The world has exploded with CBD (Cannabidiol) and all the benefits associated with using it. According to the Harvard Medical School, CBD is the active ingredient derived from the hemp plant. Whilst it does not cause a high or addiction, it carries various well-being benefits, from managing pain to relieving insomnia. According to a report from the World Health Organisation, “CBD exhibits no effects indicative of any abuse or dependence potential… To date, there is no evidence of public health-related problems associated with the use of pure CBD.”
Customers are looking for CBD more than any other wellness product today – leaving behind acupuncture, meditation, veganism and other health-related trends. It has become the most researched wellness trend on Google. As consumers pivot towards natural wellness solutions, the demand for products has skyrocketed, with an increasing number of ecommerce brands offering CBD products like oils, tinctures, gummies, and topicals.
The CBD market in Europe: it’s a rush!
A report by ResearchAndMarkets estimates that the European CBD e-commerce market will grow at a CAGR of 18.8% between 2020 and 2027, reaching a value of €13.5 billion by 2027.
Another report by Prohibition Partners estimates that the European CBD market will be worth €8.3 billion by 2023, with the e-commerce channel accounting for a significant portion of the market.
Other than the benefits associated with CBD usage in humans, the pet market has also seen a tremendous uptake. Although the CBD pet market in Europe is still emerging, the estimates on the market size are impressive.
The Brightfield Group reports that the European CBD pet market will reach €125 million by 2023.
Prohibition Partners estimates that the European CBD pet market will be worth €1.7 billion by 2025, potentially growing to €7.8 billion by 2027.
These insights are enough to get tails wagging across Europe.
Top four CBD ecommerce trends
CBD Dispensaries
Dispensaries offer a highly personalised experience. By adding specific touchpoints to their ecommerce platforms, ecommerce operators offer pre-recorded videos, guides, blogs and reviews to help potential customers select the right product. Even AI has entered the fray to create a dispensary-like experience where customers share their concerns and receive product recommendations in return.
Product diversification
CBD ecommerce stores across Europe offer a diverse range of products to cater to the needs of their customers. These include traditional CBD products like oils, capsules, and topicals and more innovative products like CBD-infused cosmetics and beverages.
Sustainability
CBD e-commerce stores in Europe focus on sustainability by using eco-friendly packaging materials, sourcing CBD from sustainable farms, and supporting ethical and fair-trade practices.
Revolutionary applications and services
Popular ecommerce platforms are helping CBD retailers to take their businesses online. Platforms like Woocommerce and Prestashop offer thousands of templates and functionality options to help retailers get online fast. Powerful automation platforms, social media services, and versatile payment solutions help businesses start their CBD ecommerce journey at the drop of a hat.
Pick it up like it’s not hot
If you want to be part of the CBD revolution there are a couple of pointers to help you. Truevo has done a series of blog posts containing a world of information. Here are links to relevant posts:
Marketing Automation
If you automate tasks like email marketing and social media scheduling, you have more time to focus on offering personal service at touchpoints that convert window shoppers to buyers.
Social commerce
Have a look at these social commerce trends to help you decide on which social channels/trends to use, when and what for
Paid media platforms
In two blog posts, we discuss good, better, and best paid social media platforms for ecommerce. You can find them here, and here.
Platforms
We discuss the pros and cons of open source vs paid platforms.
Payment Partners
There is no point in having an online store if you can’t get paid. Fast!
Partner with Truevo to set your ecommerce CBD store alight. We offer effortless payment processing and make money flow so that your business grows. If you’re looking for simple, secure online processing that just works, let’s chat. We can’t wait to blow up the CBD market with you.
