It’s no surprise that the COVID-19 quarantine has been a difficult time for retailers. With a majority of in-person shopping remaining highly restricted and even forbidden in some cases, retailers have had to find new and inventive ways to ensure that customers can access their products.
CBD retailers faced similar obstacles when quarantine became the norm, but had the added stress of being a relatively young industry in many states. Thankfully, many CBD sellers have found out how to make more money during quarantine by improving their CBD retail programs. By focusing on simple changes to how they operate their business, these savvy business owners have been able to maintain their positive momentum and even increase their sales during quarantine.
In this article, we’ll discuss how to make more money during quarantine with a CBD retail program. Whether you already sell CBD and need some tips to boost your sales, or you’re looking to add CBD to your shelves, this article contains the knowledge you need to succeed in these strange times. If there’s a particular tip you’re interested in, jump to the section in question:
- Expand Your Product Offerings
- Consider Your Audience More Thoroughly
- Expand to Online Offerings
- Focus on Relaxation Focused and Self-Care Products
Expand Your Product Offerings
Expanding your CBD product offerings is a great way to increase your revenue. This technique requires a bit of spending on the front end. But once the products are in your store, they can attract the eye of customers who have come for something else that you offer.
Expanding a CBD product line is becoming easier every day. New CBD products are constantly being released. Today you can find CBD edibles and even CBD for pets. We recommend adding products that non-CBD users would be more likely to try, such as CBD skincare products. Products like these take something that a majority of your customers are familiar with and simply add CBD to enhance the existing effects of the product.
Consider Your Audience More Thoroughly
Everyone knows that your customers matter, but considering their needs as a general demographic could help you identify key products that might capture their interest. This applies to both the CBD products that are a part of your retail program and their branding style.
You likely already know that some CBD products appeal to certain demographics more than others. For instance, young people are likely to be more comfortable with CBD on the whole. They may be willing to check out products like CBD tinctures and CBD concentrates, while someone who is older may wish to stick with a product category they are already familiar with, such as CBD skincare.
What you may not know is that the branding of these packages could be just as important as their contents when it comes to making a sale. During quarantine, people are rushing through stores quicker than ever, so it’s imperative to have something a bit more eye-catching.
Bright, bold patterns and designs are more likely to appeal to a younger audience. If your customer base is fairly young, make sure to capitalize on this phenomenon by acquiring products that have bold designs. You can even design your own labels on our products through our private label program.
If the primary audience of your store is a bit older, that doesn’t mean you’re out of luck during quarantine. You can still find or create products that utilize bold branding that appeals to a more mature demographic. The primary difference is that you will want to forego abrasive colors and busy patterns, and instead opt for bold usage of text that is easy to read. This should help to catch the eye of any shopper no matter their age.
Expand to Online Offerings
During quarantine, many businesses have successfully adapted by expanding their online offerings. If you already have an online retail option, consider linking up with a third-party delivery service such as Instacart or Uber Eats. You could even create a new position in your store for a delivery driver if you do not wish to split revenue with a third party.
If your store is large or you have multiple locations, you could consider shipping some of your products from a warehouse through the postal service. Quarantine has made people far more comfortable with purchasing items through the internet, which opens up a huge opportunity for CBD retailers.
Even as quarantine begins to relax as people get vaccinated, millennials, Gen X, and Gen Z will continue to establish themselves as the primary consumer demographic. These web-savvy generations are more than happy to spend their money online, and are likely to be wary of any location that does not have an online presence. These groups are also the primary consumers of CBD, so it is imperative to increase your online offerings in order to succeed during quarantine and beyond.
Focus on Relaxation Focused Self-Care Products
Let’s face it, the coronavirus pandemic and lockdown have been stressful on everyone. Per KFF.org the average share of adults that have reported symptoms of anxiety disorder and/or depressive disorder has skyrocketed from 11% of adults to 41.1%. People are searching for relief, and a CBD product in your store could be where they find it.
Tap into this ever-increasing need by stocking products that are intended help people to relax. Focus on CBD edibles and concentrates and rely on skincare products to capture some of the expanding self-care market. By offering these products, you increase your chance of financial success, and provide much needed relief to your customers. This not only provides immediate revenue, but creates a cycle of return business that could keep you thriving long after quarantine concludes.
Ready to Make More Money During Quarantine Through a CBD Retail Program
If you need to make more money and don’t already stock CBD products, US Hemp Wholesale is here to help you get started. We offer dozens of hemp-derived CBD products that adhere to the strictest rules laid out by the federal government. Find out how we can help you thrive during quarantine by filling out our vendor form today!