CBD has exploded onto the market, and scores of investors and entrepreneurs have flocked to the scene to try grab a piece of the action. Research shows that by 2024 the CBD market will profit $20 billion.
Consequently, your land-based CBD shop may find itself becoming obsolete soon. The future of shopping is online, and there are specific reasons that your CBD shop needs an online presence.
Of course, this means a whole new channel for sales that can only exist by allowing credit card purchases. As a CBD store, you are automatically considered a high-risk merchant, but that doesn’t mean the death of your online future.
Let’s look at some of the reasons why your CBD store is better online.
- Engage more customers
As a brick-and-mortar establishment, you cater to the clientele in your immediate area. This limits the number of people you can attract to your store. In this sense, the only thing a land-based shop offers people is instant gratification as they will leave your store with the product in hand.
If your land-based store is in a busy area, you also have the possibility of attracting clientele who do not necessarily need your product.
It’s essential to think of your online shop as a complement to your real store. And, ideally, you will start picking up clients from further away. This stretches your selling area considerably.
Not only will you create an easy line of purchase for potential buyers, but you are also able to communicate with your customers more effectively. This online presence will boost sales significantly.
- Increase your credibility
Developing an online presence allows your customers the confidence to buy your product. Building your brand through online reviews and customer recommendations makes for a product that people want to buy.
Social media can also be linked to online recommendations. Building a fan base for your product is a lot easier online than it is in real life. Handing out pamphlets on the road may attract some customers but running a special through Facebook can garner many more prospective clients’ interest than you thought possible.
Keeping your business and your product positive in your online audience’s eyes creates instant credibility, thus, more sales.
- No opening hours
These days, it’s not unreasonable to think that people do not have time to shop. With more households including a two-person income, it leaves little to no time to browse the aisles of favourite shops.
Even worse, stores that close at the end of business hours are sealing the doors to the crowds of people that work later than that.
Online CBD stores cater to people wanting to browse in their own time. There are no specific hours. This is where the right merchant account provider comes in handy. Without access to an online payment processor, this idea is moot.
iPayTotal can guide you through the process of opening your high-risk merchant account. We have experience with other CBD and hemp product companies, and we are exceptionally familiar with the industry and the players involved.
We want your business to tap into the potential that only an online presence can offer.
Contact us at iPayTotal and chat with one of our experts to find out how to take your business to the “higher” level.
Please note that CBD is a supported vertical. However, at the moment we have legal restriction in that we do not accept plants, seeds, capsules or products with higher THC content than 0.2%.