Baker is an online pre-order and loyalty rewards for the cannabis industry. The industry is cash-only, mainly offline, and old-fashioned, so Baker was created to bring convenient cannabis consumption to the modern audience. Their SaaS software helps dispensaries bring new shoppers in the door and turn them into regular customers. The Baker web app lets customers order ahead from anywhere, skip the line, and earn rewards for their loyalty, all through a clean user experience.
Dispensaries are dealing with a multitude of problems ranging from long lines, lack of customer loyalty, and stale menus that are dampening sales. Baker is able to solve these problems by allowing customers who know what they want to order ahead and skip the line when they arrive on the store. Loyalty to a dispensary is non-existent; customers at this point go to any dispensary to pick up cannabis. Baker wants to create a platform where dispensaries will be able to offer their past and future clients deals that will increase the retention rateand loyalty to their dispensary.
Baker has decided to look at states with adult use such as Colorado, Oregon, and Washington where the competition is minimal. Baker is able to do delivery in Oregon, which enhances their product offering. Dispensaries are starting to realize they need Baker, as Baker has only been live for 6 months and accounts for 10%+ of revenue for some stores on their network. Currently, Baker uses a SaaS fixed monthly fee to derive its revenue, but as the dispensaries see the amount of business they derive from the app, Baker will be able to shift their model to a % of GMV model where they can charge ~7% per order. An alternative to the percentage commission, Baker can form different flat fee tiers if the percentage option is not available.
Phyto Partners provides a vehicle for accredited investors to join one of the top 5 cannabis investment funds rated by Forbes Magazine. See our cannabis investment portfolio.
Learn more about Baker at https://trybaker.com/