Whereas previously nearly all goods were purchased from brick-and-mortar stores, e-commerce is rapidly rising to compete. It is estimated that by 2040, 95% of purchases will be made via e-commerce. In the past 20 years, online sales have tripled and department store sales have dropped by 50%. But how does all of this e-commerce action affect the cannabis industry?
As the cannabis industry enjoys increased legalization across the world, access to cannabis products via e-commerce channels is steadily improving. Whether new strains of cannabis or products made from CBD, this industry is growing fast. Here are a few specific ways that e-commerce will impact the cannabis industry:
Cannabis for Pets
Increasingly, CBD is being shown to have a range of benefits for pets. Studies have shown that pets have improved osteoarthritis symptoms, reduced seizure frequency, and much more. Furthermore, treatments derived from CBD may be safer than traditional treatments.
Unfortunately, because of the legal grey area that cannabis-derived products fall into, veterinarians are very unlikely to recommend or prescribe CBD products, regardless of how effective they may be. This leaves pet owners to make their own decisions about what is best for their pets and to obtain their own CBD supplements.
Very often, a quality e-commerce CBD product distributor like InnovetPet is where pet owners turn to obtain the supplements that they need. This trend is likely to only increase this year, as more studies showing the benefits of CBD for pets roll out and as more pet owners seek out these treatments.
Easier Payment for Cannabis
In the past, cannabis has been a cash-based business. Banking services have been very reluctant to get involved in the industry due to fear of federal retribution. However, e-commerce is revolutionizing the system.
Banks are increasingly allowing cannabis business owners to use non-cash payment systems through e-commerce. Many quality CBD products and even whole cannabis can be purchased online using a credit card.
This easier payment system will likely continue to take business away from the traditional cash-based brick-and-mortar cannabis industry as non-cash payment becomes more readily available through e-commerce stores.
More Convenient Delivery
Previously, states may have allowed cannabis to be bought and sold but not delivered. However, as cannabis e-commerce continues to expand in its legalization, delivery is becoming an option for more and more locations.
The option of being able to buy exactly the cannabis-related product that you want and have it delivered to your door instead of choosing from limited options at local brick-and-mortar stores will likely cause the popularity of cannabis e-commerce to explode this year.
Improved Banking
More access to banking for cannabis businesses is allowing e-commerce cannabis businesses to grow. Because federal law is in charge of banking, banks have typically been unlikely to do business with any company involved with cannabis.
However, as cannabis is increasingly decriminalized, banks are becoming more and more willing to work with cannabis-related businesses. Instead of having to choose private investors or bankroll the entire business expense themselves, e-commerce businesses will be able to take advantage of mainstream financial services, which is very likely to increase the number of cannabis-related e-commerce businesses available.
Wider Variety in Products
Cannabis users are no longer satisfied with a couple of strains of whole-plant products available from their local vendor. Now, users of cannabis want edibles, tinctures, topical products, and all sorts of other varieties in the cannabis that they consume.
As consumers become more particular about the cannabis that they buy, the e-commerce industry is rising to meet their needs. Cannabis users find that they can source a much wider variety of cannabis products using e-commerce than they could at their local vendor, which is making many consumers turn to e-commerce rather than local brick-and-mortar sources.
Increased Cannabis Use
Along with a wider variety in the products that cannabis users consume is a greater variety in the consumers themselves. People are using cannabis products like Vitaleaf Naturals both for pleasure and medicinal benefits.
For the first time, the number of women using cannabis has increased to nearly the same level as the number of men using cannabis. People of all ages use a wide variety of cannabis products, with most types of cannabis being on the increase.
As more and more people use cannabis in general, and as many of these people prefer some variety in the type of cannabis that they consume, we can expect to see more and more people rely on e-commerce to meet the demand.
E-Commerce Will Play an Essential Role in the Cannabis Industry in 2021
We should expect to see e-commerce play a very important role in all sorts of industries in 2021, and the cannabis industry is far from the exception. In fact, it is very reasonable to believe that the cannabis industry will become increasingly reliant on e-commerce this year.