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Why WeedMaps's Business Model is so successful?

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WeedMaps’s Company Overview


Weedmaps, established in 2008, is a leading technology and software company dedicated to the cannabis industry. As an online platform and mobile application, Weedmaps serves as a comprehensive resource for users seeking information about cannabis dispensaries, products, and related services. Operating in regions where cannabis is legalized, Weedmaps has become a go-to platform for both medical and recreational cannabis users. Weedmaps is the first and most comprehensive marijuana directory on the planet. With a suite of incredibly intuitive online tools, directly connecting marijuana consumers with marijuana retailers is the cornerstone of our business. We help medical and recreational marijuana users find nearby dispensaries. Users can also leave reviews and post photos to help others make informed choices. Weedmaps is a technology platform connecting cannabis consumers with licensed dispensaries, delivery services, and product brands. The platform provides detailed information about the availability of various cannabis strains, products, and services. It also offers user reviews, pricing details, and educational content, empowering consumers to make informed decisions. Weedmaps acts as an intermediary, facilitating the interaction between cannabis businesses and consumers while promoting transparency and compliance with local regulations. Weedmaps primarily generates revenue for cannabis businesses through subscription-based services. Dispensaries, delivery services, and product brands can subscribe to Weedmaps to enhance their visibility on the platform, ensuring that their offerings reach a broader audience. Additionally, Weedmaps may offer advertising opportunities, allowing businesses to promote specific products or deals to targeted audiences. This subscription and advertising-based revenue model enables Weedmaps to provide valuable services to both consumers and businesses while contributing to the growth and legitimacy of the legal cannabis industry.

https://weedmaps.com/

Country: California

Foundations date: 2008

Type: Private

Sector: Consumer Services

Categories: Cannabis


WeedMaps’s Customer Needs


Social impact:

Life changing: affiliation/belonging

Emotional: fun/entertainment, therapeutic value, rewards me, badge value, nostalgia

Functional: saves time, simplifies, reduces risk, organizes, reduces effort, avoids hassles, informs


WeedMaps’s Related Competitors



WeedMaps’s Business Operations


Advertising:

This approach generated money by sending promotional marketing messages from other businesses to customers. When you establish a for-profit company, one of the most critical aspects of your strategy is determining how to generate income. Many companies sell either products or services or a mix of the two. However, advertisers are frequently the source of the majority of all of the revenue for online businesses and media organizations. This is referred to as an ad-based income model.

Collaborative production:

Producing goods in collaboration with customers based on their input, comments, naming, and price. It represents a new form of the socioeconomic output in which enormous individuals collaborate (usually over the internet). In general, initiatives based on the commons have less rigid hierarchical structures than those found on more conventional commercial models. However, sometimes not always?commons-based enterprises are structured so that contributors are not compensated financially.

Collaborative consumption:

Collaborative Consumption (CC) may be described as a collection of resource circulation systems that allow consumers to both get and supply valued resources or services, either temporarily or permanently, via direct contact with other customers or through the use of a mediator.

Digital transformation:

Digitalization is the systematic and accelerated transformation of company operations, processes, skills, and models to fully exploit the changes and possibilities brought about by digital technology and its effect on society. Digital transformation is a journey with many interconnected intermediate objectives, with the ultimate aim of continuous enhancement of processes, divisions, and the business ecosystem in a hyperconnected age. Therefore, establishing the appropriate bridges for the trip is critical to success.

On-demand economy:

The on-demand economy is described as economic activity generated by digital marketplaces that meet customer demand for products and services via quick access and accessible supply. The supply chain is managed via a highly efficient, intuitive digital mesh built on top of current infrastructure networks. The on-demand economy is transforming commercial behavior in cities worldwide. The number of businesses, the categories covered, and the industry's growth rate are all increasing. Businesses in this new economy are the culmination of years of technological progress and customer behavior change.

Sharing economy:

The sharing economy eliminates the necessity for individual asset ownership. The phrase sharing economy is an umbrella word that encompasses various definitions and is often used to refer to economic and social activity that involves online transactions. Originally coined by the open-source community to refer to peer-to-peer sharing of access to goods and services, the term is now occasionally used more broadly to refer to any sales transaction conducted via online marketplaces, including those that are business to consumer (B2C) than peer-to-peer.

Featured listings:

A highlighted listing is more important and noticeable than a regular listing, providing maximum exposure for your workplace to consumers searching in your region. In addition, customers are attracted to these premium listings because they include more pictures of your home ? and its excellent location.

Disruptive trends:

A disruptive technology supplants an existing technology and fundamentally alters an industry or a game-changing innovation that establishes an altogether new industry. Disruptive innovation is defined as an invention that shows a new market and value network and ultimately disrupts an established market and value network, replacing incumbent market-leading companies, products, and alliances.

Online marketplace:

An online marketplace (or online e-commerce marketplace) is a kind of e-commerce website in which product or service information is supplied by various third parties or, in some instances, the brand itself, while the marketplace operator handles transactions. Additionally, this pattern encompasses peer-to-peer (P2P) e-commerce between businesses or people. By and large, since marketplaces aggregate goods from a diverse range of suppliers, the variety and availability are typically greater than in vendor-specific online retail shops. Additionally, pricing might be more competitive.

Infomediary:

An infomediary acts as a personal agent for customers, assisting them to regain control over the information collected about them for marketing and advertising purposes. Infomediaries operate on the premise that personal data belongs to the individual represented, not necessarily the person who manages it.

Subscription:

Subscription business models are built on the concept of providing a product or service in exchange for recurring subscription income on a monthly or annual basis. As a result, they place a higher premium on client retention than on customer acquisition. Subscription business models, in essence, concentrate on revenue generation in such a manner that a single client makes repeated payments for extended access to a product or service. Cable television, internet providers, software suppliers, websites (e.g., blogs), business solutions providers, and financial services companies utilize this approach, as do conventional newspapers, periodicals, and academic publications.

Peer to Peer (P2P):

A peer-to-peer, or P2P, service is a decentralized platform that enables two people to communicate directly, without the need for a third-party intermediary or the usage of a corporation providing a product or service. For example, the buyer and seller do business now via the P2P service. Certain peer-to-peer (P2P) services do not include economic transactions such as buying and selling but instead connect people to collaborate on projects, exchange information, and communicate without the need for an intermediary. The organizing business provides a point of contact for these people, often an online database and communication service. The renting of personal goods, the supply of particular products or services, or the exchange of knowledge and experiences are all examples of transactions.

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