According to data compiled by Allied Market Research, the Loyalty Management Market is expected to grow to $6.95 billion at a CAGR of 20.8 percent. The primary driver for the market is the continuous effort by companies to improve customer satisfaction. Methods to achieve this goal include pushing out initiatives that offer loyalty rewards for discounted products. Companies push out these initiatives to compete against its peers in the same industry to pull in more consumers. The rise in Loyalty Management is attributed to growing expenditure on loyalty programs, and rapid growth in applications of technologies such as big data analytics and machine learning. North America generated the highest revenue in the global loyalty management market in 2016 due to adequate infrastructural development for the adoption of loyalty management. Snipp Interactive Inc. (OTC: SNIPF), MassRoots, Inc (OTC: MSRT), Leafbuyer Technologies, Inc. (OTC: LBUY), SinglePoint, Inc. (OTC: SING), Terra Tech Corp. (OTC: TRTC)
Loyalty Management is playing an important role in the legal cannabis market, which is one of the fastest growing markets currently. According to a research by Ameri Research Inc., the global legal cannabis market was valued at $14.3 billion in 2016 and is estimated to grow at a CAGR of 21.1% between 2017 to 2024, while reaching a value of $63.5 billion by 2024. According to a Rocky Mountain Student Media publication, Collegian, Max Poling, the marketing manager of the Fort Collins Infinite Wellness Center explained, “Back in August, we launched our online ordering and loyalty system that has really upped our customer experience. Online ordering allows our customers to be able to peruse our entire store inventory, research products, and place an order for same day, in store pickup, without waiting in line.”
Snipp Interactive Inc. (OTCQB: SNIPF) is also listed on the TSX Venture Exchange under the ticker (TSX-V: SPN). Earlier today, the company announced breaking news that, “it has created an industry first marketing resource for the Cannabis Industry – The Cannabis Marketing Resource Center (“CMRC”). The CMRC brings together all of the accumulated knowledge that Snipp has acquired in designing and launching marketing programs in regulated industries, namely:
1. Alcohol – Beer, Wine, Spirits
2. Pharmaceuticals – Over the Counter (OTC) and Prescription Drugs
3. Tobacco – Cigars, Cigarettes, Tobacco
4. Arms & Ammunition – Small Arms, Guns, Bullets
5. 3-Tier Tax Systems – Manufacturer to Distributor to Retailer
The resource center’s mission is to help its members understand both consumer and business-to-business marketing best practices successfully used in the past by the largest players in these mature and established industries. The goal is to also help Cannabis marketers hit the ground running and take advantage of the deep expertise and flexible technology platforms engineered by Snipp for these industries, thereby enabling cannabis-related companies to more easily launch sophisticated solutions that are legally-compliant. Members can join for free and get access to a wealth of detailed case studies, periodic webinars and one on one consultation time with our design and deployment teams, which include employees with deep cross-industry, legal and technical knowledge.
Snipp has enabled a simple application process that can be accessed at http://www.snipp.com/CMRC. Qualified applicants will receive a welcome email along with further instructions.
According to Atul Sabharwal, Chief Executive Officer at Snipp, “We are very excited to announce the Cannabis Marketing Resource Center. Having access to such a wealth of knowledge will allow the industry to launch sophisticated, compliant and responsible programs that will enable all of the players along the chain – from manufacturers to distributors to retailers and the associated accessory providers — to plan for a future that will resemble the experience of very similar regulated industries. This is familiar ground for Snipp as a veteran provider for these sectors, so we have the tools to help cannabis companies as they begin to face the inevitable pressures that come with competition, particularly in the areas of customer acquisition and retention, along with the ongoing task of managing competing priorities among manufacturers, distributors and retailers. Our deep expertise in Pharma programs will also help players in the medical cannabis space better equip themselves to work with the medical community.
We are excited by the interest we are getting from leading companies in this space, many of whom have now received licenses not only to grow Cannabis but also to distribute through established retail channels like Shoppers Drug Mart. Snipp already carries out multiple programs within Shoppers for a variety of brands and is very familiar with the dynamics of competitive selling for manufacturers who are reliant on their retail partners to drive sales of their products. In the US we are already in discussions with the leading Cannabis chain store in Colorado and with one of the largest global manufacturers of accessories for the Cannabis industry. Moreover, we already work closely with multiple brands of a $40+ Billion USD Fortune 500 Company in the Wines and Spirits space, who recently made a $191MM investment in a world leading diversified Cannabis company based in Canada to bring Marijuana infused drinks to the Canadian market. With this background, we are very well positioned to service the needs of this nascent marketplace and drive adoption of our solutions in yet another industry vertical.”
Visit the Snipp website at http://www.snipp.com/ for Snipp’s full suite of solutions and examples of Snipp programs.”
MassRoots, Inc (OTCQB: MSRT) is one of the leading technology platforms for the regulated cannabis industry. Powered by more than one million registered users, the Company’s mobile apps empower consumers to make educated cannabis purchasing decisions through community-driven reviews. Its compliance and point-of-sale system, MassRoots Retail, enables cannabis-related businesses to streamline their retail operations and manage compliance reporting to state regulators. In 2017, the company announced a comprehensive action plan to aggressively scale its market share of cannabis consumers and businesses in the California market. Powered by more than one million registered users, MassRoots enables consumers to rate products and strains based on their efficacy (i.e., effectiveness for treating ailments such as back-pain or epilepsy) and then presents this information in easy-to-use formats for consumers to make educated purchasing decisions at their local dispensary. Businesses are able to leverage MassRoots by strategically advertising to consumers based on their preferences and tendencies.
Leafbuyer Technologies, Inc. (OTCQB: LBUY) is a leading cannabis technology platform. Leafbuyer works alongside cannabis businesses to showcase their unique products and build a network of loyal patrons. The company’s online network reaches millions of marijuana consumers monthly. On February 28, 2018, the company announced that quarterly sales rose 42% in the quarter ending December 31, 2017. The increase reflects the cash sales booked in the quarter versus the same quarter of the previous year. “We are establishing beachheads in these states and with a firm foundation we will then further expand our sales and marketing operations this year. We will also be adding some exciting new features to our platform soon, which should allow us to expand our reach for marketing dollars,” said Kurt Rossner, CEO of Leafbuyer.
SinglePoint, Inc. (OTCQB: SING) has grown from a full-service mobile technology provider to a publicly traded holding company. In 2017, the company announces its purchase of $Weed which is one of the newest fiat currencies floated in the booming Cryptocurrency markets. Weed “Coin” is a crypto currency geared toward solving the payment problems found in the cannabis industry. Currently WeedCoin is already listed on three exchanges. SinglePoint and First Bitcoin Capital plan to list and market the coin on many more exchanges soon. SinglePoint and First Bitcoin Capital plan to invest heavily in getting the consumers to sign up first, making sure they have the ability to quickly go in and make a purchase from a dispensary, painlessly. The consumer approach also lets the companies build in multiple programs such as loyalty, special offers, and the ability to track what kinds of products people are buying which leads to a massive database of what is popular, how much it is being sold for on average and many more insights to the cannabis industry.
Terra Tech Corp. (OTCQX: TRTC) is a vertically integrated cannabis-focused agriculture company. Recently, the company provided a business update for 2018. In Oakland, Terra Tech is constructing a 13,000-square-foot cultivation facility which has the capacity to produce up to one metric ton, or 2,000 pounds, of cannabis per year. The facility is expected to be fully operational by mid-2018. The Company has also operated its Blüm, Oakland dispensary since March 2016. In Nevada, the Company has completed construction of a new 30,000 square foot cannabis cultivation facility in Sparks, NV and a 15,000 square foot cannabis extraction facility in Reno, NV, through a joint venture with NuLeaf. The Company is awaiting final State approval to begin IVXX production at the Reno facility. In New Jersey, the Company is constructing a major new pack house in New Jersey to distribute salads and leafy greens for its subsidiary, Edible Garden.
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