As the leading provider of data and analytics within the cannabis industry, Headset strives to provide retailers and cannabis operators with software solutions that offer comprehensive insights into their sales and total market sales. These valuable, comprehensive insights are often packaged in neatly written reports or carefully crafted graphics. However, acquiring this data and sifting through information is a bit more complicated than the forward-thinking projections suggest, primarily because there is no perfect data set yet. Each retailer provides data differently, leading to a collection of incongruent pieces of information. To transform this data into the platforms and data reports that many utilize, a rigorous data process must be implemented.
Headset’s data process relies on its partnerships with POS systems used by dispensaries in the U.S. and Canada. Thus far, Headset has gained access to more than two dozen POS systems via an API connection. Once the data is provided to Headset, it is aggregated and formalized to provide a standard overview. Data is also combined with information for government agencies and public companies for reporting. From there, machine learning algorithms clean up the data provided by retailers through a process called product normalization. This process not only consolidates data, but it sorts data entries into a standard format. For example, one retailer may convey that one product is sold in packages of “100 milligrams,” while another entry may indicate that the product is sold in packages of “0.1 grams” each. Product normalization simplifies these equivalent submissions into a standard format to avoid multiple variations of the same value. Without this process, analysis is nearly impossible and extremely time-consuming. Once product normalization is complete, specialists review the data provided, add new products and attach metadata to new products. The process concludes with the cleansing of aggregated data and the development of projects to be used by Headset’s data solutions.
Headset’s processed data is used to create 50+ actionable reports and visualizations in a platform view that the dispensary GM, buyers, and marketers use to manage their inventory and understand their customers. These data-driven tools provide crucial insights regarding purchasing habits and market trends while reducing the amount of time and money a retailer would have to use to export reports and hiring an analyst to simplify the data. Thus far, Headset has offered its Insights platform in more than a dozen markets with hopes to grow further in the future. The platform can continue to expand by building relationships with delivery companies like Eaze, Grassdoor and others. Ultimately, Headset’s goal is to create software that helps retailers and cannabis operators better understand their own data and market data. If Headset plans to reach this goal in the competitive cannabis landscape, the company must continue listening to the market needs and evolving its technology. Today, Headset’s various data insights can serve as a reliable compass, but the company can never be complacent in its current position if it wants to leave a strong legacy in the evolving cannabis marketplace.
Written By: Cy Scott, Founder and CEO Headset
With a deep understanding of the market and a commitment to data-driven insights, we empower businesses to make informed decisions and drive growth in this rapidly evolving sector.
As the cannabis industry continues to expand and mature, Headset harnesses the power of data to provide valuable intelligence and actionable analytics to businesses operating within the space. Our comprehensive suite of analytical tools and services enables cannabis retailers, brands, and industry stakeholders to gain a competitive edge, optimize operations, and maximize profitability.
By leveraging our robust data platform, businesses can access real-time market trends, consumer insights, and sales analytics to drive strategic decision-making. Whether it's understanding product performance, identifying emerging market opportunities, or tracking consumer preferences, Headset equips clients with the knowledge needed to navigate the complex and dynamic cannabis landscape.