The cannabis industry is on an astronomical growth trajectory. Projections show that it is expected to reach a valuation of $73.6 billion within the decade, expanding at a compound annual growth rate of 18.1% until at least 2027. While the regulatory landscape complicates things for investors and cannabis producers, what isn’t a question is that the demand is there. The market wants cannabis products.
How can dispensaries compete with others in the same market?
For manufacturers and dispensaries, the questions that need to be asked aren’t that different from the questions business owners need to ask themselves in any other industry. How can we most effectively market our products? How can we invest in cost-effective distribution strategies? More generally, how can our business compete with others in the same market?
One of the answers to that last question is that business owners can’t neglect the upsides of automation. Increasingly, dispensaries are replacing person-to-person ordering systems – think cash registers and cashiers – with self-ordering kiosks.
A whopping 60 percent of customers reported they want to use Kiosks.
The reason behind this shift is clear. Just like customers have increasingly demanded cannabis in recent years, data also shows that they increasingly are expressing an interest in using self-ordering kiosks. A recent survey found that while only 18 percent of customers had reported actually using a self-ordering kiosk before, a whopping 60 percent reported they want to use them.
The interest driving this technology makes sense. After exploring the principal reasons behind the shift toward kiosks, there should be optimism that the other 40 percent of consumers will want to use them as well. Here are three major ways kiosks will change the cannabis industry:
Ensure lines are always moving
Strategically placing kiosks in a physical store allows the dispensary to manage lines and drastically cut them down. Having multiple kiosks available to order at will ensure lines are always moving, regardless of how many personnel are available at any given moment. This increases efficiency and frees up more of everyone’s time – for the customers and the employees.
Kiosks increase order accuracy
- Order accuracy
When a customer places an order on a kiosk instead of verbally communicating their order, they minimize the chance of order miscommunication between the customer and the dispensary. With a kiosk, the customer can select the products they want to buy and review their order in its entirety to ensure it is correct before finalizing it. A dispensary equipped with kiosks will have fewer intermediaries recording orders and will, therefore, increase inaccuracy.
How a Dispensary can most effectively use its workforce
- Workforce maximization
Automation doesn’t have to mean replacing workers – instead, it should give businesses the opportunity to use them more effectively for their talents. Especially in the new and growing cannabis industry where customers may not be familiar with the products, a dispensary needs to have employees that can create a welcoming environment and talk to customers about the products instead of just taking and ringing up their orders. This means that a dispensary will most effectively use its workforce.
Automation is sure to affect the cannabis industry
Automation is sure to affect the cannabis industry. Given the enormous predictions for the industry’s revenue in the coming years, dispensaries can’t afford to miss any opportunities to distinguish themselves from the competition and invest in efficiency and customer satisfaction — and kiosks are only the start.
Kiosk technology has the potential to change the growing cannabis industry for the better. Find out how.