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Part 1: The Promise of Big Data for Cannabis Retailers’ Customer Engagement Strategy
Geolocation, analytics-enabled devices, and mobile-enabled foot-traffic technology are just a few of the big data terms that are making their way into the regular operations of cannabis retail stores. Technology, analytics, and data are becoming increasingly critical to building the customer experience that many competing cannabis retailers are coming out strong with. Analytics allow you to see into the patterns of behaviors, thoughts, and consumer actions in your cannabis retail store so that you can ensure that you’re maximizing your ROI for your investment in customer engagement.
The Insights from Foot Traffic Analytics & Dwell Time
Analytics-enabled devices that are placed within cannabis dispensaries are able to safely and passively recognize the smartphones of those within your store. Data is generated through customer “dwell time”, or the amount of time someone spends in your store, revealing the true impact of your customer experience strategy through revealing charts and numbers. Location-specific advanced analytics-enabled devices determine the amount of time someone spends in a part of your store, where they’re exposed to certain products, customer experiences or advertisements. The ROI on your customer engagement strategy for all aspects of your retail store becomes in your control when your data is telling you what is working, and what you need to change in order to effectively engage your customer in purchasing from you.
Other data points that analytics-enabled devices can collect for cannabis retail locations include:
- Trends in time of day, week, season and annual foot traffic;
- Average duration of customer visits;
- Frequency of customers and return visitors;
- Number of impressions that display devices with advertisements are making on customers;
- Cross-store performance data for cannabis stores that have more than one location.
This data, with the right analysis, takes the guess-work out of understanding your customer’s needs and interests by getting an evidence-based breakdown of how people are engaging with what you offer as a cannabis retailer.
The Profitability of Analytics – Time is Money
Your analytics will help you understand the ways that you can increase the amount of time that your customer spends in your store. A report released by PathIntelligence, an early adopter of foot traffic analytics had determined in 2011 that every 1% increase in time spent in a retail store amounts to a 1.3% increase in what is spent. At the same time, cannabis retailers are catching on to the potential profitability of customer wait times. It’s been well-known for a while in consumer psychology that digital signage can help reduce customer’s perceived wait time in times of high traffic. These times are an opportunity to advertise to the client more offerings that are available to them for purchase. Analytics-enabled devices in your cannabis store make the old adage of “time is money” true, as it helps you create not only a cannabis-friendly space where people want to spend their time but money as well. A positive customer experience built on understanding your customer in great detail builds loyalty for visitors who will want to return to your cannabis store frequently.
FREE RETAIL REPORT FOR DOWNLOAD – EYECHRONIC‘s Inaugural Cannabis Industry Analytics Report has incredible information about deep analytics to help you, the retailer, keep on top of your customer’s information and know them like never before. To view this exclusive EYECHRONIC’s Inaugural Cannabis Industry Retail Analytics Report, you must first sign up with Marijuana Retail Report and help us get to know you a little better. Don’t worry though, we won’t spam you because we hate spam too.