system will work best for their business goals before investing in a new system.
Best (POS) Point-of-Sale Systems For Your Cannabis Business
Leafly is one of the world’s leading cannabis information resource, with over 18 million visitors per month. But it can be pretty costly. There are other options to consider such as FlowHub, Dutchie, Blaze, and more. They all offer many of the same features, but have some differences operators should consider based on their needs.
Therefore, we recommend doing your research. Check out company reviews and set up meetings with sales representatives to compare services at different companies. And be honest, let your sales representative know you’re shopping around and what you want to achieve with a new (POS) point-of-sale system. That way they can present you the best proposal options for your cannabis operation to meet your needs.
Use Your Resources
To learn more about how (POS) point-of-sale data can drive sales and boost profits, reach out to our team of financial experts at GreenGrowth CPAs or check out our educational resources on YouTube. We are here to help your cannabis venture through any level of the accounting, tax filing, or business cycle.
We employ several financial programs to assist the company with its fiscal responsibilities, including tax planning and compliance, outsourced CFO support, audit preparation, tax controversy support, and much more.
For recommendations and assistance with tax planning and accounting services, schedule a free consultation or contact us at 1-800-674-9050.