New API integration between top cannabis analytics platform and leading point of sale software allows dispensaries to seamlessly benchmark performance against market data
BDS Analytics, the leading global cannabinoid data and market intelligence provider, and Flowhub, the leading cannabis point of sale and retail management software, today announced their API integration to bring secure and accurate market insights to dispensaries.
Now, with the power of both BDS Analytics and Flowhub, dispensaries can better understand their performance, benchmark themselves compared to the total marketplace, and drive business growth with data-informed decisions.
“The future of cannabis is data driven,” said Kyle Sherman, Founder and CEO at Flowhub. “BDS Analytics has long been a trusted source for comprehensive, actionable, and accurate cannabis market intelligence. Our new integration takes Flowhub’s sales and inventory data a step further by allowing dispensaries to gain a holistic understanding of their performance compared to the greater marketplace.”
Key benefits of the partnership include:
- Secure and accurate data: Dispensaries can access data more easily, and trust that data is flowing accurately and securely to BDS Analytics via the Flowhub API in real time.
- Benchmark performance analysis: Dispensaries can identify opportunities to increase revenue, capture market share from competitors, recognize key sales trends, and gain a full understanding of the evolving cannabis market using interactive dashboards.
- Competitive pricing management: Dispensaries can ensure all products are priced correctly against market rates and make more strategic decisions to optimize shelf real estate. For example, a shift in pricing strategy resulted in thousands in gained revenue for a leading dispensary in Colorado.
- Smart inventory purchasing decisions: Dispensaries can ensure they are not carrying too much or too little of a category of products in their inventory as well as identify emerging brands in a category they need to stock.
- Measurement of marketing efficacy: Dispensaries can track ROI on promotional activities and determine the effectiveness of marketing efforts, such as demo days or brand specials.
“By integrating with Flowhub, BDS Analytics continues to simplify the process for dispensaries to easily obtain competitive market data that informs both tactical and strategic decision making,” explains Greg Shoenfeld, BDS Analytics’ VP of Operations and Chief Data Analyst. “Enabling this integration confirms Flowhub’s ongoing commitment to the success of their clients both through the capabilities of Flowhub and complementary services like those offered by BDS Analytics.”
The integration between the two technologies is officially live as of today. To learn more about BDS Analytics, visit https://bdsa.com/. To learn more or request a demo of Flowhub, visit https://flowhub.com/.
Powering the largest retailers in the industry, Flowhub is the leading point of sale and retail management solution for cannabis dispensaries in the United States. Built specifically to serve the highly regulated industry, Flowhub is helping nearly 500 cannabis retailers grow revenue, stay compliant, and manage inventory. Founded in 2015 by former Compliance Officer, Kyle Sherman, Denver-based Flowhub processes over $1B in cannabis sales annually and is backed by industry investors Poseidon Asset Management, Green Lion Partners, Phyto Partners, Arcadian, and Altitude. Learn more at https://flowhub.com/.
About BDS Analytics:
Headquartered in Boulder, CO, BDS Analytics provides businesses with comprehensive, actionable, and accurate cannabis market intelligence and consumer research. The company provides a holistic understanding of the cannabis market by producing insights from dispensary point-of-sale systems through its market-leading GreenEdgeTM platform, driving consumer research with its Cannabis Insights Group, and generating market-wide cannabis industry financial projections through its Industry Intelligence Group. To learn more about how you can utilize BDS Analytics’ superior market research, please visit www.bdsanalytics.com.