If you’re new to the dispensary business, welcome! You’ve taken a leap into a budding industry (see what I did there?) that has a seemingly bright future. You can have the best products and services in your store, but the fact is, if you’re not using the right software to manage your POS processes, you’re falling short of maximum success.
POS software can solve all of your inventory, point of sale, and money management issues. This simple but useful software is already used in thousands of retail spaces throughout the world, and eCommerce sites, grocery stores, and others are benefitting as well. It’s time to up your POS game with a brand new point of sales system for your dispensary.
How’s Your Inventory Looking?
You’re probably moving a lot of inventory at your dispensary, but how are you keeping track of it? Do you simply log everything in a book with a pen, or are you using third-party inventory management software to track your inventory? Does that software integrate with your current POS system?
Let’s take a step back and first talk about how important inventory management is in a retail space. Your inventory is everything; it’s what you sell the customers, it’s how you make your money, and its a crucial part of your business’s overall value. If you’re not tracking inventory properly, you can end up with all kinds of issues, including:
- Errors in counts and stock numbers
- Unhappy customers
- Distressed employees
- Incomplete inventory orders
- Dead stock; inventory that’s sitting on a shelf not moving
- Possible fines from state or local authorities (check your local dispensary laws)
- Lost revenue
- Disorganized space
These issues are detrimental to a retail space, but none more so than dead stock. This is excess stock that you’ve ordered but aren’t able to sell. You’ve put the money upfront for it, and now it’s sitting on a shelf not making any money. The key is to order only what you need, that way you can move it off the shelves and make up for what you spent on it. If you’re constantly ordering excess inventory, it’s time for a change before you lose any more money.
Are You Stuck Accepting Two Payment Methods?
If your dispensary isn’t able to accept anything but cash and credit card, you need to upgrade your POS method. Customers want to see businesses moving into the future, and the future is full of new and improved payment methods. Things like Apple Pay, Google Pay, and touchless payment methods are gaining popularity, and you don’t want to lose out on business because your POS can’t process those methods.
The modern POS system can accept several payment methods, and many are able to process touchless and online payments. This will make your business more flexible and also more appealing to potential customers.
Big names like Facebook and Amazon are slowly making their way into the payment space, so we’re sure to see even more payment methods arising as we step into the future. Keeping up with these trends is easy with a POS system, as most systems get an update from the publisher in order to process new payment methods.
Don’t get left behind when it comes to processing payments. POS software will help keep you in the game and ensure your business is modernized to appeal to new customers and keep your current customers loyal to your business.
The Customer Relationship
The more of a relationship you have with your customers, the more welcome they’ll feel in your store. There’s no better feeling than walking into a store where you’re well-known and understood, and the employees know exactly which products you like. This makes your shopping trip simple, quick, and fulfilling, and that’s what retail customers are looking for.
A POS system will allow you to collect customer data and store it in a database for later use. You can send emails and promotions, newsletters, and more directly from the terminal, so there’s a constant line of communication between you and your customers.
Not to mention, you can track what your customers are buying, so you’ll know which of your products are selling the best and which customer prefers which product. Never underestimate the power of a good customer/retailer relationship. A customer that feels personally tended to in your store is ten times more likely to recommend you to friends and family!
The Bottom Line
As with any retail space, dispensaries can benefit from greater organization, payment processing methods, inventory management, and customer relationships. All of these things can be achieved with one simple and effective tool: the modern POS system. Try a demo today to see which POS system is right for you!
Do you have a favorite POS system? Share your thoughts below.