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.”
About POSaBIT
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.
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