7 Reasons Why CBD Products Are the Next Big Thing in E-Commerce
The legalization of marijuana ensued an unrivaled growth in the cannabis industry. The market of medical marijuana crossed over 500 million Canadian Dollars in 2019, and the statistics are said to remain unchanged till 2024. Canadians use several products – drops, edibles, capsules, and so on which contain cannabidiol, and they may even seek out some advice from a site like We Be High to help them choose the perfect product for them and their needs. At present, CBD is consumed by 16.2% of the population in Canada.
Cannabidiol, often abbreviated as CBD, is a naturally occurring compound unsheathed from the leaves, flowers, and raisins of hemp and marijuana plants. Out of 480 known compounds, 66 of them are termed "cannabidiol" in a Cannabis sativa plant.
What is CBD E-commerce?
7 Reasons why CBD products are the next big thing in E-commerce:
This E-commerce brand has revolutionized itself, conforming to its impeccable growth. Several factors boosted the growth of CBD products:
Online CBD Dispensaries:
The new shift to online retails of medical and recreational marijuana has increased the customer space by 142%. Not only existing customers but also many new faces are turning up for the purchase. Even amidst the global pandemic, the industry is ready to extend 340,000 jobs within the next four years.
CBD industries are doubling up their profits in recent times. This transition has changed the age-old delivery and pick-up services. Owing to this the revenues are also increasing.
The Covid-19 protocols and lockdown have strengthened this brand and the e-commerce market for CBD.
Great Apps and Services:
Renowned e-commerce platforms are assisting CBD products in online transactions. Platforms such as Shopify and Square offer unique themes. The powerful yet easy-to-use platforms captivate a lot of customers to browse through their requirements.
Platforms such as Namaste Technologies escalate futuristic ideas about the benefits of CBD products to the US, UK, Canada, and Australia. On the other hand, Verda curates a complete list of the sales and profits of the CBD products and is constructed as an excellent marketplace for the distributor.
Highly Customized Experience:
Cannabis merchants often personalize selling techniques in the digital world. For instance, pre-recorded video messages help them connect with their target niche.
Adding search filters might narrow down the options for their customers. It helps them to save time and avoid scrolling through unwanted products. To ensure a smooth app experience, the merchants also statistically study the demographics -- such as the age group of the frequenters, their requirements, and choices.
The cannabis business has always been a cash industry due to strict regulations. The introduction of customer-friendly transactions through e-wallets, pre-paid cards, and cryptocurrency in online retail stores has been a boon to their profits.
CBD in the Pet Industry:
A study shows that CBD products are beneficial to humans and their pets. Hemp-based pet products might increase CBD sales up to 3-5% by 2025 in the US, and similar effects will be visible in Canada. Doctor Sonune explained the interaction of cannabidiols with endo-cannabidiols located in an animal's nervous system. This reciprocity maintains their overall health.
Also, The World Health Organization, in 2017, has asserted CBD products to be safe and endurable for animals. Hence, the CDB industry is incorporating its canine friends as well!
- Consistent Growth in CBD Marketing:
Google trends show an impeccable growth in CBD marketing since last year. A notable increase in this trend has also been observed at the global level.
Social media platforms such as Twitter, Instagram, Reddit, and many more, have played a significant role in the growth of CBD products. Statistics say that almost 3.8 million people post about CBD over social media in English.
Incrementally, people are apprehending CBD products as legal, and anyone enlightened about the Federal Legislation Act of 2018 cannot say that CBD products are illegal in Canada. (Though there is uncertainty about the other cannabis products.)
Tenacious convenience in the online purchase of goods and services should reverberate the growth of CBD products in the e-commerce segment.
- CBD as an Alternative Treatment:
Thousands of studies and research show CBD products’ including CBD oil and CBD hemp flowers benefit in curing ailments like depression, anxiety, stress, and pain.
Scientists have investigated that CBD can be effective in cognitive disorders such as Post Traumatic Stress Disorder (PTSD), Alzheimer's, Bipolar disorder, and such. Additionally, CBD-based product, Epilodex, has been recently accredited by the Food and Drug Administration.
Unwaveringly, these experiments and researches are made conversant to the population.
Main Challenges Faced by the Cannabis Industry:
Despite a thundering approach, the CBD market has some barriers, most of which revolve around cannabis legality, legislation, and customer confusion.
- Inadequate Education: Although the CBD industry has seen consistent growth in recent times, most people are unaware of its legalization. The blot of "marijuana" is persisted by the people as illegal. So, dithering towards CBD products perseveres.
- Confusing laws: Laws regarding CBD are pretty complicated and contradictory, making getting into the CBD business all that riskier. The merchants might face conflicts while advertising and promoting their products at the local, state, and international levels.
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Around four thousand years ago, the Father of Traditional Chinese Medicine, Emperor Shen Nhung, published the theoretical benefits of hemp for several ailments in his "Great Herbal Book.” The digital world has adapted to CBD goods both in-person as well as online.
Lastly, the CBD industry will cultivate its growth in the foreseen future. The market is full of stiff competition as jumping into a CBD bandwagon is hurdle-free.
The CBD Brands follow the same general rules as followed by any other market. The industry is consistently evolving and will reach its peak within a few years.
Hence, sustaining the present global trend of online purchase, it is perceived that CBD products are the next big thing in the e-commerce business.