Tech Tips To Master Cannabis Retail: Expert Advice From Benzinga's California Market Spotlight

At the highly successful Benzinga California Cannabis Market Spotlight conference held in Los Angeles on February 22, Matt Shterenberg, co-founder of Deeproots Partners, shared his vision on optimizing cannabis retail through technology, emphasizing a principle that seems simple yet is revolutionary in practice: “Keep it simple.”

A Deep Dive Into Retail Tech Optimization

The conversation, led by Rachel Wright of Highly Capitalized and 420 CPA, unraveled the complexities behind a successful retail operation in the cannabis industry. Shterenberg began by outlining the challenges retailers face, noting the plethora of tech stack options available. “Retailers have tons of different choices… They all come at different costs, they all come at different investment points,” he explained.

Deeproots Partners, an SEO agency focusing on dispensaries, stands at the intersection of technology and retail, helping clients navigate the multifaceted world of e-commerce, website development, and POS systems. Shterenberg’s approach is holistic, considering every aspect of the retail tech stack—from in-store experiences like kiosks and tablets to the nuances of payment systems and online visibility platforms.

The Essence Of Customer Acquisition And Retention

Central to Shterenberg’s strategy is the concept of direct customer acquisition. He pointed out the inefficiency of relying on third-party marketplaces for visibility, advocating instead for dispensaries to capture traffic independently. With compelling data, he contrasted the search volume for “dispensary” against specific marketplace names, highlighting the untapped potential of direct online presence. “Our charge for a retailer: go get that traffic yourself,” he asserted, championing the importance of owning customer data and lists through the effective use of SEO and digital marketing strategies.

Loyalty And Efficiency: The Cornerstones Of Success

Shterenberg touched on the critical role of loyalty programs in customer retention, advising retailers to choose systems that align with their business goals and cautioning against the allure of complex solutions that may not deliver additional value. He shared anecdotes of businesses achieving significant savings and sales increases by simplifying their tech stacks, moving from custom-built platforms to more straightforward, cost-effective solutions.

A Call To Action For Retailers

Towards the end of the panel, Shterenberg summarized the essence of his message: the importance of simplicity, thorough vetting of tech partners, and the strategic alignment of technology with business objectives. “These tech stack pieces are the lifeblood of your business, and they need to help you make money,” he concluded, offering a mantra for the modern cannabis retailer striving for profitability in a competitive market.

The conversation between Wright and Shterenberg emerged as a blueprint for survival and growth in the always-evolving cannabis industry. For more pioneering discussions and networking opportunities, join us at the Benzinga Cannabis Capital Conference in Hollywood, Florida, on April 16 and 17, 2024.