CBD - Purchase Drivers & Factors
Some major (significant) factors currently influencing the purchase decisions of consumers seeking CBD based products include product form, potency, price, familiarity with the brand or company, and ease of access to a CBD product. Other factors influencing purchase decisions for CBD based products include recommendations from friends or family, as well as additional insights discussed below.
- One of the main factors that contribute to or determine the outcome of purchase decisions for CBD based products is its "product form." Product form is the most important factor considered by the most significant percentage (52%) of CBD consumers when deciding on CBD products.
- CBD comes in various forms such as oils and tinctures, vapes, edibles, topicals, gummies, among other products.
- The type of CBD product that CBD users are most likely to consider buying is gummies.
- Some seven among 10 product types of CBD products that users are "most likely to consider" purchasing includes edibles with baked goods (57%) as well as chocolate (45%)
- The second most important factor that contributes to or determines the outcome of purchase decisions for CBD based products is the "potency" of the product. The potency of a CBD product is considered by 41% of CBD consumers before purchasing it.
- Two CBD oil samples can both be in 30-milliliter bottles; However, one may contain 3,000 milligrams of CBD while the other may contain 6,000 milligrams of CBD. The stronger CBD oil will be the one with 6,000 milligrams of CBD in a 30-milliliter container, which is twice as strong when compared to the other. Consumers have to utilize twice as much of such a less potent oil to get the same dose.
- Whenever the stronger CBD oil gets consumed in lesser doses (since the consumed quantity of the more potent oil is less than the amount required of the weaker version), consumers save money by opting for the more potent bottle.
- The fourth most important factor that influences the purchase decisions of consumers seeking CBD based products is its price. The price of a CBD product ranks "as the fourth most common" attribute that gets considered when making a purchase decision.
- The product price of CBD products matters to consumers deciding on CBD products because the price of a CBD product helps consumers to determine its cost and assess "its comparative value in the market."
- The cost of CBD per milligram is what matters for consumers buying CBD oils.
Familiarity with the Brand or Company
- Familiarity with a company affects the decision of one in every three consumers (35%) when they decide on the CBD based product to purchase. About 35% of consumers are more likely to decide to buy CBD products from a company they are familiar with.
- Familiarity (knowledge acquired) about a CBD product is an essential factor in influencing the purchase decisions of consumers seeking CBD based products.
- Online knowledge acquired through personal research regarding a CBD product increases familiarity and affects the purchase decisions of about 43% of consumers of CBD based products.
- The key to selling more quantities of a CBD product is education (educating both consumers, dispensary associates, health store employees, and physicians). CBD brands that are investing by giving consumers the required information for intelligent purchase decisions via trusted sources will find success (influence consumers to buy and sell more) in the future.
- About 65% of CBD users prefer that well-known consumer product companies provide CBD products for them
Ease of Access to A CBD Product
- Accessibility plays a vital role by influencing the purchase decisions of consumers seeking CBD based products. Nearly half (43%) of current CBD users want to purchase CBD products that are easier to access.
- About 31% of users are more likely to purchase CBD-based (infused) products via a CBD brand website that they can access.
- About 31% of users are more likely to purchase from an accessible cannabis dispensary, 24% from an online retailer, and 21% from a natural health foods store. Close to one in every three consumers (32%) are more likely to be influenced to purchase from a grocery store or drugstore than a dispensary if they have the required access to a grocery store or drugstore.
Promotion Such as Product Recommendations from Friends or Family
- One of the major factors currently influencing the purchase decisions of consumers seeking CBD based products is related to the adverts/promotion they get relative to a CBD product. About half (47%) of CBD users reveal that dispensary associates are among the most trustworthy source of promotional information followed by friends & family (26%), and physicians (26%). Promotional information from health store employees affects the choice of CBD product to purchase in 23% of consumers, online content (23%), while user reviews affect the product purchase choice of 17%.
- The promotional source plays an important role in influencing the purchase decisions of consumers seeking CBD based products. These sources include friends or family (39%), promotion via health store employees (16%), and promotion or information via physicians (11%) and knowledge or promotional content delivered via a dispensary associate (27%)
- According to Cannabiz Media, "CBD derivation" is a significant/major (third most important) factor behind product form and potency currently influencing the purchase decisions of consumers seeking CBD based products.
- CBD has various sources of derivation, including female cannabis crops like hemp and marijuana. However, CBD is found "more abundantly in hemp than marijuana." CBD is also contained (derived) from the trichomes of the hemp plant that mostly have prevalent flowers.
The study investigates some factors currently influencing the purchase decisions of consumers seeking CBD based products. Cannabiz Media revealed several such factors. The study includes the advantages as well as definitions of the identified insights. Cannabiz Media operates a licensed database, which is the only verified source of leads used by the cannabis industry. The platform contains information relevant to over 56,000 licensed cannabis as well as 27,000 hemp product operators licensed across 42 states of the US. Cannabiz Media is a marketing & advertising company that has its headquarters in Guilford, Connecticut (USA). The study identifies significant (major) factors influencing the purchase decisions of consumers seeking CBD based products via the ranking of most influential factors by experts or the number of consumers impacted or influenced by a factor.