Consumer Tracking and Analytics Moving to Cannabis RetailersCannabis retailers are often left out when it comes to innovations within the industry.
Growers and producers are frequently the centers of attention for technological advancement, while retailers are ignored. But that doesn't mean there aren't new technologies on the way for brick and mortar dispensaries, mirroring similar trends in retail customer tracking all sectors. Consumer data is happening on a global scale today, and there is no reason cannabis retailers should miss out on the same opportunities.
Jeremy Jacobs, CEO of Eyeconic.tv and EYECHRONIC, is giving retailers the technological tools they need to analyze in-store customer data. According to his Grower’s Spotlight interview with Growers Network, retail and dispensary locations are prime targets for data collection.
Eyeconic.tv and marijuana industry-specific EYECHRONIC, are integrated ad-based television networks, already deployed in dispensaries across the country. The consumer tracking technology, installed alongside the television, detects information set continuously out of consumer’s cell phones. When compiled, it retailers understand the full scope of consumer spending habits.
But What About Consumer Privacy Concerns?
Whether cell phone users like it or not, their cell phones are continually transmitting short ‘pings’ into the network, to confirm the quality of the cellular connection. These pings are unique to the device, which means if collected, companies can quickly determine who is a new customer and who is returning. It can also measure how long an individual stays within a retail space, and log the time of day.
While data collection and privacy breaches are a hot topic right now, Jacob’s is confident that his technology protects the individual's information through a process of anonymizing. Eyeconic.tv and its sister company, won’t give retailers specifics on who the individuals are and when they come into their shop. Instead, the sales technology, used broadly across other industries, provides only broad-based data on customer trends.
Jacobs firmly believes in protecting the consumer’s data, through a process of anonymizing, it reduces the risk of abuse. Individual data is protected, all the while still providing retailers with valuable information.
Why Would Retailers Need to Know Who Enters Their Shop?
Jacobs strongly believes knowing the habits of consumers helps retailers manage staffing, strategize sales and paint a picture of their customer's general buying trends. EYECHRONIC also provides retailers free ad space on the associated cannabis specific television network, which when used together, provides handy sales analytics.
During a sale, did customers linger longer or spend more? Where these customers new or return clients? Understanding this data can help retailers craft more successful future sales. According to Jacobs, one of his brand ambassadors has used the system to increase the success of her sales by 25 percent.
The data can also help employers determine staffing levels. If the statistics show that the busiest times are on weekends and after work, the retailer can save money by staffing only as the data predicts.
Tying in the Advertising Component of EYECHRONIC
The EYECHRONIC branded television network is set to become the largest network viewed by cannabis customers in the nation, with a goal of having 500 dispensaries around the country connected by the end of the second quarter of 2018. Currently, EYECHRONIS curates a 10-minute loop of original content and advertisements, issued once per week. With the addition of some new notable names, they plan to expand on this format in the future.
When paired with data analytics tools, there is a direct and measurable component to sales. Advertisers, whether that be retailers or producers, can see precisely how their sales influenced consumer purchases, time spent in the shop, and how that broke down between new and return customers.
With approximately 5.8 million network minutes and more than 725,000 unique impressions on a monthly basis, it's a compelling reason for retailers and producers alike to seek out ad space with EYECHRONIC.
Consumer Data Tracking Trends
Even Jacobs admits that the most common questions he is asked about the technology are about consumer privacy issues. With any consumer data analytics tools, like EYECHRONIC, there is always a risk of abuse. Jacobs and his team strive to protect consumer data, by anonymizing individual details. Despite the growing customer reservations about retail consumer tracking, it hasn’t stopped tracking technology from exploding across other sectors.
Article courtesy of Growers Network