The last mile is always the hardest
I recently ran a 10k multi-terrain race that really ended up being closer to 11k (7 miles). And, in case 11k wasn't hard enough already, they also decided to include a nice little 300-step vertical climb. Brutal doesn't even begin to describe that experience.
The day of the race was beautiful, the organizers were amazing, and the town was ready… all signs pointed to a great race. But there was one issue: I had only trained to run 4 to 6 miles – let alone 7.
Afterwards, when I was asked about how the race went, my standard response was: the first 6 miles were awesome... that last mile was not. I share this story not to demonstrate my lack of endurance but to show that you must prepare for the full race, not just the beginning, and to remind others that the last mile will always be the toughest.
When I think of payments in the cannabis industry, I think of that last mile. Cannabis payments are not only one of the most important functions for normalizing the industry but are realistically the toughest. We constantly juggle confused legislatures, frozen networks, and banks facing escalating levels of fintech regulations based on non-cannabis bad actors. Once every hurdle is finally cleared, we're left exhausted and, more often than not, confused.
Dutchie is sprinting through the last mile
At Dutchie we understand the challenge of Cannabis Payments, and we realize that this race isn't a 100 yard dash to grab the cash, but a marathon that will support the building of generational businesses. We are focused on creating payment options that allow dispensaries to differentiate themselves from competitors by creating unique and efficient experiences.
Dutchie 2.0 emphasizes exactly how Dutchie's POS and payment solutions assist in bringing strategies to life. From consumers paying for their orders at a kiosk to creating a fast-track pick-up lane, Dutchie 2.0 is committed to reducing friction for your most loyal customers. Dutchie's Pay by Bank (which is available today) can make these highly profitable strategies a reality.
How you win the race with Dutchie Payments
Pick up the pace with a Kiosk: Reduce employee time per transaction and provide consumers who want to avoid interacting with a budtender with an experience that rivals general retail. Dutchie's Kiosk, integrated with Pay by Bank, provides consumers the ability to build their cart, confirm their order, and pay all without any budtender engagement.
Fast-track pick-up: In recent years, retail trends have shown a decrease in the need for physical retail spaces. Consumers want to reduce time spent at restaurants, retail stores… and, ultimately, dispensaries. The good news? All full-stack Dutchie dispensaries have the solutions required to create a best-in-class, fast-track pick-up experience. And it's clearly resonating with customers – Pay by Bank boasts a 60% repeat customer rate! By turning on Dutchie's Pay by Bank and setting up simple policies and processes, dispensaries can enable a checkout flow that allows consumers to check in, walk up and pick up within minutes.
With this newfound consumer flexibility comes the freedom to spend more. Not only do orders placed with Dutchie's Pay by Bank have a 25% higher Average Order Value (AOV), but those Pay by Bank users also make purchases nearly 60% more frequently than cash buyers. This means consumers can spend how much they want, where they want, and when they want, allowing your company to retain valuable time and money.
Reward customer loyalty: Every consumer wants to feel special. They want to feel like they have access to offers exclusive only to them—especially consumers who are already loyal to your brand and are just waiting for the payoff. If you believe this to be true and that discounting can't be the only way to achieve this feeling, consider doubling down on your loyalty program. And, in doing so, win that additional share of smoke. How? Introduce a cross-promotion in which you encourage loyalty members to also use Dutchie's Pay by Bank.
These foundational consumers will begin to earn all of the benefits while never having to worry about how much cash they have in their pockets, how much time they have to spend at an ATM, or whether they can place cashless online orders.
Show you care by meeting your consumer where they're at. By combining your loyalty program with Pay by Bank, you quickly create an experience that's seamless, painless, and, most importantly, exclusive.
The results are proven
Dutchie's Pay by Bank has been processing cannabis payments without disruption since its first transaction in Western Michigan on a snowy day in January 2022. With over 600 thousand enrolled consumers, nearly 1,000 participating dispensaries, and 100's of millions of dollars processed, Pay by Bank is the industry standard. Dutchie's integrated experience drives share of wallet for online at a nearly 20% rate and delivery at over a 40% rate. The best part is that this is just the beginning. Pay by Bank is the ultimate way to finish the race strong!
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