What is a Cannabis Marketplace?
A cannabis marketplace is a third party marketplace that carries multiple product lines from different dispensaries. They’re hubs like Amazon or Etsy where all different brands sell on the same website.
Cannabis marketplaces are very popular places for people to buy products from. Unless a consumer has a favorite dispensary, they’re likely to buy off of a marketplace.
But because of the ways these websites are designed, your dispensary has no way to stand out! The only way to bring in customers as a brand on a cannabis marketplace is to lower your prices since you have no brand loyalty to rely on.
And on top of this, you’re already paying the third party marketplace to list on it in the first place. Likewise, online marketplaces often charge a transaction fee or a commission.
Although the ease of cannabis marketplaces may appeal to you, it’ll soon become clear that having your own website is truly the only way to go. If you want to build a name for yourself in the cannais world, websites are a valuable asset.
Advantages and Disadvantages of Selling on a Cannabis Marketplace
The main advantage of selling on a cannabis marketplace is that your products have the potential to reach more consumers without you putting any effort into search engine optimization.
But you’ll have to pay top dollar for this exposure. And it’s not the best exposure in the world in the first place.
When you sell on a cannabis marketplace, you have no control over your online menu- it’ll be the same cookie-cutter menu as everybody else. This gives you no opportunity to stand out with branding or specialization.
You also won’t get your hands on any helpful analytics, leaving you in the dark. Imagine trying to sell relevant products without knowing anything about your consumers! Unfortunately that’s the harsh reality of trying to run a business with no data transparency.
And even if someone ends up on the marketplace to buy one of your products, you’re also ushering in an opportunity for them to peruse competition. You will always be in direct competition with other dispensaries on a cannabis marketplace with no way to stand out beyond lowering prices.
Benefits of Operating Your Own Dispensary Website
Operating your own dispensary website gives you the opportunity to develop a brand, customize your website, and target the audience you want to reach. It’s the perfect e commerce solution.
Along those same lines, you’ll be able to have customer data ownership when you’re operating your own dispensary website. This helps you curate your products, create relevant deals and offers, and further develop your brand based on the people you’re serving.
Perhaps most importantly, operating your own dispensary website is the only way for you to build asset online. Having your own website adds incredible value to your brand and it’s nearly impossible to survive as a dispensary without one.
You may find that at first you have no traffic to your website. That’s why developing website SEO authority is vital to building equity and bringing in new customers. Website solutions are the way to go!
Branding and Customization
When you’re using a cannabis marketplace, you have no control over how you present your products and hence no ability to brand yourself.
With your own website you can add all the flair (or lack thereof!) that you desire. A website is the perfect place to really niche down on your brand image and show off your brand’s personality.
You’ll also have control over the customization of your website, including user experience. And let’s be honest, there’s nothing better than a well-designed website.
Customer Reach and Targeting
With your own dispensary website, you can truly hone in on your target audience with SEO practices, newsletters, copy, sales, and more.
Even your branding (which is nonexistent on marketplaces) can really attract your target audience if properly executed.
Investing in amazing SEO practices is the best way to target and reach your customers.
Long-Term Implications for Building a Brand and Customer Loyalty on Your Dispensary Website
You don’t want to be selling on a marketplace with no control over your branding or consumer data, and you especially don’t want to do it forever.
Everyone has their go-to dispensary, and you want to be that dispensary! That’s just not in the cards on a marketplace.
The truth is, it’s time to get your own website.
