As the digital storefronts of cannabis dispensary retail continue to evolve, standing out becomes paramount in an ever-challenging e-commerce space. This blog delves into the significant impact of specials on dispensaries, shedding light on compelling statistics that underscore the painful missed opportunities for those without a specials and bundles strategy.
1. The Silent Struggle: Dispensaries Without Specials
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Missed Opportunities for Conversion
Dispensaries lacking a specials strategy are overlooking a substantial boost in conversion rates. The data speaks volumes, with specials boasting a 5.20% higher add-to-cart rate, presenting a compelling opportunity to convert casual browsers into active shoppers.
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Underutilized Revenue Potential
Interactions involving specials exhibit a 45% higher purchase rate, showcasing a glaring revenue potential that dispensaries without these offerings are leaving on the table. Integrating specials into the digital platform becomes crucial for capitalizing on customers’ likelihood to complete a purchase when enticed by a special.
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Increased Cart Abandonment Rates
Dispensaries without active specials experience approximately 8% higher cart abandonment rates compared to their counterparts. Engaging customers with specials reduces abandonment rates, creating a significant disadvantage for dispensaries neglecting this crucial aspect of their online strategy.
2. Not Using Holidays and Seasonality as Opportunities
- Unrealized Business Opportunities
Dispensaries neglecting strategic alignment of specials and bundles with holidays and seasonality are missing out on a significant increase in traffic, sales, and conversion rates.
- Dynamic Revenue Generation
Capitalizing on the synergy between specials and holidays generates a remarkable boost in revenue. Rank Really High’s statistics on Green Wednesday specials (available HERE) exemplify the transformative power of aligning your strategy with cannabis-specific holidays. However, the potential extends beyond cannabis occasions. Dispensaries can rejuvenate their website and overall online presence by introducing monthly specials tied to broader events such as changing seasons, national celebrations, and traditional holidays. This dynamic approach, reminiscent of major retailers, creates a vibrant and captivating online experience, keeping customers eagerly anticipating enticing cannabis deals year-round.
- Elevated Engagement and Excitement
Dispensaries that lack a proactive approach to specials tied to holidays and seasonality are at risk of experiencing a decline in online engagement. By strategically integrating specials, you can emulate successful retailers, maintaining a lively online presence. This not only attracts customers but also sustains their enthusiasm for specialty deals throughout the entire year, ultimately transforming them into loyal customers.
3. Harnessing the Power of Specials
Our platform’s data reveals that specials have a 5.20% higher add-to-cart rate than other menu items. This emphasizes that customers are more likely to progress toward making a purchase when encountering specials.
- Driving Purchase Decisions
Interactions with specials on Rank Really High result in a 45% higher purchase rate than non-specials interactions. This statistic underscores the impact specials have on influencing customer decisions and driving them to complete their transactions.
- Reducing Cart Abandonment
Dispensaries leveraging Rank Really High’s ecommerce platform with active specials experience an approximately 8% lower abandonment rate. This highlights the ability of specials to keep customers engaged and committed to their purchase journey.
Don’t Fall Behind – Embrace the Power of Specials!
Dispensaries without an effective specials strategy not only miss out on revenue opportunities but are also at a disadvantage in retaining customers and fostering brand loyalty. The evidence is clear – specials are not just a promotional tool; they are a vital component of a dispensary’s online success.
The solution is at your fingertips. Elevate your dispensary’s performance by embracing the power of specials with Rank Really High’s native e-commerce solution. Book a demo with us today and discover how our platform can transform your dispensary’s online experience, turning challenges into opportunities for lasting success.
