9 Tips to Make Your CBD E-Commerce Business Thrive
The passage of the $867 billion farm bill opens up an entirely new industry. There are tons of new avenues for CBD products to be sold- the biggest & most promising being ecommerce.
The passage of the 2019 Farm Bill is good news because it provides a strong safety net for farmers and ranchers, who need the dependability and certainty this legislation affords,” Agriculture Secretary Sonny Perdue said in a statement after the bill passed the House.
In 2019 and for years to come, the ecommerce economy is expected to continue its upward trajectory and rapid growth. As an entrepreneur, this opportunity for success and sustainability is exciting, promising and intriguing.
Whether you’ve already been involved with the launch of an ecommerce website in the past or are looking to get involved with your first website, now is the time to get your foot in the door. Indeed, from 2010 to 2013, total U.S. retail ecommerce sales increased from $167.3 billion to $263.3 billion. Last year, that number jumped up to $304.1 billion, and trends suggest 2015 will top off somewhere around $347.3 billion. For perspective, total estimated retail sales in the U.S. came in around $3.19 trillion for 2014. That means ecommerce sales made up approximately 9.5 percent of total U.S. sales — and that share is expected to grow.
1. Don’t rush the launch.
One of the biggest mistakes unsuccessful online retailers make is forcing or rushing the launch of a website. You only get one shot at launching your website and you can’t mess this up. While it’s okay to purchase your domain name and throw up some sort of “Coming Soon” page, you should avoid the big reveal until you’ve laid some substantial ground work (SEO, content marketing, social media, paid advertising, etc.).
2. Put the focus on the user.
It’s no secret that the biggest shortcoming of ecommerce businesses is the inability to let their customers touch, feel, smell, and see (firsthand) products before making a decision. While there’s currently no solution for solving this problem, you can compensate for this deficiency in other areas of the business. Some of the best tips include offering appropriate pricing, giving free shipping and making the checkout process easy with simplified shopping carts.
3. Test absolutely everything.
Before, during and after you launch any ecommerce site, you should invest in testing and analytics. Think like the customer and figure out what’s working, what’s not, and the why behind those answers. Here’s a look at some of the best A/B testing tools.
4. Work closely with social.
Any business that fails to make the most out of social media when launching & promoting their ecommerce site is destined for failure. Social media is one of the highest sources of referral traffic for ecommerce websites, & helps to solidify a brand’s image. Utilize social media to announce the launch of a new product line, service, or offer.
5. Incorporate social elements.
Going along with the previous tip, it’s a great idea to include social elements on your ecommerce sites. Things like product reviews and testimonials follow buttons and even social login options all help the conversion funnel.
6. Go mobile.
Bill Siwicki of Internet Retailer references Goldman Sachs, saying, “Tablets will play an increasingly important role as worldwide consumer spending via mobile jumps from $204 billion in 2014 to $626 billion in 2018…” If you aren’t building ecommerce businesses with mobile in mind, you may be irrelevant in three to five years.
7. Stay on top of SEO.
As the ecommerce economy experiences rapid growth, more and more businesses will be entering this increasingly crowded space. That means it will be more important than ever to stay on top of SEO in order to stand out from the competition. Connecting with a skilled cannabis SEO agency is crucial for long term success as an online retailer.
8. Collect information.
Unless you plan on launching a single site and stepping away (most entrepreneurs are tempted to keep trying), it’s critical that you collect customer information and build databases to aid future launches.
9. Continue evolving.
Finally, never stop evolving. Technology, trends and customer tastes will change, and so must you if you want to succeed in such a variable market.
With these nine tips, you can be well on your way to becoming a successful ecommerce-based cbd retailer.
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