The onset of the coronavirus pandemic had a big impact on the consumption of Cannabidiol – CBD, globally. In both emerging and mature markets CBD consumers reported an increase in their consumption. The covid-19 scenario has unleashed disruption universally and the nascent CBD industry is not an exception.
The Good and Bad News
At the base level, there is good news and bad news. The demand for CBD oil and other products is still steady; in fact, the pandemic has paved the way for more consumers to join the CBD club as a means for alleviating social isolation. On the other hand, the supply network has been severely impacted. This means an increase in costs and chances of low-grade or first copy products dominating the market. This generally worsens the customer experience.
Alteration in Customer Approach
Another important thing to be noted in the customer approach is foot walks to authorized outlets and pharmacies went down and most of the orders were placed and delivered online. Covid-19 has changed the way consumers research and buy CBD oils and other products.
COVID-19 and CBD
Prior to the covid-19 outbreak, people were not aware of CBD grades and the ingredients used in its products, For instance, a majority of people didn’t know the difference between THC, CBD, CBA, CBDA, and the benefits they could offer. During the COVID -19 onset, a majority of the CBD users purchased products online, and their search to know the options available made a dramatic shift in knowing more about the available products in the market. This also gave the opportunity for the companies to focus on CBD education that laid a foundation to create awareness and market their unique products.
Another factor that came to the limelight was since there was an economic slowdown, it changed the way consumers buy. They started looking for the most cost-effective ways to get products. They moved away from high-end or luxury products and started to buy quality CBD products in bulk to make sure that they don’t run out of stock and benefit the most from the available offers that match their budgets. In case if there is a prolonged lockdown or an economic downturn, economic buying would become the new consumption pattern in the future.
Change in Reasons to Buy CBD
The COVID-19 outbreak has also changed the reasons why people buy CBD oils and products. Before the outbreak, a majority of the population spent on CBD, mostly for health reasons like anxiety, pain, and inflammation. Post lockdown there was a difference in the reasons, pain and depression started to top the charts. The effects that people were looking in from CBD products also had an enormous change. Prior to the outbreak, the top three effects people looked in for were arousal, giggly and euphoric. Post lockdown the percentage of people seeking arousal and euphoria went up tagged along with another new effect that topped the chart, “relaxed”. Truly the pandemic had created restlessness in the people’s minds, and they were looking for ways to relax and calm down with the help of the CBD as a mode of distraction or suppression.
Future of CBD
Right from its discovery in the 1940s CBD was known for its relaxing properties. Since the world today has reconsidered many things like the new normal policies, shifts in lifestyle, and work culture, new normalcy has triggered restlessness subconsciously in peoples minds and the importance and use of natural and organic supplements like CBD have become a part of people’s life. Brands have started to recognize this and have started to give the right information about the right effects so that people can benefit from it and use this opportunity to increase the sales of CBD oils and other products.
Post-COVID -19 the gradual shift in the online mode of CBD purchase has been a very good turning point for CBD users and brands. Only genuine companies were able to withstand the knowledgeable demands from the huge volume of customers. Once the buyer gets a good customer experience online they stick to this mode for a longer period and brands can build audience relationships by catering according to their individual needs.
We have shared a few genuine online brands that can ease up your CBD purchases henceforth. Links to CBD websites or products can be attached here.