This Tech Company Is Turning Cannabis Shopping Into Spotify - Are Retailers Ready?
One of Jane Technologies' most revolutionary developments is the personalization of the cannabis shopping experience.
With cutting-edge technology and a consumer-centric approach, Jane Technologies, led by CEO and co-founder Socrates Rosenfeld, is transforming how consumers buy cannabis, making the process as intuitive as choosing music on Spotify.
Rosenfeld's team at Jane Technologies is developing tools that not only personalize the cannabis shopping experience but also integrate seamlessly with retail infrastructure. In an exclusive interview with Benzinga Cannabis, Rosenfeld shares insights into their approach, how they are revolutionizing cannabis retail, and what lies ahead.
From E-Commerce To Integrated Ecosystems: Cannabis Shopping Into Spotify
Jane Technologies began as an e-commerce provider, focusing on data integration and scalability. “We started really as an e-commerce provider for a long time and focused on that because there was a lot of work to do and to establish a good foundation across data integrations,” Rosenfeld explained. With patents protecting their innovative software, Jane Technologies has become a leading e-commerce solution provider in the cannabis industry.
However, the cannabis retail market is limited, with fewer retailers compared to other industries. To continue growing, the company expanded vertically, venturing into adjacent areas. “We introduced a very large ads business and infrastructure,” Rosenfeld said, detailing their expansion into point-of-sale (POS) systems, self-service kiosks and consumer rewards programs like Jane Gold.
A Spotify-Like Experience
One of Jane Technologies’ most revolutionary developments is the personalization of the cannabis shopping experience. Drawing comparisons to Netflix , Rosenfeld explains how machine learning algorithms are used to recommend products to customers based on their preferences. “Your Netflix is personalized, your YouTube's personalized, your Amazon is personalized. Cannabis should be no different.”
Much like how Spotify curates playlists based on user preferences, Jane Technologies' platform creates customized cannabis menus for each consumer.
This personalized approach ensures that the right products are recommended at the right time, optimizing the shopping experience. “If you consume a strain and I consume the same product, we're going to feel differently based on our endocannabinoid systems. That’s why personalization is key.”
Jane Gold: A Win-Win-Win Approach
One of Jane Technologies' standout innovations is Jane Gold, a consumer rewards program that bridges the gap between brands, retailers and consumers. Historically, brands offering discounts had little insight into who their customers were. With Jane Gold, that changes.
“Wyld [a top edibles brand], for example, can now directly interact with customers through the Jane platform, rewarding them with discounts while building a direct relationship,” Rosenfeld explained.:
This system benefits everyone involved. Consumers enjoy discounts on their favorite products, retailers attract more foot traffic and brands gain valuable consumer data, enabling them to target their marketing efforts more effectively.
“It's a win-win-win. The customer wins, the store wins, and the brand wins,” Rosenfeld told Benzinga.
POS And Kiosks: Enhancing The Retail Experience
Jane Technologies’ POS solutions integrate seamlessly into the cannabis retail environment, creating a more efficient and personalized shopping experience. “We've been cataloging every single SKU in every single state market at every dispensary we power. This allows us to cleanse and standardize product data across different retailers,” he said.
By linking the POS system with its extensive data catalog, Jane Technologies enables retailers to offer personalized recommendations to in-store customers. “When you walk into a store, we know who you are, and we can push that information to the budtenders. They can see which products you've liked in the past and recommend similar ones.”
The Jane POS connects the online and in-store cannabis experience.
Their self-service kiosks further streamline the in-store experience, allowing customers to place orders without interacting with a budtender. “If you don't want to talk to a budtender and there's a long line, you can use the kiosk to get the same curated experience as you would online.”
Future Growth Strategy
“We don’t need to subsidize our growth through outside investment. We're growing based on our ability to generate revenue and profit,” he explained.
Their focus on reinvesting profits into the business allows them to remain independent and sustainable while continuing to innovate and expand into new markets. “We're not playing the same game as other companies. We're playing our music,” Rosenfeld said.
