5 Benefits Of Cashless Operations That You Should Know About If You Are In Retail Cannabis

After the overwhelming success of last year's 4/20 business event, the Benzinga Cannabis Capital Conference is returning to Miami beach April 11-12, 2023 with events taking place simultaneously on two stages at the historic Fontainebleau Hotel.

As part of celebrating individuals, entrepreneurs, and organizations doing amazing things in the cannabis industry, Benzinga will feature tech firms disrupting traditional payment systems.

But, why are cashless technologies key for the industry?

5 Benefits Of Cashless Operations

Security

The first clear benefit for cannabis retailers is that in a context of zero access to federal banking, they are often forced to stash cash in store throughout shifts turning employees into sitting ducks for robbers.

Costs

Integrating your entire operation into one software system will save you time and money. Forget about multiple spreadsheets, manual data input, and long hours in front of the computer. A cashless payment system will allow you and your team to make efficient use of time and money, while allocating valuable human resources to customer service, improving the quality of your business.

Streamline Supply Chain

How many times have you ordered items that took longer than expected to leave the shelves? Next time, a cashless system can help you type only what you need based on fine-grained data that might surprise you. Communicate with your suppliers in a timely manner to avoid bottlenecks, all in one click with a cashless payment system.

Analytics

In retail consistency is king, but how can you keep up the pace in the current markets? Hone in your niche. Analytics derived from the data collected through your POS system can give you a clear perspective on what is cannabis demand in your region, beyond the customer base you already have.

Marketing

Do you think you already know your customers? Wait to see the advantages of understanding the drivers and motivations that lead consumers to purchase your products. If you are spending money on marketing, make sure you are targeting folks with an impactful narrative. Go beyond demographics and understand the psyche of cannabis users in your area through data-derived conclusions.

Join us in April at the Benzinga Cannabis Capital Conference and stay at Miami Beach’s historic Fontainebleau Hotel. Don't miss out on a chance to hear about future market forecasts and worldly advice on investing and finance from those embedded in the cannabis industry. Are you ready?

Buy your tickets HERE before prices go up. Book your room HERE.

Photo by Markus Winkler on Unsplash.