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Why It’s Important to Choose a Cannabis-Specific POS System for Your Dispensary

by Douglas Nolan 13th October 2022

Every type of industry requires an advanced point of sale system to make the payment process easy and hassle-free. If you are part of the cannabis industry, opting for the best dispensary POS system helps in facilitating the routine flow of your cannabis business and helps boost your bottom line. However, prospective owners should keep one thing in mind: the cannabis industry operates under strict guidelines, structures, and local laws.New dispensary owners frequently report finding the process of starting up their cannabis retail business to be intimidating and confusing. Legal regulations, supply infrastructure, inventory management, and compliance issues are just a few of the critical things to manage on a routine basis. Make it a point to select a cannabis dispensary POS system that fits your business requirements in the best way. It helps create a more efficient sales process and enables you to avoid financial and legal hurdles down the road. Therefore, investing in an industry-specific POS system can be considered worthwhile, given its benefits. A conventional point of sale system might not necessarily help you succeed because the cannabis industry is subject to stringent guidelines, structure, and laws, which set it apart from retail businesses. However, you can simplify routine operations and improve your business’s bottom line by choosing a dispensary POS system.Not all industry-specific POS systems are structured in the same way. Even though it is possible to run a cannabis dispensary with a generic point of sale system, it is recommended to opt for an industry-based POS system. The disadvantage of using a generic POS system is that it will be devoid of beneficial features that are essential for running a cannabis business profitably and effectively.Some of the notable advantages of using the best POS system for dispensary businesses are as follows:
  • Make your business legally compliant
  • Efficiently manage inventory
  • Provide an exceptional customer experience
  • Get strategic insights pertaining to a specific industry
  • Keep your system online at all times

7 Reasons to Choose a Cannabis-Specific POS System for Your Dispensary:

  • Legal Compliance

    Compliance does hold great significance for cannabis dispensary businesses. The best dispensary POS system helps you provide the necessary proof of purchase. It helps in inventory management along with ID and age verification. Compliance violations are severe and often lead to revocation of a license or interim suspension for store owners. There is no other way when it comes to compliance, so your cannabis POS needs should be able to factor in all the important taxes as well.
  • Optimize Inventory

    A specific and reliable POS system will provide you with accurate and real-time data, which allows you to manage your store inventory. You can provide impeccable customer service. Efficient inventory management helps you carry out routine operations in a hassle-free way. You can audit inventory and view reports to know sales performance and make important decisions at the same time of buying stock to make your customers return to you. It will result in increased customer satisfaction, repeat business, and improved sales. Optimizing the inventory ordering process is a pivotal role as it helps in having enough products at the right times to meet customer demand and offer an impeccable customer experience.
  • POS Integrations

    Having a specific cannabis POS system helps with a wide range of integrations like marketing, eCommerce, analytics, payroll, loyalty, etc. Having a dispensary POS system that supports your current tech stack helps in saving you time, effort, and avoiding unnecessary hassles. Certain useful integrations help save time and reduce the chances of errors pertaining to manual data entry. The best thing about integration is that it helps you operate a business in a hassle-free way. It helps identify and enhance employee performance and other areas like sales and marketing results.
  • Customer Experience

    Building a base of happy customers is imperative for any type of industry to survive and thrive in cutthroat competition prevailing in the market. There are several ways to ensure a successful customer retention process and offer a positive customer experience. From loyalty rewards and seamless transactions to employees, almost everything can be controlled and managed with a cannabis-specific POS system. Customers expect an easy and quick checkout process, as well as the use of a rewards program to incentivize them to return, and not every POS system can meet those expectations.
  • Customer Database

    When you have dispensary POS software in place, you can collect and analyze important customer information by learning about your customers’ buying preferences, spending habits, and choice of products. This will help you to fill the inventory in line with their needs. You can choose to integrate data from your POS system with a CRM (customer relationship management) platform. This useful data helps in creating newsletters, loyalty programs, and outreach campaigns. This in turn helps in creating better customer relationships.
  • Refer to Strategic Insights

    As described above, a specific point of sale system can help you get useful information. Gain useful insights regarding products performing well and those that require a push to perform well. Various staffing issues often go unrecognized, but an industry-specific point of sale system can help you solve these issues. A good thing about a POS system suited for cannabis dispensary businesses is that it helps in tracking inventory, sales, and other relevant data that can be useful to your business. When this data is tracked and followed, you can be better positioned to make correction decisions and develop the most suitable and effective strategies to develop your business.
  • Business Stability

    Cannabis-specific POS systems can handle high volumes of sales transactions and store bulk data without causing any downtime. It bestows stability on your business and helps you streamline routine operations efficiently.

Conclusion

Having a cannabis-specific POS system for your dispensary in place is essential to making critical business decisions, managing inventory, boosting sales, increasing profits, and growing business. To make critical business decisions, you get access to all the features and intelligence available with point of sale software.

Douglas Nolan is a CEO & Co-Founder at FasTrax Solutions. He is a believer, innovator, ideator, and creator for FasTrax Solutions. With a great passion for Technology, Douglas has always focused on solving problems with technological innovations for retailers worldwide. He always aims to deliver quality customer solutions and prioritize customer satisfaction. Reckoned as a team leader and a strong business & life coach, he firmly believes in the adage - ‘treat people in the same way you want to be treated.’ He keeps himself abreast of market trends and is always keen to learn and apply futuristic innovations to better the world. 

Douglas Nolan

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