As the demand for CBD products continues to rise, more and more retailers are entering the market. To succeed in this highly competitive industry, store owners must have reliable tools and systems to manage their business operations.
POS software gives store owners complete control over their retail operations. It enables users to manage multiple aspects of their businesses simultaneously, including inventory management, secure payment processing, customer relationship management (CRM), analytics and reporting, and more.
By utilizing the best POS software, store owners can significantly reduce administrative costs, improve customer service, and increase overall sales and profits. Read on to learn more about key features to look for and the top POS software options to consider for your store.
Key Features To Look For in a POS Software for Your CBD Store
When selecting POS software for your retail CBD store, there are several features you should look for. These include:
1. Inventory Management
The best software will enable users to track and manage inventory easily. Managing includes monitoring stock levels, product costs and prices, and reordering items when needed.
2. Customer Management
A solid POS software system should also have features that allow you to track customer information, such as contact details and purchase history which can help to understand customer needs and build relationships with them.
3. Compliance Management
Given the complex and ever-changing regulatory landscape surrounding CBD sales, your point-of-sale system must help you stay on top of all applicable laws and regulations.
4. Sales Reporting
Analytics and reporting are essential to scale your business. Ensure your software provides insights into key performance metrics such as sales data, daily insights, yearly sales activity and trends, and more so you can make informed decisions about your business operations.
5. Payment Processing
Your POS software must have secure payment processing capabilities so you can give customers peace of mind when making purchases.
6. Security
Security is a crucial aspect to consider when choosing your software. With customer data and financial transactions processing through the system, the software should have robust security features to protect against cyber threats and potential breaches.
A good compliance management feature should include tools for managing age verification, tracking inventory levels and product origins, generating accurate reports for tax purposes, and ensuring that your business stays compliant with local laws governing CBD sales.
With an effective compliance management system in place, you can have piece of mind that your business is operating within the bounds of the law while streamlining operations and improving customer service. For more on compliance, read here.
Top POS Software Options for CBD Stores
Now that you know what features to look for, it's time to start researching some of the best choices available. Because of this, it's important to point out that there are no "best" options. It may depend on what you want to accomplish with your software and what you need for your team. To help you narrow down your search, here's a quick list of options:
1. Flowhub
- Seamless integration across multiple locations
- Cloud-based system
- Over 30 integration features
- Mobile POS app to reduce wait-times
- Cash-less ATM system
2. Meadow
- Best for California
- Complimentary training within the platform
- Quick and seamless customer service support
- Learn to use it in 15 minutes
- Integrated delivery and express options
3. Cova
- Extremely easy-to-use
- Offline functionality
- Built-in verification
- Inventory management
- Cashless payment options
4. Biotrack
- Available in 38 US States
- Industry leader with 10 + year’s experience
- Best for seed-to-sale
- Purchase limits for compliance safety
- Software integration with Jane and Dutchie
5. Blaze
- Best for iPads and iPhones
- Easily process sales through a web browser or ios app
- Seamless compliance integrations to keep your dispensary legal
- Customer check-in process
- Run 100+ reports
Choosing the Best POS Software for Your CBD Store
Once you've researched a few potential candidates, check out some key factors you should consider when making your final decision. These include:
- Budget: Before investing in software for your store, consider your budget and any additional costs you may incur, such as setup fees or transaction fees.
- Ease of use: You want POS software that is easy to use so your staff can quickly learn how to use it without any significant hiccups.
- Customization options: Look for a POS system that offers customization options so you can tailor it to meet your unique needs.
- Customer support: Make sure the vendor you choose offers reliable customer support so they can assist you if any issues arise with the system.
Retaining and supporting your staff should be front of mind for store owners this year.
According to Vangst, Cannabis industry-related jobs have dropped 2% due to inflation, high-interest rates, among several other factors. Boost your team morale and see how SparkPlug can help incentivize your staff.
Skyrocket Your CBD Sales With POS Software
Investing in the right POS software is essential for success in the retail CBD industry. The best software will allow store owners to easily manage multiple aspects of their businesses, from inventory management to secure payment processing and seamless compliance integrations, so you can spend less time with paperwork and more time with your customer.
For more on Cannabis, check out The Essential Guide to Planning and Executing Successful Budtender Sales Meetings
