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Tuesday, Apr 16, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

The weed wire

Fire & Flower says it has 100K members on its online sales platform

20K new members have joined since stay-at-home orders came into effect in March, company says

Fire & Flower says it has 100K members on its online sales platform

Canadian cannabis retail chain Fire & Flower (TSX: FAF) says it has 100,000 members on its online customer loyalty program.

Members of Sparks Perks, the company said in a statement Monday, have access to services including curbside pickup and home delivery in jurisdictions where it’s permitted by provincial law.

On average, Fire & Flower said, members spend 37 per cent more per transaction than non-members and have made purchases 2.5 times in the past seven weeks. More than 50 per cent of all transactions are from Spark Perks members, according to the retailer.

Amid the pandemic, the company said the program continues to represent a competitive advantage with more than 20,000 new members joining since stay-at-home orders started coming into effect in March.

Read more: Consumers and companies embrace cannabis retail rush before expected mass shutdown

“Engaged customers, repeat purchasing and higher than average transaction values are key in building our retail platform revenue stream,” CEO Trevor Fencott said in the statement. “As consumer behaviours and preferences change towards increased digital engagement, Fire & Flower is well positioned to maximize market opportunities.”

Since Fire & Flower’s 2018 acquisition of Hifyre, an online digital retail and analytics platform, the technology company has rapidly commercialized its retail services, president Matthew Hollingshead said.

“Through our strategic agreement with COVA Software Solutions announced earlier this year, Hifyre will continue to commercialize these technologies across Canada and internationally,” he said.

Read more:Ontario allows weed delivery and pickup to combat illicit market

The Hifyre Digital Retail and Analytics Platform is a proprietary ecosystem of products that include the Spark Perks member program, Hifyre ONE retail software platform and the Hifyre IQ cannabis data and analytics platform.

According to the statement, Hifyre is the digital product studio that developed the industry-first regulated cannabis e-commerce platform for Mettrum Health Corp — now called Spectrum Cannabis, a medical subsidiary of Canopy Growth Corporation (TSX: WEED).

Top image: Press photo via Fire & Flower


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