Wholesale vape has undergone an interesting development in the past few months. While flavor bans are still in place in several states, some states have managed to push back against regulation and temporarily block the flavor bans. What does this mean for vape retailers and vape shops? Like any other industry, the wholesale vape industry is still an unpredictable environment that changes day by day. However, there is still a positive outlook regarding wholesale vape. We sat down with eJuices.co Chief Marketing Officer Michael, who will share his thoughts on the current state of vape.
With many states pushing back against the flavor bans, do you foresee a sort of "bull" market for wholesale vape, at least temporarily?
While it’s difficult to accurately predict the future favorability of any market, my best advice here would be to get educated, develop a contingency plan, act and take action instead of just reacting. There is a lot of misinformation being pushed out by mainstream media sources. It’s inevitable that either the federal government, the states, or both, will enact some sort of legislation and taxation against vape products. This should be viewed as a step in the right direction instead of the contrary. Retail vape shops have enjoyed more than a decade of prosperity mostly absent of significant regulations or taxes.
While nobody knows for sure what the ultimate outcome will be, there is no reason to believe that this prosperity will not continue to be enjoyed. My personal belief is that people who vape will want to continue to vape. So, in addition to doing whatever you (the store owner) can do, you should encourage your customers to take action and fight to preserve our rights to use viable alternatives to combustible cigarettes. Until something changes, I suggest you continue to satisfy the demand for vape products that you have built up in your location(s) and continue to speak out, be vocal and fight the good fight.
Some vape stores are beginning to carry CBD products. Would it be a wise move to prominently feature these products ahead of vape products until conditions in the market change?
While there is certainly some crossover of vape users and CBD users, I would suggest that each shop gather their own intel and conduct their own tests. Vapable CBD products, for example, seems like a natural adjacency to vapable nicotine products. Retailers may be able to capitalize on offering a wider selection of CBD products like tinctures or gummies that might draw in a new/different audience.
Whether a shop chooses to diversify into CBD products or other products, the most important aspect of success is driving awareness of having this inventory available and driving foot traffic through their doors. Including a banner or sign in a window, changing the store name, advertising locally (like direct mail coupons or grocery store receipts), sending out emails to store subscribers, marketing on Yelp are some of the more effective ways to accomplish this.
What advice do you have for vape shops and retailers?
- Drive more awareness and foot traffic—test a variety of sources and methods to help acquire new customers. Also, creating a refer-a-friend program is a helpful and cost-effective way to drive traffic.
- Educate yourself/your staff—customers want to be informed and educated. Take the time to understand all of the products you carry and how each one can satisfy your customers’ needs.
- Utilize loyalty programs—if you don’t currently have one, get one or make one. If you do, leverage the features they have to help drive more sales.
- Understand your customers/market as best you can and collect information from your customers. How old are they? How far away do they live? What are their vape preferences (flavor profile, device type, brand, etc.)? Then, tailor your inventory and promotions to match that information.
- Communicate your gratitude—let customers know that you appreciate their business. Ask them if there is anything else you can do to make their experience with you and your shop(s) better.
Do you own a vape shop or sell vape products? If you have any further questions, comments, or concerns, you can always contact your eJuices.co sales representative or account manager.