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Part 2: How “Smart Stores” Help Cannabis Retailers Hit (And Surpass) Market Targets
For a cannabis retail store, it’s important you don’t lump your customer into just one category, and data can help you ensure you’re targeting your customer experience strategy to all niche markets.
When your analytics-enabled devices can passively and securely recognize your customer’s smartphone presence, you can start to see the trends emerge: how long they’re staying in your store, dwell time in specific parts of your store, the frequency of return visits, and total impressions your store is making on your customer.
What Data Reveals About Your Customer Experience
With this important data about your customer, your cannabis retail store can understand:
- Where your customers live and work in relation to your cannabis retail store;
- The size of the market that you’re serving;
- Opportunities for engagement due to differences in lifestyle across consumers;
- Special occasions, events and times of the year that sales naturally increase (and decrease);
- Spending habits and breakdown of preference for specific cannabis products (i.e. flower, edibles, concentrates, topicals, or accessories);
- Breakdown of customers between medicinal and recreational consumers, and where the most profit potential is.
With this insight, your strategy for engaging customers can be built, and with effective projections, your cannabis retail store has a benchmark from which to improve sales processes over time.
Elements of a Smart Store
We’re way past the time of a standard analog, non-engaged experience at retail experiences. Since people have integrated mobile technology in almost every aspect of their lives, opportunities exist for cannabis retailers to engage the customer in-store through their digital devices while extending their time, and increasing money spent.
Installing analytics-enabled digital screens in your cannabis retail store will allow you to both engage your customer through digital content, and track the valuable data on your customer’s behavior, and responses, to your engagement efforts. Advanced analytics-enabled digital screens, like those offered by EYECHRONIC, provides unique incentives for the customer to interact with a cannabis retailer’s digital content.
Interaction incentives can include:
- Social media engagement by building an online community encouraging your customers to participate live from your store;
- Live polling via text-SMS integration;
- Ability to retrieve mobile coupons through online interactions while in-store;
- Accessing relevant, engaging and up-to-the-minute cannabis industry news and entertainment.
Each minute you get your customer to engage with your store becomes another opportunity to have them purchase a product or increase the value of their shopping cart.
Use Analytics and Analysis to Surpass Your Targets
When a cannabis retail location is careful and intentional in reviewing their analytics, they can get to know their customer even better than the customer knows themselves. Using analytics allows the cannabis retailer to be in-the-know, intentional, and proactive in the ways they build their customer engagement strategy with the goal to increase cannabis-related profits.
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. Once you fill out the information and hit ‘Unlock Premium Content’, the green Click Here To Download button will be linked to the report and you can click it and begin to read the PDF.