Selling CBD Online: A Quick Guide
The hemp compound CBD receives a lot of attention in today’s market. CBD oil and other wellness products containing CBD have rising popularity in consumers looking for natural health remedies. If you want to tap into this emerging market, you need to do your research. This guide will give you an overview of the online CBD industry and how you can make a profit in it.
An Overview of the CBD Industry
According to the Hemp Business Journal, the CBD market will reach a value of $2.5 billion by 2022. Online CBD businesses sell a variety of products, including infused food, edibles, concentrates and oils. Since legal CBD products come from hemp and have insignificant amounts of THC, customers across the country appreciate its health benefits. Joining the CBD industry means becoming part of a new wave in the American market.
What Are the Laws Surrounding Online CBD Sales?
Near the end of 2018, hemp-derived CBD became a federally legal product under the 2018 Farm Bill. Businesses may sell CBD from hemp plants that contain 0.3% or less THC, the psychoactive component of marijuana. Since hemp-derived CBD has legal status under federal law, you may sell it online across states. However, we recommend reading the law in detail before finalizing any sales.
The Benefits of Selling CBD Products Online
You may consider selling CBD online instead of in retail for advantages such as:
- More affordable set-up: Setting up an online store involves building and paying for an online presence, which both cost less than getting a physical storefront.
- Lower operational costs: Website fees and the other expenses associated with eCommerce tend to have a lower price than those required for a storefront.
- Larger audience: An online store empowers you to sell products to customers across the United States, giving you a large marketing audience.
Thanks to eCommerce technology, you have an accessible option for selling CBD.
How to Sell CBD on the Internet
Beginning your online CBD business involves the following steps:
- Register your business and web presence: Complete the necessary forms to become a business under federal and state law. Then, establish a website or selling platform account.
- Choose a supplier: Look for a reputable CBD supplier to become your partner. Remember to research their pricing, sourcing, and extraction processes.
- Set up your inventory management software: Install a CBD inventory management solution like Finale Inventory to automate your operations.
With the right research and due diligence, you can start a profitable, reputable and legal CBD business online.
CBD Inventory Management Software From Finale Inventory
When dealing with the cannabis, CBD and dispensary industry, it is important to closely monitor your inventory in order to avoid major fines, revocation of your license or arrest. Finale offers one of the best solutions for CBD & Dispensary inventory management. Our cloud-based integrated WMS system gives your business the necessary tools needed to meet your regularly enforced inventory audits.
- Preventing Stock Outs: Prevent costly stock-outs by setting reordering thresholds. Or, save time with Finale’s dynamic reordering features to handle the numbers for you. Finale can calculate reordering points based on the product’s sales velocity to make smarter purchasing decisions for restock forecasting which also allows you to keep your carrying costs low.
- Lot Traceability: Track your CBD inventory by unique lot id or serial numbers, location, created date, or strains. Finale ensures clear traceability of your products and makes it easy to track lots from the time when you receive products into your inventory to the time you actually sell the particular product. Leverage the mobile barcode scanner to easily scan the lot id.
- Robust Compliance Reporting: Finale allows you to perform daily, monthly, and yearly inventory audits. Compare physical counts with inventory records. Consistently reconcile your cannabis inventory and run sales, accounting, stock, and variance reports to ensure there are no discrepancies.
- Integrations: We understand inventory tracking is useful for many aspects of your business. Finale offers numerous integrations with industry-leading marketplaces, shopping carts, POS, and shipping software to reduce the need for file transfers and manual processes.
- Barcode Scanning: Finale offers wireless barcode scanning capabilities to automate shipping, receiving, picking and packing. The application is available on Windows Mobile and Android OS handheld barcode scanners. You can also install the Finale Inventory barcode scanning application on an Android phone by downloading it from the Google Play store.
- Pick, Pack & Ship Solution: Our product’s pick, pack and ship functionality ensures that warehouse workers pick the correct items, leading to improved overall accuracy, efficiency, and accountability which increases customer satisfaction.
- Data Security: Rest assured, your cannabis inventory records and data are encrypted to and from the web browser. We have provisioned capacity across tiers significantly beyond what is required for normal operation. Our secure cloud based system can save you time and money while storing necessary records required by local governments.
Finale Inventory makes managing your store’s CBD inventory management simple. Coordinate customer orders, selling platforms, reordering points and more through our easy-to-use solution. When you count on Finale Inventory, you can organize your products in one space that updates across your online stores. With a customer representative helping you set up your software to suit your needs, you can lead your CBD business to success.
Discover a Personalized CBD Selling Inventory Software
To find out what Finale Inventory can do for your business, try our free 14-day trial today.