The wellness industry is one of trends. It’s not unusual to see the flavour of the year fade into obscurity the next.
But CBD’s strong yearly growth is proof that it’s no passing fad. In 2019, the Centre for Medicinal Cannabis (CMC) predicted the industry would be worth £526 million by 2021. Last May, that value rose to £690 million. CBD is now worth more than Vitamin B and C combined.
However, the UK’s thriving market is not without its issues. Uncertainties still remain surrounding Novel Foods certification. Products with sketchy formulations continue to pervade high street shops, making it more difficult for consumers to truly buy into CBD.
If retailers want to get anywhere in this lucrative yet challenging landscape, partnering with a trustworthy supplier is integral. But how do you know when you’ve found one?
They Offer Total Transparency
When people purchase a product, there’s an implicit exchange of trust. Customers believe that labels on the packaging are telling the truth when they say that a supplement is wholly organic, or is gluten-free.
Sadly, there remains a duplicitous haze around a majority of CBD products sold in high street shops. A recent study by CMC has discovered that as many as 62 percent of products do not contain the amount of CBD as advertised. THC, whose levels in any formula should be so low as to be undetectable, was also found in some samples.
Non-compliance puts everyone at risk, from the manufacturer to the customer. Good suppliers are willing to talk about the product in-depth and provide any certifications and test results as requested.
They Carry A Wide Range Of Products
The CBD industry is home to a wide spectrum of products. The cannabinoid comes in oils, vape juices, extracts and concentrates, food and drink, and skincare and cosmetic products.
A good wholesale supplier will carry a versatile selection of brands and items, allowing you to select according to your budget. If you’re a retailer with an already established line of products, a diverse spread will let you buy CBD products in your niche.
Deep catalogues also make expanding your business easier. You won’t have to go through the entire gamut of vetting partners again. Ordering and syncing inventory levels is less complex when the data is only coming from one source.
People Say Good Things
Reviews and ratings are as useful for B2B as it is for B2C customers. They can tell retailers a lot about how suppliers conduct their business. Locating reviews from other resellers can be trickier, but quality suppliers–especially the larger ones–will make those available and accessible, anyway.
Some of the indicators of service quality you’ll want to feel for while you’re reading through ratings: How fast do they respond? How professional and effective is their after-sales support team? How swiftly can they fill an order, and how do they deal with backorders?
A Seamless Ordering Process
In the CBD market, competition is tight. Your success can very well depend on how quickly you can get your product onto shelves. CBD is still a relatively new market, so many consumers aren’t locked into a brand – yet. You’ll need to keep stock available if you want to stay top of mind for curious consumers. Any delays can easily send them to a competitor, of which there are plenty.
To sustain sales, you’ll need to keep your order processing smooth and efficient. A big part of that process is the reliability of your supplier. How quickly can they dispatch your order after payment? Do products arrive within the promised delivery window? When they do arrive, are the orders complete?
There’s also the process itself of placing an order. Your supplier’s catalogue should be easy to navigate. A responsive and intuitive website is an indication of the type of system that will be handling your orders.
They Know Their Inventory Management
As a drop shipping retailer, product quality is only one of the metrics you need to keep an eye on. Efficient inventory management is integral for preventing stockouts and making sure your customers can find what they want when they need it. Businesses lose more revenue to inaccurate inventories than to theft.
Databases have to be clean, accurate, and kept in sync – a trickier task when there are two separate systems at play. Working with a supplier with a keen understanding of inventory management will help you better match supply with demand. Some have systems that can integrate with your ecommerce platform, simplifying product and stocking updates by automatically uploading data.
They Help You Sell White Label Items
Creating a product from scratch is difficult, even more so when the product is gated by strict regulations, like CBD. It takes years of research, testing, and jumping through legal hoops before a CBD product is ready to go to market.
Whitelabel products are an interested retailer’s inside track to the lucrative CBD space. It gives them the freedom to establish their own brand and build a loyal following while skipping the lengthy development phase.
Competent wholesalers offer whitelabel options and help you get it to your customers. These people know how to market CBD, from how to package products down to which platforms to advertise on. A good supplier is one who is willing to use that expertise as a CBD hub to get your product out there.
The Clear Policies For Returns
In the business of selling products, there will always be bad orders. Items get damaged during transit. Some arrive faulty from the factory. It’s impossible to eliminate these defects completely, so the next best thing is to work with a supplier who makes returns easy.
Finding these suppliers can be challenging. Many businesses have a complicated process in place for returns. You’ll want to avoid that, as you don’t want your money to get tied down in bad stock and refunds.
You’ll want your chosen supplier to have a clear, fair, and fast process for returning faulty or damaged goods. There may also be times when you mistakenly order the wrong product, or an extra case of it. You’ll want a wholesaler who accounts for these events and gives you the option to return undamaged goods.
The UK’s local CBD market is currently the second largest in the world. Naturally, where the money goes, business follows. Small and large brands alike remain eager to jump in.
Amidst this frenetic climate, a strong supplier is a must. As the largest and most trusted CBD wholesalers in the UK, JM Wholesale is equipped to help you enter and succeed in this space, whether you’re a standard stocked retailer, dropshipper or looking to start your own whitelabel line of products.
To find out more about CBD, or to purchase from the UK's leading CBD distributer, visit the JM wholesale website.