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.
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SOURCE Lucid Green
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