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Of all the e-commerce megatrends over the past few years, CBD has to be one of the biggest. It combined with laws passed on CBD to give online sellers limitless potential. The popularity of CBD has skyrocketed in the US and abroad, facilitated by the Farm Bill HR 2, which created a spike in CBD sales in 2018. More and more research by trustworthy universities has found positive impacts of CBD. The result is the opportunity to capitalize on a supplement that has more utility and public support than most. Here are some of the trends you should look out for in the online CBD industry.
e-commerce platforms such as Shopify are starting to support CBD businesses with the use of reliable payment gateways and intelligent shipping and location-based settings for CBD products that keep sales in permitted states. Platforms also offer scalable plans, which mean that a budding CBD company can start small and grow their e-commerce infrastructure as their business grows in size. This enables healthy competition between companies, as companies of all shapes and sizes can create a new CBD product and start to market it quickly.
CBD + Already Popular Product = Sure-Fire Success
A trend that’s taking the CBD industry by storm is just to combine CBD with a product that’s already popular. Coffee, water, beer, bacon, honey, literally anything you can think of that you can consume can be combined with CBD. Not only does this allow customers to enjoy creative ways of taking their supplement, but it means online shopowners can pick a product that they personally love, make sure nobody else is selling an equivalent, and make it their own. It allows for the creation and capture of specific untapped niches, a gold-mine for branding and marketing opportunities via the Law of Category.
CBD products are occupying prices all across the price spectrum. There are ultra-luxury CBD products that only use certain extraction techniques and expensive US-grown hemp instead of imported oil. There are also ultra-low-end products, where poor-quality products are coming in from China and being sold at very low prices
The soaring demand for CBD no longer has any correlation with its pricing and the market prices have been already diversified. The price to purchase CBD at wholesale cost has dropped, which means that small businesses can capitalize on the trend. One area to look out for when buying cheap CBD, however, is whether they have been contaminated by pesticides, which can produce very toxic and carcinogenic effects.
Different Ways to Get Involved
You can get involved as an entrepreneur through different entry points. You can open an e-commerce website yourself, but you can also tackle the business from a different angle—selling popular products on Amazon or becoming a CBD affiliate marketer. Affiliate marketers will promote CBD products on a blog or to their social media profiles, and whenever a sale is made through their links, they get a commission. Any of these strategies can lead to profit, but marketing is key in each of them.