Cannabis retail operations are a wealth of data insights that can optimize operations and increase profitability. Most business data is readily available via your tech infrastructure and POS system, but very few dispensaries use it to improve decision-making. Data analytics can make or break your dispensary’s future. If done correctly, it can help control financial costs, streamline inventory management, and facilitate compliance. Cova Software is an award-winning cannabis retail platform that powers over 1200 dispensaries across North America and helps them make crucial business decisions by empowering them with data insights extracted from the point-of-sale software system.
POS Data 101: Cannabis Retail Insights
Data analytics eliminate guesswork and empower you to make strategic decisions about dispensary staffing, cannabis product selection, inventory ordering, promotions, and customer experience. Whether it’s a high-level overview or a detailed analysis of your business, being able to have quick access to the cannabis data you require, in a customized format from the POS, allows you to make strategic decisions on the fly. Cova’s POS streamlines data analytics for dispensaries and presents it in the most simplified format so that cannabis retailers can use the insights to accelerate growth and profitability.
How Trinity Dispensary Uses Data From Cova POS
Trinity Cannabis in Illinois is one of Cova’s clients that switched from another POS that could not fulfill its needs and requirements. When Trinity’s team decided to open a second store and venture into the recreational cannabis space, they wanted an enterprise cannabis POS system that had the reporting capabilities to not just manage operations at multiple locations but also facilitate compliance with both adult-use and medical marijuana. With powerful data analytics from Cova POS, they have expanded operations quickly and successfully achieved their mission and profitability.
Some of the main things that data from COVA POS can help dispensaries like Trinity with include:
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Employee Scheduling and Management
Historical data from Cova POS allows Trinity to forecast sales and footfalls in all its stores. General Manager Erik Hackett uses sales reports regularly to predict which days will be busier and how many staff members might be required on the floor to manage the traffic efficiently. An employee scheduling tool integrated within Cova’s software system allows him to station budtenders when and where they are needed the most.
Data analytics doesn’t just facilitate employee management but also helps improve budtender performance through KPI-triggered training. Cova’s user-friendly interface simplifies everyone’s job at Trinity, allowing them to focus on enhancing the customer experience.
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Customer Experience and Promotions
Most dispensaries get more customers on weekends, holidays, or occasions like 420. Data from your cannabis POS system can help organize promotions on certain products for which you might have extra stock or which are about to expire and use these to attract customers on holidays. Trinity also uses data from Cova to organize promotions for their regular customers every Wednesday so that they can manage traffic better over the weekends.
Big data also helps dispensaries segment their customer demographics better and provide a more customized experience to each target market. Trinity has recently seen an uptick in female customers and seniors, which are its fastest-growing segments. The historical purchases of these segments and their buying behavior helps budtenders understand their needs better and offer a more consistent experience.
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Inventory Management and Purchase Decisions
Erik Hackett evaluates reports every hour during his workday to ensure that his decisions align with whatever transpires at every Trinity location. Cova’s dashboard shows top-performing products and helps him predict future trends. Detailed reports provide him insights on what’s selling and what’s not, how fast it’s moving, allowing him to make educated decisions on when he should reorder to keep popular products in stock.
With multiple dispensary locations, it’s essential to manage inventory strategically. Cova POS has been built to scale and makes it simple to monitor stock level, compare product performance, and manage inventory across multiple stores in real-time. Cova also syncs inventory and pricing across all purchase platforms so that you can deliver an excellent omnichannel experience.
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Real-Time Reporting and Compliance
The fact that Cova POS integrates with the state traceability system for seed-to-sale inventory tracking and reporting in real-time, as per government requirements, was the biggest checkmark for Trinity. Compliance is a big priority for Trinity as they grow into a multi-location enterprise. Hence, they wanted to work with a technology partner that can keep adapting to the evolving cannabis regulations in Illinois and grow with them. Cova’s automated compliance tools minimize errors and prevent staff from breaking the rules, exceeding the legal sale limits, or making any operational missteps that could result in fines.
As Trinity operates in both recreational and medical marijuana spaces, they have to be extra cautious while monitoring medical patient purchase limits. Marijuana patients have a rolling limit that can change over two weeks, while recreational cannabis customers can buy a fixed amount every day. Cova’s seamless integration with BioTrack and fed-in purchase limits allow Trinity to stay compliant while curating a customized cannabis experience for both medical patients and recreational consumers.
Trinity and various other dispensaries have been using data from Cova POS strategically to streamline operations, manage inventory efficiently and stay compliant in this highly regulated industry. Cova Software enables cannabis retailers to provide an elevated customer experience and is an ideal technology partner. To learn more, head to the website or sign up for a demo now.