The cannabis industry is a complex mix of business operations that is aimed at making money. However, within that market, there are several sectors that are key to the success of this industry. The most important of these is the retail side. A cannabis dispensary is where the consumer is able to get their hands on their product, and the dispensary is also where the consumer is able to engage with the brand. This is why the cannabis industry is often referred to as a business intelligence market. Within this market, there are several key players that are competing. These include:
The 2017 U.S. retail cannabis market continues to grow, and it’s poised to become the largest legal recreational market in the world. According to an estimate from cannabis market research firm BDS Analytics, the U.S. legal cannabis market will grow from $6.7 billion in 2016 to $24.2 billion by 2021. This growth is due to an increase in adult-use demand, as well as a stable medical cannabis market.
The cannabis industry is experiencing a surge in demand for more efficient marijuana cultivation, extraction, and distribution systems, and cannabis tech companies are racing to make their products better and more efficient. Most recently, the cannabis industry has seen an increase in interest and investments in business intelligence and data analytics solutions, and these solutions are expected to play a key role in the future of the industry.. Read more about cannabis industry market structure and let us know what you think.Washington, DC, June 14-June 20, 2021 (GLOBE NEWSWIRE) — New Frontier Data (https://newfrontierdata.com), a leading data, analytics and technology company focused on the global cannabis industry, announces major enhancements to Equio®, its leading business intelligence platform that reveals comprehensive market coverage with retail and consumer insights for legal cannabis markets. The new feature is an amalgamation of millions of different data points that have been analyzed and stacked to create a multidimensional, interactive picture of the growing cannabis retail sector. The explosive growth of cannabis use has led to new and more diverse products, consumer preferences and, as a result, a more informed consumer demanding better choices, said Gary Allen, CEO of New Frontier Data. New Frontier Data’s latest version of Equio reflects our understanding of what retailers need to compete in this new, aggressive landscape: localized, easily digestible, actionable data for every step of the way, from the pharmacy visit to the final product purchase. Equio’s advanced features give operators and investors access to realistic data at the national, state, regional and clinic level. Equio collects data from public and private sources, including Foursquare, the world’s largest geolocation company, and combines key datasets, including pharmacy traffic, product sales and consumer profiling, to provide a holistic view of consumers visiting pharmacies. The depth and accuracy of New Frontier Data’s cannabis market analysis will determine how small retailers, more established cannabis businesses and multi-state operators respond to growing competition, Allen said. As this level of information becomes the norm in the industry, retailers can focus on brand development, market expansion and customer promotion to protect and strengthen their market position. Important dates and results that Equio monitors:
- Pedestrian traffic accounts for approximately 4.1 million clinic visits per month.
- Maintains data on more than 27,000 active licensed providers, including growers, dispensaries and cannabis delivery services.
- Store and product details for over 4,500 pharmacies in the US.
- Weekly, monthly and quarterly updates on pharmacy visitors, consumer profiles, product preferences and sales trends in all legal markets in the United States.
According to Gavin Mormann, senior director of business development at Foursquare, overlaying real-world behavioral data with attitudinal and shopping data allows retailers to address consumer pain points and behaviors and fill in the gaps so they can truly engage customers. To learn more about Equio and to start your free trial, go to: https://newfrontierdata.com/equio-features/. Over New Frontier Data: New Frontier Data is a leading data, analytics and technology company specializing in the global cannabis industry. It provides solutions that enable investors, operators, advertisers, brands, researchers and policy makers to evaluate, understand, engage and act on the cannabis industry and its consumers. Our mission is to inform the policy and commercial activities of the global legal cannabis industry. We maintain a neutral stance on the benefits of cannabis legalisation, using comprehensive and transparent data analysis and forecasting that identifies trends, dynamics, demand and opportunity factors in the sector. Founded in 2014, New Frontier Data is headquartered in Washington, D.C., with operations in Europe, Latin America and Africa. For more information about New Frontier Data, please visit our website: www.NewFrontierData.com. About Foursquare: Foursquare is a leading independent location technology company, founded on a deep understanding of how people move around the world. Our solutions help businesses make smarter decisions, developers create more compelling experiences, and brands build more effective marketing strategies.
- model equio2021
The cannabis industry is in a race to the bottom as retailers compete to acquire as many customers as possible. Retail brands are competing through aggressive pricing and sales tactics, and are using hyper-competitive marketing tactics to gain market share. While no one wants to see a price war, the bottom line remains: retailers want to get as many customers through the door as possible, which means that they need to provide customers with a shopping experience that will keep them coming back.. Read more about arcview stock chart and let us know what you think.
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