By Rick Weissman
These are stressful times indeed. Not only do we have to take-on a hidden enemy (the virus), but we also have to contend with a sinking economy and the record surge in unemployment. This has forced people to modify their life-styles and one of the big casualties has been shopping in physical stores. Indeed, the volume of business is contracting and retail merchants of all varieties are suffering, except for those selling food, drugs and other essentials.
Which brings us to the idea that even though business is down, CBD products represent a growing category with very high returns given the small amount of counter or shelf space these products occupy. In fact, I would argue that CBD products have one of the highest returns per linear foot in a retail store setting. Many merchants are aware of this fact and carry CBD products because of the attractive return on investment this category represents. Many retailers carry CBD products because they understand the larger trend in which this category occupies or are aware of the many benefits this plant-based product provides. Others carry CBD because their clients are talking about it and would be buying it elsewhere if not from them. And then there are those merchants which have yet to carry CBD products because they just do not understand the benefits of the category, and there is no established and authoritative source for information on CBD products. Regardless as to where you and your store fit into the continuum of CBD marketing and sales, now is the time to regain momentum in a category which is growing. Aside from the benefits which CBD provides to your customers during these stressful times, CBD products are also a way in which you can remain relevant to your clientele.
COVID-19 is a wake-up call for our society and is changing our landscape dramatically. I would suggest that retail merchants of all sorts embrace the CBD wellness revolution and gain relevancy with your clientele. There are enough forces working against us and now is the time to gain the upper hand.