Benzinga - With greater competition and the downturn in the market, cannabis operators are worrying about the bottom line, efficiency, and loss prevention.
They need to deploy funds efficiently and keep supply consistent.
But how do we curtail stuff? How can we optimize shelf space? And, how can we reduce product counts? These were just some of the questions John Yang and Shareef El-Sissi asked themselves before launching Treez, a technology and cannabis retail analytics provider.
“We were already finding solutions for workflow volume growth,” explained Treez CEO Yang. “In 2016, Shareef’s store was doing about 400 tickets a day, later on, at its peak, the store was doing about 1200 tickets a day. The only difference was the software.”
Treez is a leading enterprise cloud commerce platform that streamlines retail and supply chain operations within the cannabis market.
“It's coined as a point-of-sale software system, but Treez is also about inventory management, compliance, and bringing up sales,” Yang added.
El-Sissi, who is CSO at Treez, explained that while some of the latest iterations of cannabis software have been focused purely on e-commerce and marketplace, Treez focuses on integrating information for the retailer.
“I think integration, data, analytics, and payments, are what it takes to support a very robust retailer,” El-Sissi said.
Empowering Retail Cannabis Businesses Several years ago, when retailers wanted to optimize their product assortment — knowing what product they were carrying and how much of it they could carry to ensure that the demand was met without losing sales — they compiled all this data manually, sometimes for multi-locations.
At every single store, retailers had to export the data, put it into some reporting tool, and surface it to your procurement manager — an inefficient process, Yang and El-Sissi say.
Now, retailers can count on software tools to help them save money by telling them: 'avoid these knockouts,' 'these items need reordering,' 'this is how much we should order so that your consumers can buy it consistently.'
“Markets are down, but if you look at the data trends, some of the transactional volumes aren't down per se. It's flat. Customers are still coming back, but they're buying less. If you're an operator in today's world that want to impact your bottom line and get back to profitability, you may want your front of the house to start their day knowing what the company needs and worry about upselling."
Treez aims to empower every stakeholder in a retailer to impact the bottom line, Yang explained.
“Big and small businesses need these tools," he added. "You need to understand what's happening in your local jurisdiction, beyond your store. You need to know what's working to optimize your product offering. We provide customers optimization across shelf planning, inventory scheduling, and tools to inform managers.”
Photo by David Gavi on Unsplash.
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