PRESS RELEASE - BDS Analytics, a global cannabinoid data and market intelligence provider, and Flowhub, a cannabis point of sale and retail management software, have 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://bdsanalytics.com/. To learn more or request a demo of Flowhub, visit https://flowhub.com/.