The COVID-19 pandemic has fundamentally impacted consumer industries. Companies are pursuing remote operations and, most importantly, people are ordering online. As consumers are logging on en masse to purchase from digital retailers, one technology will become critical for cannabis businesses over the next few months: big data.
The massive shift to online ordering is an unrivaled phenomenon in the cannabis industry. This surplus in digital consumerism will offer more accurate insights in cannabis customer bases. There are a few key goals the industry could accomplish with big cannabis data.
As cannabis consumer behavior continues to fluctuate during the COVID-19 pandemic, scalability must be attended to by the industry. Big cannabis data allows supply chains to better predict consumer trends and accommodate any anticipated change. Equipped with more in-depth insights, retailers could stock up on more popular items, tailor pricings, or diversify supplier networks.
Internet usage has increased up 50% in some parts of the world. As a result, the digital sphere is becoming a more fruitful place for online marketing campaigns. Big cannabis data enables companies to strategize on ad space and create new marketing initiatives. Now more than ever, it is essential for businesses to recreate physical appeal online. Using big cannabis data insights will inevitably streamline this process.
It has been reported that more than 60% of cannabis consumers in some states use cannabis for its medicinal value. Big cannabis data will empower manufacturers and retailers to deliver quality medicinal products. Supply chains can hone in on palliative cannabis consumables and ultimately make them more accessible so that all patients are accommodated. This process will be invaluable in the United States, where COVID-19 is sparking concern over the country’s ineffective healthcare system.
In an era where online consumerism is at an all-time high, big cannabis data will empower companies to make strategic decisions that will boost success and positively impact customers. Addressing need, selling product effectively, and helping patients are some of the many benefits. As cannabis is heralded as an essential service by governments across the United States, the industry must demonstrate its essentialness through strategic innovation and top-of-the-line consumer care – and big cannabis data will certainly define these efforts.
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