Last year wasn’t easy but we’ve emerged with a new outlook on what is most important in our own lives. It’s been hard to not see our friends and go out like usual, but we spent more time with family and we mostly saved more. 2020 was a big year for Cannabis to. With more people stuck at home with time on their hands than ever before, Cannabis and CBD products were nearly as popular as toilet paper and hand sanitizer.
But what about 2021? What’s in store for the marijuana business this year? What does re-opening mean for these businesses? Will it hurt online sales but increase in-store sales? Let’s take a look at some things that are likely to happen this year.
The In-Store Cannabis Industry
Cannabis Credit Card Processing
When people can get out of the house more freely it will mean more people entering all manner of stores, including cannabis businesses. As foot traffic increases so too will in-store sales for both recreational and medical clients. But, is your store ready for the safe entry of your customers? Here if you haven’t already updated to touchless card reader payments and fewer cash transactions, it is seriously time to.
People have put more of a focus on cleanliness and personal hygiene than ever before. It is no longer only people with obsessive-compulsive disorder who use hand sanitizer all the time and don’t want to touch money, now it is all of us. Is your CBD or cannabis business ready for this change in public hygiene?
Installing cleanliness stations is important and converting your credit and debit card readers to offer touchless payment options will be the most important. If customers don’t feel safe in your shop they may leave or never come back, not good for your business.
Medical vs. Recreational Online Sales
While some recreational cannabis sales were restricted during the hardest early days of the pandemic, that has lifted and boomed. Our research shows the demand for cannabis for both medical and recreational uses is higher than ever before. This may change when people can go out more and travel again, but we don’t expect a dip of more than 10-20% of sales. Is your business offering e-commerce services?
Just because people can get out of the house doesn’t mean they will want to rush out to small shops. Many folks will but many may not, that means getting your online system polished. Have you been taking advantage of the major boost to online sales for every single product sector out there? This is no different for CBD and cannabis businesses that were well-positioned online before the pandemic arrived.
If you have no website, this is a problem. If you have a website that isn’t user-friendly and doesn’t allow customers who want to buy something to make a purchase, you’re missing a huge opportunity. We expect online sales to stay consistent so if you’re not out there how can you take advantage of that business? Have a website that no one goes to? This also is a problem and it’s time to seriously look at your online marketing and positioning.
Improving Your Cannabis Credit Card Processing
When you update to cardless readers you may want to update your merchant service provider as well. Many do not look at cannabis businesses in the most friendly of light and may mark you for higher fees and transaction rates. But that shouldn’t be the case. When overhauling your payment systems it’s smart to work with a partner who understands the marijuana business, invests in the marijuana business, and understands the needs of cannabis business owners.
Large agencies or bank run merchant services always fall short when it comes to these sort of businesses. They are too big, too unfriendly, and don’t care what you’re selling.
For the best in Cannabis Credit Card Processing in Canada, look no further than right here at Brother Processing. Call Stuart to discuss your business and how we’ve worked with CBD and Cannabis businesses for the past decade.
