The cannabis industry seems to have a bright future. A study in dispensary growth, conducted by Kisi, shows there are already 7,490 dispensaries across the country, and the number will inevitably continue to grow. Importantly, public sentiment has also become more favorable. Though cannabis is still illegal under federal law, the same study by Kisi demonstrates that 62 percent of Americans believe cannabis will be fully legalized, a positive sign for not only the decriminalization but also the de-stigmatization of the cannabis industry.
10.5 billion dollars in cannabis sales in the year of 2018
Since the legalization of recreational cannabis in Colorado eight years ago, the cannabis industry has been thriving in the US. A total of 10.5 billion dollars in cannabis sales in the year of 2018 starkly contrast with other parts of the country’s retail industry, which, according to Yahoo Finance, cut nearly 99,000 jobs that same year.
There are already 7,490 dispensaries
At first glance, these numbers are encouraging for both people already in the business and those who want to enter. However, existing and aspiring dispensary owners must remember that growing opportunities also come with growing competition. Competition is particularly fierce in the states that have legalized cannabis for the longest amount of time. For instance, Colorado, the first state to legalize the sale of recreational cannabis, has seen an oversaturation of dispensaries in the past two years.
How to survive and soar
To survive and soar in an increasingly saturated market, dispensary owners should increase their competitive advantage wherever possible. An important step is to differentiate from other dispensaries to create a unique brand and great customer experiences.
Self-ordering kiosks and software solutions
At PayWana we provide self-ordering kiosks and software solutions, leveraging our SaaS platform and ecosystem. Our self-ordering kiosks helps dispensaries by reducing customer wait times, and providing customers more privacy when ordering.
Reducing customer wait times.
Differentiation can be product-oriented, such as offering more diverse options, and using more creative packaging. But dispensary owners can also focus on customers’ in-store experience. They can streamline customers’ payment process by using self-ordering kiosks. Self-ordering kiosks significantly shorten wait time to improve customers’ buying experience, and they are a great way to display your dispensary’s differentiated products. They also help dispensaries adhere to government legislation by tracking inventory efficiently and they offer simple, safe ways for customers to pay by cannabis friendly mobile payments or debit cards. [PS1]
Self-ordering kiosks not only help dispensaries differentiate and grow by offering a streamlined in-store experience, they can be a crucial step in a dispensary’s journey to establishing a brand identity which puts customers’ needs and convenience first. After all, customers will likely remember dispensaries that embrace automation and prioritize ease.
Just because the U.S. is late to the game in regards to self-ordering kiosks does not mean the cannabis industry needs to fall behind. Paywana’s kiosks have been a major differentiator for our clients.
The cannabis industry is growing fast but also becoming more competitive. That’s why dispensaries need to differentiate.
“60% of customers said they would visit more often if a Smart Kiosks were offered.”