Coronavirus has infiltrated every part of life since its initial global spread. Millions are being affected by this pandemic which has created new problems for businesses, families and individuals of all situations. The world’s economic structure has taken a toll as a result of self-quarantines and the shutting down of “non-essential businesses.” All of these shifts in routine and structure have made drastic changes in consumer behavior during the Coronavirus pandemic in a very short time, even in the CBD industry. Businesses that are “stuck in their ways” might be struggling during this time, while some are adapting to the new consumer climate and surviving these unprecedented times. In this post, we are going to look at these new consumer behaviors and see which ways COVID-19 has affected the CBD Industry while helping business owners learn new ways to adapt.
BUILDING UP YOUR ONLINE STORE
With quarantine and lockdown in areas still in effect, brick and mortar stores in any industry may be struggling if they continue to operate traditionally. Most stores are still closed, except those deemed “essential,” and the stigma around breaking quarantine reduces the amount of foot traffic that goes through businesses that are open.
Building up your online store is an essential part of the process of staying ahead. More and more consumers are switching over to online shopping, a trend that was already increasing in popularity, and will continue. In 2019, online sales accounted for over 14% of retail purchases worldwide, and is expected to increase to 22% by 2023. This is why now is the perfect time to find your footing in the online world by strengthening your online stores and making your business stand out above the rest. Even if you are the “little guy” in the industry, your online presence is important! Small retailers may see up to 30% higher mobile conversion rates than larger retailers.
Just because stay-at-home orders might be lifting across the country, it does not guarantee the end of the consumer buying patterns we are seeing. Shoppers will continue to buy online, even after the threat of COVID-19 has lessened, as they become more accustomed to the new climate and consumer behaviors, as well as the convenience and adaptation of the industry.
INCREASE ONLINE MARKETING
Research has shown more and more people are spending an increased amount of time on their mobile devices and computers. This means more potential customers browsing the online marketplace for products like yours. That is why it is important to make yourself stand out, especially now more than ever. Trade shows and other expos are not an option right now, so the only way your company can thrive during this time is by shifting your focus to the battle for online customers.
SECURING ADVERTISEMENT SPACE
With the up-trend in online sales, now is time to make your digital footprint.
You should act quickly and methodically to locate advertisement spots for your business. To get the attention you need to thrive right now, you must make your ads common and frequent. With everything that is going on in the world, it is easy for people to get distracted, so don’t let consumers forget about your business. Keep your online store alive by marketing in the right places at the right times.
ADDING VALUE TO YOUR BRAND
In addition to advertising in the right places, strengthening your online store and focusing on adapting to new consumer behaviors, adding value to your brand and creating customer loyalty are also essential to keeping your business thriving. The online marketplace is like the wild west and it is always changing. Since everyone is shifting their focus online, there is going to be a lot of competition you will be facing. Educating your customers on the value of your brand is important to stay ahead of the competition. By educating your customers of your brand’s value and continuously providing high quality products at competitive prices, you will help perpetuate the cycle of repeat sales from these customers.
The Coronavirus pandemic has affected many businesses across every industry, but the CBD industry is an industry that knows how to adapt. In addition, conversations regarding CBD have peaked during this time of self-quarantine. More people are turning to the use of CBD to help with their anxious feelings, as the sales of capsules, gummies and tinctures have increased. With the prevalence of COVID-19, about 39% of CBD consumers plan to use CBD more frequently. Now is the perfect time to build your brand and your online presence and claim your place in the CBD eCommerce arena.