If the COVID-19 pandemic has taught us anything, it is that businesses must be agile to survive. Simply put, cannabis retailers that fail to build an infrastructure for agility will fail.
The traditional retail model incorporating values of hierarchy, bureaucracy and process centricity creates an environment of rigidity. The results? Inability to grow, innovate and compete with rivals who are able to rapidly adapt to changing market circumstances. These rigid companies cannot mitigate risks that arise through operational challenges and economic changes, inevitably leading to poor customer service and loss of market share.
Take DavidsTea as an example.
The Montreal-based beverage retailer announced July 30, 2020 that they would only maintain 18 of their 166 Canadian locations. With a renewed focus on e-commerce and supplying third-party vendors, it was too little too late. Over the years, the corporation failed to adapt to changing consumer demands. DavidsTea’s inability to institute a competitive and agile business model caused its decline.
Compared to DavidsTea, cannabis retailers are being trained from their onset to perfect a culture of agility. At inception, with little known about how the market will evolve and change, cannabis retailers have serviced the customer in front of them.
But what about the plan for the future?
The cannabis industry operates on the edge of chaos with changing regulations, fluctuating COVID restrictions and new competition on every block. The ability to operate through the edge of chaos has never been more vital for cannabis retailers. Cannabis retailers are continually faced with unforeseen challenges and market disruptions. It is essential to adopt agile business methods to survive in such a volatile sector.
As we look toward the next year of exponential market growth, competing cannabis retailers will need to be able to respond to change and act quickly in unpredictable situations.
Here are three ways retailers can become agile and stay competitive:
Think like a customer
Adapt goods and services to the customer’s demands. Track how those demands change. Focus on what your team needs to anticipate the customer’s needs.
Empower Employees
Micromanagement suppresses the spirit of your company and crew. Ensure employees know exactly what they are accountable for and have the freedom to meet those expectations. People who feel heard are more open to sharing innovative ideas, improving the customer-centric efficiency and participating in the solutions.
Move quick, but reflect often
This needs to be a structured process. In the beginning, it can feel forced. Creating this feedback loop will help identify what effective and ineffective business practices are
Generally speaking, building a culture of agility to operate successfully is the saving grace that cannabis retailers need. Such practices promote employee and customer satisfaction while providing the flexibility needed for ever-evolving market forces and disruptions. It is a method that will help retailers stay ahead of competitors and survive the constant market changes that will continue to come.
About Vetrina Group
Vetrina Group was co-founded by Leandra Reid and Krista Raymer, with one goal in mind: To make retail businesses as profitable as possible. The Vetrina Group team draws from diverse expertise and experience contributing to all facets of retail businesses. The work they do is driven by data and innovation. Connect with Vetrina Group.
Just days after reports suggested that the US Drug Enforcement Administration (DEA) will support recommendations to reschedule cannabis, anti-reform groups...
Just days after reports suggested that the US Drug Enforcement Administration (DEA) will support recommendations to reschedule cannabis, anti-reform groups...
How to remain agile as a cannabis retailer
by Leandra Reid and Krista Raymer, Vetrina Group
If the COVID-19 pandemic has taught us anything, it is that businesses must be agile to survive. Simply put, cannabis retailers that fail to build an infrastructure for agility will fail.
The traditional retail model incorporating values of hierarchy, bureaucracy and process centricity creates an environment of rigidity. The results? Inability to grow, innovate and compete with rivals who are able to rapidly adapt to changing market circumstances. These rigid companies cannot mitigate risks that arise through operational challenges and economic changes, inevitably leading to poor customer service and loss of market share.
Take DavidsTea as an example.
The Montreal-based beverage retailer announced July 30, 2020 that they would only maintain 18 of their 166 Canadian locations. With a renewed focus on e-commerce and supplying third-party vendors, it was too little too late. Over the years, the corporation failed to adapt to changing consumer demands. DavidsTea’s inability to institute a competitive and agile business model caused its decline.
Compared to DavidsTea, cannabis retailers are being trained from their onset to perfect a culture of agility. At inception, with little known about how the market will evolve and change, cannabis retailers have serviced the customer in front of them.
But what about the plan for the future?
The cannabis industry operates on the edge of chaos with changing regulations, fluctuating COVID restrictions and new competition on every block. The ability to operate through the edge of chaos has never been more vital for cannabis retailers. Cannabis retailers are continually faced with unforeseen challenges and market disruptions. It is essential to adopt agile business methods to survive in such a volatile sector.
As we look toward the next year of exponential market growth, competing cannabis retailers will need to be able to respond to change and act quickly in unpredictable situations.
Here are three ways retailers can become agile and stay competitive:
Think like a customer
Adapt goods and services to the customer’s demands. Track how those demands change. Focus on what your team needs to anticipate the customer’s needs.
Empower Employees
Micromanagement suppresses the spirit of your company and crew. Ensure employees know exactly what they are accountable for and have the freedom to meet those expectations. People who feel heard are more open to sharing innovative ideas, improving the customer-centric efficiency and participating in the solutions.
Move quick, but reflect often
This needs to be a structured process. In the beginning, it can feel forced. Creating this feedback loop will help identify what effective and ineffective business practices are
Generally speaking, building a culture of agility to operate successfully is the saving grace that cannabis retailers need. Such practices promote employee and customer satisfaction while providing the flexibility needed for ever-evolving market forces and disruptions. It is a method that will help retailers stay ahead of competitors and survive the constant market changes that will continue to come.
About Vetrina Group
Vetrina Group was co-founded by Leandra Reid and Krista Raymer, with one goal in mind: To make retail businesses as profitable as possible. The Vetrina Group team draws from diverse expertise and experience contributing to all facets of retail businesses. The work they do is driven by data and innovation. Connect with Vetrina Group.
A look at the future of Canadian cannabis workforce training
Next PostBringing innovative cannabis products to market
BofC
Related Posts
Related Posts
Upcoming US Farm Bill Will ‘Promote Hemp Farming’, but Proposals So Far Fail to Address Intoxicating Substances
Both US Democrat and Republicans have put forward their proposals for the reauthorization of the 2024 Farm Bill, which covers...
Anti-Cannabis Group Prepares Legal Challenge to DEA’s Cannabis Rescheduling
Just days after reports suggested that the US Drug Enforcement Administration (DEA) will support recommendations to reschedule cannabis, anti-reform groups...
Collapse of a Cannabis Giant: MedMen Files for Bankruptcy Amid $411m Debt Woes
Cannabis Rescheduling: Rumours Swirl on Imminent DEA Announcement as Legal Experts Expected to Weigh In
Kansas Medical Cannabis Legalization Efforts Blocked
SAFER Banking Act Faces Last-Minute Opposition, Derails FAA Bill Plans
CONNECT
Related Posts
Related Posts
Upcoming US Farm Bill Will ‘Promote Hemp Farming’, but Proposals So Far Fail to Address Intoxicating Substances
Both US Democrat and Republicans have put forward their proposals for the reauthorization of the 2024 Farm Bill, which covers...
Anti-Cannabis Group Prepares Legal Challenge to DEA’s Cannabis Rescheduling
Just days after reports suggested that the US Drug Enforcement Administration (DEA) will support recommendations to reschedule cannabis, anti-reform groups...
Collapse of a Cannabis Giant: MedMen Files for Bankruptcy Amid $411m Debt Woes
US cannabis giant MedMen has collapsed under the weight of its debt, announcing last week that it has declared bankruptcy,...
Cannabis Rescheduling: Rumours Swirl on Imminent DEA Announcement as Legal Experts Expected to Weigh In
Click here for the latest on the DEA's decision on cannabis rescheduling. Rumours are once again swirling that a decision...
Kansas Medical Cannabis Legalization Efforts Blocked
Efforts to legalize medical cannabis in Kansas, one of the few remaining states where it remains illegal, have been thwarted...
Recent Posts
Related Posts
The mix of cannabis products in Ontario right now
The CCSI was assessed at C$5.02 per gram this week, lower from last week’s C$5.05 per gram. This week’s price...
A look ahead at Canadian cannabis law
Matt Maurer is the co-chair of the Cannabis Law Group at Torkin Manes LLP - the Official Law Firm of...
How to build a brand that supports creators
https://youtu.be/ykNIvSY4cN0 Business of Cannabis was the Platinum Media Partner for the Lift&Co. Expo in Toronto in November 2021. During the...
Launching and scaling a foundational cannabis technology company
https://youtu.be/hXfRejYnHp4 Business of Cannabis was the Platinum Media Partner for the Lift&Co. Expo in Toronto in November 2021. During the...
How to understand legal and illicit cannabis sales
The CCSI was assessed at C$5.02 per gram this week, up 1.0% from last week’s C$4.97 per gram. This week’s...
Subscribe to our mailing list to receives daily updates!
We won’t spam you
Categories
Browse by Tags