The global cannabis market is massive, already soaring past the $30 billion mark. Now that several states have legalized marijuana, that number will grow in the U.S. significantly as well, as cannabis retailers/dispensaries pop up. These retailers may deal with the munchies, but they still need clearheaded technology to make the most out of their business. Enter digital signage.
Digital signage cranks out the sales
Eyechronic is one company that is providing digital signage to dispensaries to engage with customers and gain key insights through its Eyechronic TV solution. It offers content for digital menus to educate customers on products and upsell, and analytics so dispensaries gain a deeper understanding of their audience.
"Our network is backed by retail science designed through short flashy video clips to engage the locations' customers/patients, educate them on the products sold in the store and increase per ticket sales by upselling the customer through product introductions right at the point of sale (the candy bar effect)," Colby McKenzie, co-founder, Eyechronic, said in an interview. "Couple this with the fact that our location partners get to use the platform to promote their own specials and events on the screen as well, and we have seen as high as 25 percent lift in sales of the products advertised on the screen, which goes straight to our location partner's top line."
The company provides the solution for free for marijuana dispensaries. It makes its revenue from advertising on the platform. Customers can also input their own custom content into the platform for special events.
"Once it was installed and powered on, finalizing was a snap. We even had our personal slides on the TV the next day! The content is relevant and entertaining; this week is all about how to make a gravity bong, which has sparked many interesting conversations with our patients," JT Wessel, assistant manager for Rocky Mountain Cannabis, said in a testimonial.
Analytics fuel dispensaries
The company's analytics solution tracks how long customers stay in the store, their total impressions and how often they return. It then outputs this information into charts. The person from Eyechronic argues this analytics platform helps dispensaries gain key insights into their daily operations, such as one company that realized one of its locations was getting more traffic than the other.
"They learned that in fact many more people were in the dispensary on Day B and they were losing tons of sales due to a much longer wait caused by having less staff on duty that day," McKenzie said. "Boom, easy fix that leads to more revenue in the pocket of the dispensary and a happier customer base...not to mention the customers now had our content to keep them occupied while they waited, which reduces the perceived wait time as well."
Smarter dispensaries on the horizon
The legal cannabis industry still struggles with uncertainty, both in regulations and lack of support from financial institutions. However, Mackenzie believes, as it matures, it will embrace more innovative technological solutions to boost sales and engagement.
"I would predict that in a few years time, we will claim that the cannabis retail industry is one of, if not the, most tech-forward retail industries."
Images via Eyechronic.
Bradley Cooper is a Technology Editor for DigitalSignageToday.com. His background is in information technology, advertising, and writing.www