The 21st century has been a milestone age for several forms and types of technological advancements from blockchain and cryptocurrency to green technologies.
And like the crypto sector, the cannabis industry has grown tremendously. In fact, the parallels between these two industries are quite striking. Both have seen rapid growth but also faced many regulatory hurdles in the process.
And, with such furtherance, e-commerce has introduced its existence quite well. Back when the current e-commerce giants, Amazon and eBay launched their platforms, people were skeptical to check them out.
Still, two decades into the century, several factors have steered in favor of the e-commerce sector. Moreover, this has allowed businesses of all sorts to launch their platforms, making visitors and viewers engage and shop with them.
More people are now shopping online instead of visiting nearby stores to make a purchase. However, when it comes to going through an e-commerce transition for a specific sector/market, it is not as straightforward as it may seem.
For instance, both the cryptocurrency and cannabis sector have experienced a significant amount of backlash and challenges, limiting their growth to an online marketplace. Since leading social media platforms like Instagram, Facebook, and Google have imposed several advertising restrictions, it has only added to some companies’ lack of growth.
But, thanks to cryptocurrency adoption growing and with the Farm Bill’s introduction in 2018, the situation has become quite accessible for both crypto and cannabis-operating organizations like marijuana seed bank US who are willing to transform their dispensaries and retail operations into e-commerce stores and blogger services help them Get Cannabis SEO Backlinks.
As already mentioned, the Farm Bill has made it a lot easier for companies that were hesitant at first to get into the online space. At first, they would not invest in partaking because of stringent laws surrounding the cannabis trade.
Nonetheless, post-legalization, many have come forward to commercialize and advertise cannabis along with several other types of cannabis products. Even cryptocurrencies specifically designed for the cannabis industry have sprung forward.
With brick-and-mortar retailers being as popular as they initially were in all the legal regions, e-commerce platforms’ introduction has projected a staggering increase in projected sales.
As per Ameri Research, the global marijuana market was estimated to be close to USD 14.3 Billion in 2016. But, by 2024, the sales number through e-commerce platforms can reach USD 63.5 Billion. The crypto market cap has also substantially risen to break a staggering USD 1 Trillion.
Primary Benefits of e-Commerce Technology
If you seem to get encouraged by such figures and don’t know some of the primary benefits of e-commerce technology, here is a rundown.
1. Customer Interaction
Old school ways of marketing and customer relationship management are still very much in practice. However, people generally think that online customer interactions suffer significantly. Many would argue such a fact, but this isn’t true. The availability of modern-day tools can assist crypto and cannabis-centric organization with consumer satisfaction and flawless communication. Let’s take, for instance, on social media platforms like Facebook and Instagram; you have the liberty to run various product campaigns simultaneously. You can build weekly or monthly plans incorporating a content-driven approach. This will educate the viewers and allow them to trust the product before making a purchase.
Once the product has gained traction, insert the shop now button to redirect a potential target to the businesses’ e-commerce site. Successfully luring potential customers to the site can turn around the conversion rate and increase sales figures. If you want to opt for a more personalized approach, provide your customers with a feedback form. The point here is to be specific and consistent throughout converting viewers into customers/clients, driving the traffic, and retrieving feedback forms.
2. Ease of Access
In recent years, traditional methods of shopping have experienced a significant blow. Furthermore, not many people are stepping out to buy cannabis products from nearby dispensaries with the never-ending pandemic crisis. However, for any organization to survive and thrive, a base of returning consumers is vital.
Since Google and other social media giants have their paid advertising campaigns banned for cannabis companies, e-commerce can prove to be considerable. In the end, a manufacturer requires a reliable supply chain in the form of an e-commerce platform for cannabis products to market them.
3. Increased Scalability
If you were not aware, brick and mortar retailers could impose limitations on your businesses’ scalability. Having a broad and unconventional vision to grow a specific industry requires out-of-the-box thinking and tools. Consequently, owning a dispensary or cannabis retail store won’t do justice to your idea of expanding outside the local demographics.
In such a situation, you can be sharp-witted and tie-up with local delivery vendors. Collaborating your e-commerce orders with such vendors can quickly multiply the numbers and allow you to serve on a global level. Alternatively, if you are a producer or manufacturer of seeds and other cannabis products, enlist them on your website and sell to dispensaries and retailers in bulk.
The past year has witnessed a significant shift in both the crypto and cannabis market, with many companies finding it difficult to thrive and survive. The parallels between the two industries can’t be ignored.
However, you can still expand your business’s reachability and scalability by developing an online store on an e-commerce platform.
Since the lockdown has enabled people to stay indoors, this might serve you as an ideal opportunity to promote your business, educate potential viewers, and increase the figures through e-commerce technology.