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🎙️ Jane Technologies launches Point-Of-Sale (POS) to enhance in-store shopping experience
The Company is leveraging its Universal Product Catalog (UPC) to enter the highly competitive POS space. Adding to its e-commerce solution, ads engine, market analytics, iOS app, and payments.
I spoke to CEO, Socrates Rosenfeld, about the product, summary below:
Launch of Jane's Point-of-sale (POS), which was a big request from current customers and developed to monetize GMV (Gross Merchandise Value)
How the core technology differs from POS solutions that’s been built for the restaurant industry (Square, Toast) given it’s UPC
The system is built on top of the company’s catalog of over 1.6M products, making it easier for retailers to switch to the Jane POS and upload their live inventory (from 2 weeks to 2 hours)
How Jane's point-of-sale system can provide real-time inventory data and potentially enable just-in-time inventory management
How their company's technology can provide real-time cleansing of product data for retailers and bring the online shopping experience into physical stores by identifying customers and providing personalized recommendations
The benefits of using data and analytics to make smarter decisions for both consumers and retailers
How Jane's eCommerce platform can help retailers track customer preferences and improve the in-store experience
The importance of having a catalog of SKUs for retailers and how Jane is positioned to provide that for the cannabis industry
How Jane's POS can be the digital hub for retail environments and goals to get to 400 dispensaries customers by the end of the year
How the company plans to replace existing POS solutions and innovate in the space, while also continuing the Company’s commitment to organic growth and earning the trust of retailers
Gross Transaction Volume (GTV) / Gross Payments Volume (GPV) for publicly-traded Retail/Restaurant/Hospitality POS:
Block (Square): $40B Market Cap; $51.1B Q1 2023 GPV, generating $1.4B in transaction-based revenue (2.78% of GPV)
Toast: $11.5B Market Cap.; $26.7B in Q1 2023 GPV, generating $503M in Q1 2023 Payments ARR (1.88% of GPV)
Lightspeed: $2.4B Market Cap.; $20.2B GTV / $3.8B in Q4 FY’23 GPV
NCR: $3.5B Market Cap.; $575M in Retail revenue and $239M in Hospitality revenue from Q4 2022
Hardware from SUNMI, which is also used by Toast and 1.5M+ active merchants in 100+ industries
Jane Technologies Launches Revolutionary New Point-Of-Sale Platform to Transform Dispensary Operations
Leverages leading, proprietary e-commerce technology to enhance in-store shopping experience and empower retailers
SANTA CRUZ, Calif., June 21, 2023 – Jane Technologies, Inc. (“Jane”), the cannabis industry’s leading e-commerce provider and creator of the largest online cannabis marketplace, today announced the forthcoming launch of its new point-of-sale (POS) system to connect the online and in-store cannabis experience.
The Jane POS utilizes industry-first features exclusive to the Jane platform, such as its extensive product catalog, integration capabilities, e-commerce IP and ads engine to provide unparalleled personalized in-store customer experiences. The company envisions the future of retail to be digital, which will unlock a level of in-store curation and connectivity that up until now could only be experienced online. The team at Jane believes that merging online and in-store customer experiences will become the standard for other industries too.
"The Jane POS is another extension of the Jane platform, and was built with the same commitment and focus on empowering our retail partners and their customers," said Co-founder and CEO Socrates Rosenfeld. "The cannabis industry faces challenges that no other industry has to face, and as frustrating as those might be, they also serve as an opportunity for innovative solutions to emerge. The Jane POS was created in collaboration with our retail partners with the shared vision to redefine what's possible in serving the cannabis consumer -- today and for the future. This industry has some of the most innovative and resourceful retail operators in the world, and the POS is an example of our continued commitment to providing them with technology that will meet the demands of this ever-evolving industry."
In a constantly changing marketplace, cannabis retailers require a POS they can trust to address the demands of an expanding consumer base. In response, the Jane POS blends the best offline and online retail experience functions. Just as consumers use Jane online for personalized recommendations, the Jane POS provides a first-of-its-kind, personalized in-store shopping experience, leading directly to increased retention and higher average order values. Improved tooling specific for retail staff means enhanced in-store performance and a better customer shopping experience. With Jane, retail staff can source verified reviews for each product from the online platform and make smart recommendations that are curated for each individual shopper that walks through their doors.
By offering enhanced POS capabilities like catalog management and seamless inventory ingestion, Jane allows retailers to enter the future with improved operational efficiencies. Whenever brands launch new products, the Jane POS will automatically update the Jane Universal Product Catalog (UPC), removing the need for retailers to chase brands down for assets. The time it takes to switch or update POS software is trimmed from weeks to hours due to Jane’s comprehensive product and inventory data which can be automatically ingested into the new Jane POS. Jane offers improved analytics by compiling online and in-store data under a consistent dataset, which helps retailers transform disparate data into a holistic view of omnichannel insights. In the spirit of serving as the hub of all dispensary operations, the open infrastructure of the Jane POS enables retailers to integrate any third-party software and build a digital suite that fits their store’s exact needs. In-store kiosk capabilities offer customers an easy way to skip the line, and product recommendations built into the system serve as a virtual budtender. Switching or upgrading POS systems is easy with the Jane UPC database of preloaded product photos, descriptions and more. Finally, the integration of the Jane UPC and inventory management allows retailers to ingest wholesale orders at scale and on time. Dispensaries that leverage the Jane POS can take advantage of seamless integration into the Jane UPC, which hosts over 1.5 million products from thousands of brands.