CBD has exploded in popularity as more people are discovering the cannabinoid’s potential health benefits. It can be purchased from a variety of locations, including CVS, gas stations, pet stores, and Carl’s Jr.
A growing market means a bigger opportunity for entrepreneurs looking to start their own CBD Shop. But before jumping in, there are a few things to keep in mind.
How to Start a Shopify CBD Store
Starting a CBD shop can be a lucrative business venture for ecommerce entrepreneurs. The market is growing rapidly and there are many opportunities to capitalize on this trend. However, it is important to understand the risks involved in this business model before making a decision. The FDA has recently been cracking down on companies who sell CBD products without a proper registration process. Additionally, the federal government has seized shipments of CBD products at customs. This is why it is crucial to find a reputable CBD supplier who can offer you a safe and compliant supply chain.
You must also find a payment processor that allows you to process credit card payments online. Since CBD transactions are considered high-risk by most third-party payment gateways, the vetting process might take longer than usual. Additionally, you might be required to provide additional documentation to prove your business legitimacy.
Once you have found a reputable processor and completed the underwriting process, you can begin accepting credit card payments through your Shopify website. The onboarding representative will help you to integrate your payment gateway with your Shopify site by giving you specific API codes to plug in.
You should also set up an affiliate program for your store to increase your revenue. However, make sure that your affiliates don’t distribute incorrect information or violate the terms of service of social media platforms or the law when advertising your product. Educating your affiliates is an important step to avoiding costly chargebacks.
Finding a Reputable CBD Supplier
CBD is one of the fastest growing, progressive markets in the world. It’s estimated that sales of CBD will grow to $22 billion dollars by 2022. It’s no wonder Kim Kardashian hosted a CBD themed baby shower recently! With the huge interest, there are CBD stores popping up left, right and centre with all kinds of claims of wondrous health benefits. It’s important to find a wholesale supplier who will provide quality products, offer competitive pricing and ship orders promptly.
You should also ensure that your supplier has a good reputation in the industry and offers transparency in their processes. This will help you build trust with your customers. Look for a supplier who provides Certificates of Analysis (COA) that correspond with the batch number of each product to show they are free from contaminants and pesticides, and contain the amount of cannabinoid advertised on the label.
Make sure your shop has a comprehensive product range so that you can cater for the various needs of CBD users. For example, some may prefer to ingest CBD through a capsule, whereas others might be more comfortable with a relaxing bath or lathering up with a scented soap. You should also make it clear to visitors how each product works and the potential benefits of using them. This will help to dispel misconceptions and anxieties about the product.
Ecommerce Platforms for CBD Stores
There are a few different ecommerce platforms that can be used to sell CBD products online. However, choosing the right platform is important because it can affect your sales and conversion rates. For example, some platforms do not allow you to use a high-risk payment gateway, which is necessary for CBD merchants. Choosing the wrong platform could also be costly for your business.
Some of the most popular ecommerce platforms for CBD stores include Shopify, BigCommerce, Dukaan, and WooCommerce. Each of these platforms has its own unique set of features and benefits, but they all offer a similar experience. For instance, Shopify offers a range of ecommerce tools that help businesses manage their product inventory and marketing campaigns. Its ecommerce platform is also scalable and supports multiple payment gateways.
Dukaan is an all-in-one ecommerce platform for CBD companies. Its built-in compliance features, like age verification and product restrictions, can help businesses meet industry regulations. It also allows businesses to create a custom storefront and provides a robust email marketing tool. Moreover, its SEO capabilities and scalability make it the perfect choice for CBD companies.
WooCommerce is a WordPress-based ecommerce platform that offers numerous software plugins for CBD businesses. It has a lot of features that can be used to attract and retain customers, including SEO-optimized online stores and a variety of shipping and payment options. Manifest Wellness, for instance, uses this platform to create a custom-built loyalty program that rewards loyal shoppers with order discounts.
Marketing Your CBD Store
CBD has proven to be effective in treating a variety of ailments from seizures and chronic pain to anxiety and stress. Whether ingested or applied topically, it’s no wonder that so many people are looking for alternative remedies to ease their symptoms and improve their overall quality of life.
Getting the word out about your CBD store is critical. But you’ll also need to be prepared for a fluctuating market and ever-changing regulations. Creating a business plan will help you keep on top of regulatory policies and determine operational priorities.
In addition to traditional marketing channels, look for influencers in the CBD space who can promote your products. This will be a great way to get the attention of your target audience and build trust among potential buyers. Just remember to follow FTC guidelines and make sure that it’s clear when an influencer is being compensated for a product endorsement.
You can also leverage marketplaces like Weedmaps, Leafly, and Kushy to expand your reach and connect with a new audience. But the most important thing to do is create a strong brand that speaks to your audience and delivers a consistent message. This will give you the most flexibility to adjust your messaging and remain competitive in a rapidly changing market.