NEW
YORK, June 18, 2024 /PRNewswire/ -- Lucid Green,
the Smart Product Identifier (SPI) platform known for its
unwavering commitment to trust and transparency in the cannabis
sector, is excited to announce the launch of InventoryAI, the first
in a set of tools designed to streamline and automate inventory
management for retailers and brands. This innovative solution
addresses critical misalignment issues caused by varying product
nomenclature and naming conventions used by brands and
retailers.
InventoryAI is poised to bridge this gap by normalizing and
standardizing product names and attributes. By providing a unified
solution, Lucid Green aims to improve operational efficiency,
enhance accuracy in inventory management, and foster better
collaboration between brands and retailers.
InventoryAI offers a game-changing approach to managing
inventory, enabling retailers to automatically update inventory
records by associating products with existing fields from their
Point of Sale (POS) systems. By simply scanning Lucid CaseIDs,
crucial product information is seamlessly updated in the retailers
POS system, significantly reducing manual input time and
errors.
Addressing the Nomenclature Challenge in the Cannabis
Industry
One of the most significant challenges in the cannabis industry
is the lack of standardized product nomenclature. Brands often use
inconsistent naming conventions, which differ even within their own
segments, while retailers adopt a different set of nomenclatures.
This misalignment leads to:
- Slower inventory intake for retailers
- Issues with retail inventory stock audits
- Inconsistent inventory-level reporting and reordering
Confusion for consumers as the product name on their receipt
differs from that on the label or packaging.
"With InventoryAI, we are drastically reducing average delivery
times from over 2 hours to approximately 20 minutes. This
innovative solution allows Retail teams to enter test results in
just 5 minutes per product per delivery, significantly enhancing
their intake efficiency," says Larry
Levy, Co-Founder and CEO of Lucid Green.
"With Headset Bridge, we enable a seamless collaboration between
brands and retailers by enhancing visibility into essential metrics
like sales and inventory," explained Cy
Scott, CEO of Headset. "When this is paired with Lucid
Green's InventoryAI, it aligns naming conventions across the board,
significantly improving the support speed vendors can provide to
their retail partners," states Cy
Scott, co-founder & CEO of Headset.
Join the Conversation
To facilitate solving this critical issue, Lucid Green will
bring stakeholders from both brands and retailers together in a
series of webinars. This will foster a real dialogue on the
importance of nomenclature standardization in the cannabis industry
and how Lucid Green's InventoryAI will facilitate this
transformation.
About Lucid Green
Lucid Green was founded in early 2018 with a singular mission of
building a standard for trust and transparency in the cannabis
ecosystem. Lucid Green's platform provides brands and retailers
with a touchless inventory management solution – increasing supply
chain efficiencies and cost-savings; and provides brands with a
means to manage their inventory and a channel to connect directly
with consumers. Lucid Green is the platform of choice with over 60
million LucidID's in the market. For more information, please
visit lucidgreen.io.
MEDIA CONTACT
Filip Luneski
332-250-6360
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SOURCE Lucid Green