Life as a dispensary owner can often get busy. With so many different areas of the business to monitor, it can feel challenging to stay on top of everything.
Luckily, there are plenty of dispensary technology solutions to make your life easier. With a revenue forecast that’s expected to hit $23.46 billion by 2030, the cannabis technology market is growing at a fast and steady pace. In an up-and-coming industry such as this one, new dispensary tech is continuously being developed to meet the unique needs of the cannabis industry.
Whether you’re a dispensary owner or a cannabis tech enthusiast, keep reading to explore the 8 dispensary technology solutions that can help boost profits.
What is Dispensary Technology?
In the cannabis industry, dispensary technology refers to a broad range of tech solutions that are designed to enhance and streamline dispensary operations. These cannabis tech solutions are meant to alleviate the burden of manual tasks by using AI and automation.
Why Integrate Cannabis Tech in Your Dispensary?
Integrating cannabis tech solutions in your dispensary can allow you to be more hands-off on the operational side of the business. This way, you will have more time to focus on other aspects, such as business strategy, partnerships, and expansion plans. Using the right combination of technology across different functions can make your dispensary more efficient and easier to manage — leading to higher profits.
8 Dispensary Tech Solutions to Boost Your Dispensary’s Profits
1. Point-of-Sale (POS) System
A POS system is where the magic happens. Simply put, it allows you to accept payments from your customers when they purchase products from your dispensary. While its main function is to handle transactions, dispensary POS systems typically have added features, such as:
- Sales trends and predictions
- Inventory management
- Reporting
- Compliance
- Staying connected with your state’s track-and-trace system
When shopping for a dispensary POS, determine which features are most important to you before choosing a provider. Having a POS system that fits the needs of your business while staying within your budget can streamline your sales operations significantly.
2. E-Commerce Platform
With the rise of online shopping and delivery services, it’s no surprise that consumers are also shifting to buying their cannabis online. A dispensary e-commerce platform is an online storefront where you can showcase your dispensary’s cannabis products. Just like on any other online retailer’s website, customers can choose the products they want, place them in their virtual basket, and set their order for delivery or pickup. Today’s customers prioritize convenience, and what’s more convenient than shopping for their next cannabis fix from the comfort of their own home?
3. People Management & Payroll System
In a customer-focused industry, your staff is the heart of your business. Dispensary people management and payroll systems usually have multiple functions that can work seamlessly together to manage all aspects of HR in one place. From hiring and onboarding to time tracking and payroll, implementing an all-in-one people management software that’s specifically designed for the cannabis industry can be a massive time-saver. Additionally, using a sales forecasting tool to accurately predict busy periods in tandem with an automated scheduling system can help ensure you’re fully staffed when your business needs it most. Taking good care of your employees will, in turn, let them do their jobs more effectively and give your customers a human touch with every sale.
4. Cannabis Training Platform
As a dispensary owner, you might already know that having well-trained budtenders is an essential part of boosting sales. What you might not know is that there’s cannabis-specific training software on the market that can teach your staff about different cannabis strains, upselling tactics, and cannabis compliance. Not only does this software teach, but it also rewards employees for increasing their product and industry knowledge. Using an interactive learning platform gives you a more hands-off approach to training while providing a consistent training experience across all staff.
5. Accounting Software
Just like any other business, dispensaries have to manage their money carefully to be successful. Accounting software for cannabis dispensaries allows you to do all of your accounting-related tasks on one platform. From creating balance sheets to tracking business expenses, you can do it all using cannabis-specific accounting software without relying on messy spreadsheets. While accounting software may not replace a human accountant completely, it can help you keep your cash flow organized until it’s time to pay taxes.
6. Inventory Management Software
Keeping track of inventory manually can be challenging. Integrating inventory management software with your POS system can be a game-changer for dispensaries. Automating inventory management allows you to keep tabs on all the products you have in stock. Imagine being able to know exactly what to order from your suppliers and forecasted sales trends based on your most popular products at the push of a button. Inventory management systems can often be linked to POS systems, which gives you the luxury of seeing your inventory levels in real time.
7. Security Systems
Due to the nature of the cannabis industry, incorporating a security system isn’t just a good business move — many states with legal cannabis markets require it. In these states, dispensary owners typically need to submit a robust security plan along with their license application. A security system not only keeps your precious inventory safe, it also keeps you and your staff safe. Having a security system in place gives you the peace of mind of knowing that your storefront is being monitored 24/7.
8. CRM Software
With the average person checking their phone approximately 80 times per day, digital marketing is something that’s here to stay. Taking advantage of Customer Relationship Management (CRM) software can help you tap into new sales with minimal effort. These solutions can send out mass automated text messages and emails at the push of a button — or if you want to get creative, you can leverage email automation to send out drip campaigns. Additionally, they can track customer spending habits, so you can reward customers for coming back or send personalized coupons for the products they love most. Using an automated digital marketing solution, like a CRM, for your dispensary can widen your customer base, expand your reach, and unlock new sales.
Final Thoughts: Leveling Up Your Cannabis Sales with Dispensary Tech
There’s no one-size-fits-all solution when it comes to dispensary tech. Depending on factors like the size of your team, your product range, and the overall size of your dispensary, you might find that some solutions work better than others. Now that you’re familiar with the solutions available, you can find the perfect combination to make your dream cannabis dispensary tech stack.
Ready to take the first step in exploring what cannabis people management and payroll software can do for your dispensary? Book a demo with us to learn how KayaPush can help!
