Cannabidiol (CBD), currently a $1 to $2 billion-opportunity, is expected to skyrocket to $20 billion by 2024. Described by Web MD as the non-intoxicating marijuana extract that doesn’t produce the high caused by the chemical tetrahydrocannabinol (THC), CBD is touted for helping with everything from epileptic seizures and inflammation to anxiety and insomnia.
Consumers 21 and over are stocking up on CBD candy, snacks, beverages and vape oil – according to CSP, 15 percent of Americans have tried hemp-based products or CDB edibles. If you’re a retailer selling—or thinking about selling—CBD candy, snacks, beverages and vape oil, here are some in-store tips you may want to consider.
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- Understand the Laws. Before investing in CBD products, make sure you’re complying with your state laws. The federal government deems hemp-extracted CBD products legal if derived of industrial hemp and have THC levels below 0.3 percent. Keep in mind, CBD-infused food and beverages are still illegal under U.S. law.
- Spread the World With Signage. Not all stores are selling CBD, if you are, let your customers know. Feature exterior-facing signage at the pump and on the doors and/or windows. Use way-finding signs or decals to guide shoppers to CBD products in your stores.
- Educate Your Customers. Retail employees should never provide personal opinions and CBD dosage info to customers. However, why not offer up printed material featuring FAQ including sources and/or official web links. Give customers who may not be ready to purchase, something to think about the next time they visit your store. Shoppers can also share this info with friends or family members.
- Lock it Up. Due to the high price tag associated with CBD products, retailers may want to keep candies, vape products and oils in a locked display cabinet or behind the register. In addition to helping prevent theft, this gives store employees the opportunity to engage, educate and even upsell customers.
- Keep it Together. A smart way to help shoppers locate CBD items within your store is by creating a cool designated area. Separating products isn’t a wise idea. For example, placing a pricy CBD snack alongside a traditional snack may call negative attention to the cost as well as confuse unsuspecting customers. Enabling an accidental CBD purchase is the last thing you want to do.
- Reap CBD Rewards. Increase sales, capture customer data and develop more personalized CBD offers and incentives by creating a CBD rewards or loyalty program. Remember, 77 percent of shoppers agree that discounts influence where they shop.
Looking for more tips, branding and signage? Talk to us. We’re here to help.