Treez Retail Customers Record Massive Increases in Cashless Payment Sales During April 20 Cannabis Holiday
Chosen by Staff Editors on 29-APR-22
Treez, the leading enterprise cloud commerce platform that powers retail and supply chain operations for the cannabis market, announced today its retail customers reported strong growth in sales and other key business performance metrics during the 4/20 holiday last week.
During 4/20, aggregate sales grew 25 percent, total number of transactions rose 36 percent and total number of customers purchasing cannabis at a Treez retailer increased 34 percent compared to the year prior. TreezPay, the first fully-integrated cannabis payment processing solution to offer three cashless payment options for retail dispensaries, recorded soaring sales increases of 181 percent, with a 206 percent upsurge in total number of cashless transactions during that period. Notably, the average order value on TreezPay was $24 higher than a cash transaction. The rise of cashless payments sales reflect the key business benefits delivered by TreezPay in terms of upselling opportunities, overhead cost reductions, consumer convenience and mitigated risk associated with theft.
Sunday Goods, a dispensary in Arizona saw a banner day in sales this 4/20, with over 50 percent of sales in one location coming through in-store pin/debit payments via TreezPay. According to Madison Daniels, retail marketing manager at Sunday Goods, "This 4/20 was a great sales day for us here. We generated $10,000 more than last 4/20 at our Phoenix location and hit a new sales record at our Tempe location. Using TreezPay to accept cashless payments was crucial to providing a great customer experience and driving more consumer sales."
Michigan dispensary, Fluresh, had an over 200 percent increase in sales week over week with 22 percent of those sales coming through ACH payments via TreezPay. "Treez is the backbone of our operations," said Nic Hernandez, director of retail at Fluresh. "We needed a platform that could handle the volume and organize an easy ordering, fulfillment, and pickup process. With Treez and its robust, open API technology, we have that."
The stability and performance of Treez's point-of-sale (POS) platform delivered productivity improvements and reduced wait times, with in-store transaction completion times declining 12 percent, during 4/20 compared to last year. In terms of sales mix, flower, pre-rolls and edibles accounted for 70 percent of all transactions.
"On the biggest retail day for our industry, Treez retailers managed the huge uptick in retail traffic flawlessly and recorded some of the highest growth metrics across their business," said John Yang, CEO, Treez. "The aggressive growth in TreezPay sales also reflects a nationwide industry trend on the growing use of cashless payment options. TreezPay has been so well received by our retailers because it ultimately delivers seamless and convenient customer experiences that promote higher sales."
Noble Herb, an Arizona dispensary open since 2013, achieved its highest sales day in its history. Doug Daly, co-founder of Noble Herb said, "This 4/20 was a record-breaking day in sales for us at Noble Herb. Treez was front and center, running smoothly throughout the entire day and allowing us to have a great customer experience and capture every sale smoothly and efficiently."
Treez is the leading enterprise cloud commerce platform that streamlines retail and supply chain operations within the cannabis market. Through its innovative technology for retailers and brands, the company provides a robust breadth and depth of software solutions required to operate a successful modern dispensary.
Solutions include point of sale, dispensary inventory management, omnichannel sales capabilities and multiple cashless payment options all on a mission-critical platform that ensures regulatory compliance across every supply chain transaction. The innovative platform also connects essential brands with their retailers through a centralized brand catalog with real-time market insights. The extensible open API platform provides smooth integration into a variety of best-of-breed solutions, including CRM, marketplace, cashless payments and data analytics across the partner ecosystem, giving retailers everything they need to grow their business.
For Illustrative Purposes Only.
This article is from the Banking basket.
Support Our Sponsors