As Cannabis Industry Flourishes, Merchants with Integrated Systems See Higher Transaction Value by Return Customers
SEATTLE – May 14, 2019 – As the cannabis industry continues on its growth trajectory, dispensaries with an integrated loyalty solution in place have a true competitive advantage, according to POSaBIT (CSE: PBIT), a leading financial technology and point-of-sale (POS) provider serving cannabis retailers. POSaBIT analyzed hundreds of thousands of transactions across more than 120 stores in California, Washington, and Colorado and found that dispensaries with a loyalty program integrated into their POS saw more than a marked increase in customer-spend in-store.
“Regardless of sector, it’s universally recognized that the more you know your customer, the better you can deliver to them and grow your business,” said POSaBIT Co-founder and CEO Ryan Hamlin. “This industry matures and competition thickens between dispensaries with every new state that legalizes cannabis, so it’s crucial for stores to move beyond piecemeal solutions to integrated all-in-one solutions that can serve up business intelligence across its payments, online ordering, loyalty, and POS.”
POSaBIT analyzed a portion of its proprietary data and today made public some of the black-and-white benefits to an integrated loyalty program, including:
- Stores that offer loyalty and online ordering together see higher sales than stores that don’t offer, or connect the two
- Washington has been a first mover toward integration across solutions, showing the state’s maturing at a faster clip than others
- Customers that are loyalty rewards program members have a 28 percent higher average ticket value and also visit more frequently
“During the greenrush, merchants needed to move fast and implement solutions, like a loyalty program, regardless of whether they were integrated,” said Hamlin. “The competition is fierce between stores and store owners can’t afford any downtime or loss of data by integrating their solutions. That’s where we’re proud to offer the white-glove treatment that combines valuable data-gathering to import the data that these legacy solutions have yielded while ensuring the stores do not have to experience any interruption.”
“Like their POS system, the POSaBIT loyalty program is simple to use and allows us to easily text sales and promotions to today’s mobile-centric customer,” said High Point Cannabis General Manager Derek Christensen. “As a result, we’ve seen a huge increase in the volume of customers that come in since we started leveraging these cutting-edge tactics.”
POSaBIT (CSE: PBIT) is a financial technology company that delivers unique and innovative, blockchain-enabled payment processing and point-of-sale systems for cash-only businesses. POSaBIT specializes in resolving pain points for complex, high-risk, emerging industries like cannabis with an all-in-one solution that is compliant, user-friendly and utilizes top-of-the-line hardware. POSaBIT’s unique solution provides a safer and transparent environment for merchants while creating a better overall experience for the consumer. For additional information, visit: www.posabit.com.
The Blueshirt Group for POSaBIT