Cannabis sales are expected to hit nearly $100 billion by 2026, and your customers are drawn to the personalization, convenience, and variety that eCommerce offers. Technological innovation is offering new solutions to sell cannabis online. You can use advanced Point of Sale (POS) systems to sell CBD online.
While cannabis ecommerce could present a barrier for acceptance or buy-in, consumers are embracing these new trends in cannabis sales development. With the latest, integrated ecommerce platforms, you should see increased revenue, with fast and reliable service. The unprecedented conditions over the last few years have prepared your customers to accept more individual online cannabis buying experiences.
Cannabis eCommerce simply means that you’ve listed your complete inventory of dispensary products and services online in your online store portal. It could be presented securely via your mobile app, public marketplace, and/or website depending on your needs, what your customers expect, and your current level of technology.
While it’s possible to sell cannabis online, you will face challenges with other areas of your eCommerce retail sales. Even though CBD has now been legalized in states across the US, you still face federal restrictions regarding shipping options via UPS, FedEx, and USPS. Your customers can still pick-up their orders from your dispensary or arrange delivery via a courier to a location where it’s legally allowed.
In the states where CBD and marijuana are legal for purchase, your customers can place an order, but the payment may need to be processed in-person whether at the time of pick-up or delivery to your customer’s home. Your options for ordering and payment processing will vary depending on where you’re located, which ecommerce platform you’re using, and relevant banking restrictions.
The shift to ecommerce platforms is relatively recent, since sales were mostly cash-based due to challenges in dealing with payment processing and banking. As the cannabis industry is gaining momentum and popularity, it’s now easier and more feasible for dispensaries to access credit cards and other financing options. New legislation has been introduced and is being passed, which allows marijuana businesses to use banks.
Even when you’ve done all the legwork to make sure you’re complying with the regulations for your state and city, you still face challenges with order placement. You need to streamline the CBD eCommerce experience, but you must also confirm vital details about your customers’ age and identity as part of your order processing.
Even though ID verification is required for delivery, the extra steps and privacy concerns can present challenges to that streamlined and expedited process that you and your customers would prefer. The complexity of the process is part of the reason you may still prefer a cash-on-delivery (COD) or cash pick-up model, even when other online payment processing options are available.
Cannabis business loans mean you can take advantage of unique opportunities to sell CBD online. At Canna Business Financing, we’re the premier choice for helping you get the funding you need. It’s a great way to give you more flexibility with your cannabis ecommerce business.
We’ve already supported hundreds of start-ups and well-established businesses, as the preferred financing solution. Contact us today to find out more about the funding options that are right for you. We’ll work with you to make sure you understand the process. You can get pre-approved within 48 hours, so get started today.
Posted by Canna Business TeamFacebook
In an industry that is constantly evolving, Canna Business Financing provides business owners with a reliable source to gather the most up-to-date information. From resources to fund the growth of your business to insights on best practices to scale, look no further!