Jushi Reimagines Data: "The Experience is the Brand"
Jushi Holdings Inc. was a sponsor at the Benzinga Cannabis Capital Conference on February 25-26, 2021. The information contained in this article in no way represents investment advice or opinion on the part of Benzinga or its writers and is intended for informational purposes only.
One year ago the COVID-19 pandemic hit the world by surprise, making digital adaptation fundamental in every company’s customer experience and their approach to consumers.
From employees to the end-user, the rules of the game changed. In fact, service became a pillar as a sales tool and a measurement of success. As Andreas Neumann, Chief Creative Director of Jushi highlights, “The experience is the brand,” and no other company understands this better than Jushi.
Jushi Holdings Inc. (CSE:JUSH) (OTC:JUSHF), a vertically integrated, multi-state cannabis operator, is currently leveraging the power of research, data, technologies and processes to drive value while reshaping how to think about today’s current cannabis consumers. In fact, Jushi has developed an immersive shopping experience that engages all of the human senses.
Here’s what you need to know.
Change is the New Normal
In the past nine months, every company’s plans pivoted in record time as the proliferation of new customers’ data and insights kept evolving.
Cannabis sales in the U.S increased 67% in 2020, omnichannel customer service became empirical with social distancing and companies jumped from planning to be digital to actually be it in record time.
In the past, data was undervalued as decisions were made out of macro results. Cannabis is now one of the most tech-driven industries and this trend will only accelerate over the next few years.
Last year, Jushi was one of the first cannabis companies to roll out a robust digital online shopping experience at Beyond-Hello.com, which enables customers to view real-time pricing and product availability, shop for brands online and then, reserve products for in-store pickup. The science behind this platform is simple: seamless, frictionless, easy and convenient for anyone to access.
“Around the country, consumers are looking for ways to save time, particularly during these uncertain times,” said Jushi’s Chief Executive Officer, Chairman and Founder, Jim Cacioppo. “Our online shopping site gives consumers a safe and simple online shopping experience with cutting-edge technologies that deliver the kind of flexibility that consumers and patients are looking for.” He added, “Long term, we also believe this digital integration will not only contribute to our growth but add to overall customer satisfaction at all of our retail locations across the country.”
Jushi’s focus from physical to digital convergence has been leading at the retail level and also internally through custom APIs that allow the company to see larger data sets. Its leadership on the tech front has not only been innovative but it’s actually groundbreaking for the sector.
The Jushi experience is based on the company’s entire ecosystem. From making sure buyers can feel the brand as its own, to employees feeling part of every process of the company. Data is driving the change in Jushi and its success.
Brands, Data, and Customer Needs
Because buyers can’t see the goods physically, they need an easy way to ask questions and learn more about the product through a virtual experience. Thus, e-commerce changed customers’ expectations for service.
Digital consumers are calling the shots. They need to be heard and included. Their experience, their feelings and how easily they can interact with a product defines their loyalty.
“Brands are defined by their experiences. It’s what helps them stand out and it’s on the top of the list when customers decide to be loyal to a brand,” said Neumann.
Currently, three out of four Jushi customers shop or decide on products online, and 83% of them are on mobile devices. From its physical spaces to digital services, Jushi is also leveraging research and data to improve its customer experience.
Neumann added, “We’ve really fine-tuned our digital experiences. We’re focused on our experiential expansion that mixes cannabis with art, performance, and curated designer products, which we will create more of a ‘retail scene’ that’s built for a post-pandemic environment.“
Data for Employment Engagement
While consumer behavior and preferences are important, some of the most valuable insights come from employees. Gathering employee information can enable the company to make decisions about training, learn how they would reduce friction in processes, source ways to improve the employee experience, all of which ultimately improve the customer and patient experience. Additionally, it provides a platform for employees to have direct communication with management and provide feedback.
Jushi has driven online revenue growth through its best-in-class customer experience and as a result, it has seen these metrics in the past few months after relaunching Beyond-Hello.com:
- Online Sales revenue up 179%
- Conversion rates up 112% from April to Dec 2020
- Website traffic up 244%
- New daily customers average of 615
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