The use of cannabidiol or CBD products has been growing in popularity since the passage of the 2018 Farm Bill. There are several therapeutic health benefits of CBD, such as relief from joint pain, muscle pain, and chronic pain caused by arthritis. It can also help with insomnia, alleviate the side effects of chemotherapy and other cancer treatment, help with nausea, and help with depression and anxiety disorders. Some of the most popular types of CBD products on the market include CBD oils, topicals, balms, lotions, salves, creams, and tinctures.
The CBD industry is forecast to reach $74 billion by 2027, creating many windows of opportunity for up-and-coming CBD brands. Like any industry hoping to grow and expand, CBD brands need to leverage innovative technologies. The right digital solutions offer scalability, aid business processes, improve workflow, and aid in creating a great customer experience.
Mobile-Enabled CRM
Cannabis retailers with multiple storefronts will benefit from mobile-enabled CRM (Customer Relationship Management) software. It’s important to have access to customer and sales data at all times to make informed business decisions. Implementing mobile-enabled CRM software makes it easier to place new orders, generate invoices, send SMS messages to customers, and track purchases. The right business applications improve business efficiencies and workflows.
There are countless CBD brands on the market offering high-quality products. The key for any brand hoping to succeed in the CBD market is keeping up with supply and demand while building a strong reputation. Cannabidiol has proven to offer effective pain relief due to its anti-inflammatory properties. Topical CBD solutions are a great way to control neuropathic pain in an affected area. Topical products can be used as often as needed to treat aches and pains without the risk of addiction.
CBD Nerds is a reputable e-commerce review site staffed by CBD enthusiasts. They offer a comprehensive guide to their choices for the best CBD pain cream products on the CBD market. Topical products are reviewed based on the extraction type (isolate, full-spectrum, or broad-spectrum CBD), mg of CBD, dosage potency, price, third-party lab results, and potency variations. Their informative guide to the pros and cons of the best topical CBD products on the market can help you make an informed decision so you choose the most effective topical product for your needs.
A POS System
You’ll need a reliable point-of-sale (POS) system that features integration technology. The right cannabis POS considers product design and UX, compliance, and traceability, data privacy, scalability, hardware and software integration, product development and support, and inventory management and reporting. When it comes to implementing enterprise applications, application integration is key to your digital transformation. When all of your business applications are integrated and communicate, you gain deeper business insights. Integration technologies eliminate data warehouses by integrating all data into a single source. What is application integration?
The right software applications make your business more responsive to opportunities, create a more engaging user experience, aid in your digital transformation, and improve workflows. There are several approaches available to application integration including point-to-point, enterprise application integration (EAI)/enterprise service bus (ESB), and integration platform-as-a-service (iPaaS).
Inventory Management
No CBD brand wants to run out of products and risk customers turning to competitors. An inventory management system is an essential business tool for your supply chain. Inventory management helps control the procurement of stock, forecasting, purchasing, and order fulfillment. It’s also vital to maintaining legal compliance standards. CBD brands must always have accurate information about how much product they have, where it is, where it came from, and where it’s going. Ensuring legal compliance is the best way to reduce the risk of violating any laws.
There are plenty of innovative business tools that your cannabusiness can leverage. Mobile-enabled CRM solutions, the right POS system, and a strong inventory management tool are just some of the innovative technologies that can help cannabis retailers thrive.
