The cannabis industry is one of the fastest-growing industries in the country, with as many as 243,700 Americans employed in the legal cannabis industry as of early 2020. It’s a relatively young industry with a large amount of sellers and the number is sure to increase as more states legalize cannabis. However, that’s not the only way the legal cannabis industry differs from most ‘traditional’ industries. Cannabis holds the distinction of one of the few products on state shelves that is federally prohibited.
Still, medical cannabis has plenty of health benefits, ranging from relieving chronic pain and regulating and preventing diabetes to regulating seizures and alleviating anxiety. But how do you choose a high quality, effective product in an unevenly regulated market filled with thousands upon thousands of products? Marketplaces like Amazon found out the answer long ago: verified product reviews.
For novices buying legal cannabis, the best you can do is listen to your local budtender and through trial and error, find what works best for you. But not everyone has or wants to spend time having informed discussions with a budtender, especially as more and more dispensaries take their sales online. What consumers want and need is a failsafe way to ensure the products they intend to buy actually work, and Amazon provided that.
The e-commerce giant has long integrated customer reviews into its sales process, with customers being encouraged to review the products they purchase. This allows new customers to get a truthful, unbiased look at someone else’s experience with the product. Social proof, our tendency to reflect on the actions of others before we make a similar choice, is crucial to the shopping experience. The catch is that you can’t have big brands or ads endorsing your product, it has to be the people.
Integrating verified product reviews into online cannabis markets is one of the best ways to build consumer trust. Although some legacy platforms have product reviews, the fact that they aren’t verified makes them virtually worthless. Anyone can write such a review, from the seller themselves to competition who aren’t afraid to play dirty. When there are barely any established brands to trust and loads of sellers are pushing their products, people will believe word of mouth best. Verified product reviews from customers who have already purchased and used the product in question are the social proof both consumers and sellers of cannabis products need.
It would be interesting to learn how established companies like VIVO Cannabis Inc. (TSX.V: VIVO) (OTCQX: VVCIF) have handled this issue to giving customers access to authentic feedback from previous product buyers.
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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