Widespread Evolution
The cannabis industry in the United States is evolving at a blinding rate. Nearly every week additional states are legalizing medical and recreational cannabis, empowering more and more people around the country to make their first (legal) cannabis purchases. A few large retail chains are beginning to rise around the country, but the vast majority of the market is still dominated by thousands of small hard-working, independent retailers and delivery services.
With legal cannabis becoming increasingly ubiquitous around America, dispensary density now surpasses that of McDonald’s and Starbucks in many major cities such as Portland, Denver, Seattle and Anchorage. While this is encouraging news for the cannabis industry as a whole, it may spell trouble for retailers and delivery services: a customer who has a bad experience at one retailer in town is likely to have numerous competitors to choose from in their immediate vicinity.
It’s now more important than ever for dispensaries and delivery services to cultivate a loyal customer base. In order to build a solid base of repeat customers; the best thing that a dispensary or delivery service can do is know their customers.
Leveraging Opportunities
Despite the increasingly competitive landscape, many retailers in the cannabis space still leave vital marketing and promotional decisions based on intuition. By leveraging transactional data from their stores and tracking their customers spending, product preferences and consumption patterns, retailers can offer appealing, customized promotions to their customers in order to get them back into their specific retail locations.
Intuitive Solutions
The Alt Thirty Six digital payment platform includes a powerful, AI-driven loyalty and customer retention platform, BackCross, which turns expensive, one-time customers into profitable repeat customers by driving personalized, relevant and actionable promotions and deals straight to your customers’ smartphone or mobile device.
