Whether you’re at a coffee shop, juice bar, pharmacy, grocery store, health practitioner’s office, acupuncture or holistic facility, the counter-card promoting “CBD Oil is Here!” is everywhere.
Mainstream retailers are leaping into the CBD revolution and adding products from the most reliable and trustworthy CBD manufacturers to their business, menu, and offerings.
We have the passage of the Farm Bill in late 2018 to thank for that. The bill contained a provision that legalized hemp, a species of non-psychoactive cannabis that CBD can be extracted from and it’s on every type of retail businesses’ radar.
CBD Products = Gold
Manufacturers across the spectrum are creating products like tinctures, terpenes, softgels, skin creams, and oils infused with CBD. This alternative treatment offers a natural remedy for anxiety, insomnia, muscle pain, and some auto-immune challenges.
This burgeoning market is cropping up at retail businesses across the consumer spectrum. It is a market projected to be over $20 billion in sales by 2024.
Big Retail Companies are Cashing In
Retail pharmacies like Walgreens and CVS have added CBD products to their shelves. The smaller retail pharmacies should follow suit to remain competitive and diversify their offerings of traditional analgesics coupled with natural remedies as well.
Personal care and beauty stores like Ulta Beauty have started incorporating CBD beauty products into their palette of products as well.
Grocers, traditionally more conservative and slower to evolve, have carved out space on their shelves and moved some products out to make room for CBD beverages and tinctures. Grocery chain Whole Foods and Sprouts are a few that have joined the revolution.
And, for those of you that frequent a local coffee joint or juice bar, you have either been offered or have seen the signs up providing options to add a shot of CBD to your beverage of choice.
CBD is a Trend in Wellness
For those that struggle with problems of discomfort that visit a chiropractor, acupuncturist, or holistic healer, you are likely to find a plethora of CBD products displayed for purchase and incorporation of these alternatives into your daily regimen.
It’s plain and simple, we have an inherent sense of trial and error, trying new things, and looking for solutions to issues that may not be as mainstream as those traditionally offered.
Understanding CBD Potential for your Business
Retail business owners understand that and are offering these products to their consumers and re-stocking often because they don’t remain on the shelves very long. Their consumers like the products, they come back often to repurchase, and they’ve built loyal consumer relationships with return visits from those customers.
Simon Property Group, one of the largest REITs in the industry understands this consumer behavior and will be opening up approximately 100 kiosks at malls in the US this year.
The potential is endless with the development of more products and retail businesses that are sparked with the desire to add this to their product assortment and capitalize on the revenue gains.
Retailers will continue jumping Into CBD with either their own lines or those of trusted partner brands.
Vitamin Shops including GNC will be adding CBD supplements to their offerings.
Pharmacists and Pharmacies are offering a wide array of CBD Tinctures and Topicals as an alternative to traditional over-the-counter and prescription remedies.
Grocers including Kroger will be adding CBD to nearly 1,000 locations in 22 states in July 2020.
Department store chain Dillards will roll out a line of white-labeled CBD products at their 292 stores in 29 states.
The Future Looks Bright for CBD
One thing is certain, with the range of products that CBD is a fit for, you can expect to see it on the shelves of any retail business you visit.
The wholesale business component to all of these CBD companies continues to improve dramatically which further reinforces this market expansion.
Whether its a big business or small, understanding this behavior shift and remaining relevant to retain your existing customers and acquire new, adding CBD products to the shelves is something to strongly consider.
The CBD Industry is Quickly Accelerating
The cultural shift and conversation surrounding CBD has been ignited and it goes well beyond the early adopter that easily hopped on the bandwagon.
If you are a business considering making the leap, proceed with caution. Here are some helpful tips to ensure that you do the due diligence necessary:
- Make sure that the products you intend to carry are from a reliable and trusted company.
- Review their lab reports and confirm that the process is stringent
- Make sure they own the process from start to finish
- Ask about their eCommerce sales and their customer retention
- Request information about their conversion rates and subscription audience – loyal customers reinforce the value of the products
Once you’ve solidified the plan, just make some space on the shelf – in a prominent place and reap the benefits.
Interested in carrying High Falls Hemp NY products in your retail stores? We’d love to have you join the family.