How Big Data Is Bringing the CBD Gummies Market Forward

When you have a rapidly growing industry, it isn’t always easy to determine the top brands. After all, there are hundreds of options. In reality, there are probably dozens of reasonable options. However, finding the best CBD gummies, for example, takes a lot of time and effort on your part.

You know that there is an enormous amount of information about CBD gummies out there. However, have you ever considered where this information comes from? Brands trying to branch out into the market must also navigate an enormous trove of data. While consumers try to find the best brands, CBD sellers must continue to find ways to remain competitive.

Successful brands do this through the use of big data and AI.

What Is Big Data?

We assume you already have a fair idea of what Artificial Intelligence (AI) is. Perhaps you are not as well acquainted with big data. It is a term used to describe data so large, complex, or fast that you can’t process it using traditional methods. The concept of big data took off in the 2000s. At this time, Doug Laney, an industry analyst, used ‘three Vs.’ to define big data:

  • Volume
  • Velocity
  • Variety

However, it is less about accumulating lots of data and more about what you can do with it.  Proper data analysis can help companies:

  • Detect fraudulent behavior before it impacts their brand
  • Determine the root causes of various issues and failures
  • Benefit from cost reductions
  • Better decision making
  • New product development

Data analytics can help any business, but how do CBD companies use it? Let’s find out.

Inventory Optimization

Picture the scene. A customer is looking for the best CBD gummies on the market. They hear of your stellar reputation and visit your website. They go through your CBD gummies and find precisely what they are looking for. However, they discover that your product is sold out, and it will take two weeks for it to be available on backorder.

Do you think the customer will come back, or will they buy CBD gummies elsewhere? It would help if you utilized analytics to gain knowledge about what your customer base wants. Through this process, you know what people are seeking and always remain in stock.

Better Marketing

It is tricky to market CBD gummies due to advertising laws. Remember, in the United States; it still isn’t federally legal. You can use data software to ensure you don’t break any advertising laws. You also use the information to find and educate prospects interested in your products.

At present, sellers of CBD gummies must get creative in terms of advertising. Big data has helped open a huge array of avenues because it lets you know an incredible amount of information about the target audience.

Improved Customer Service

The more you know about customers, the better the standard of service you can provide. AI provides real-time answers to customer queries 24/7. Of course, you could also outsource your customer service and have agents all over the world.

CBD brands can now track customer purchases and even know when a person buys your goods. The result is a truly customized experience via targeted email campaigns that outline special promotions. Let customers know how much you value them by offering discounts and competitions with cool prizes.

Reduce Costs

Growing the hemp or cannabis required for CBD isn’t easy. This is especially the case when trying to cultivate outdoors. Trying to guess the weather is almost impossible over the long-term. You can use AI technology to monitor weather as it happens and adjust the growing environment when necessary. This cuts down on energy usage, wastage, and overall cost.

Superior Quality Goods

You can use big data and AI to track seeds, strains, and their origins. You can select seeds based on where they were harvested and how they were grown. We are now at the stage where farmers can have a good idea of a plant’s chemical makeup before they even plant the seeds!

Sellers of CBD gummies can also provide third-party lab reports. This documentation helps improve reputation in an era of dubious companies. A study published in JAMA in 2017 revealed something troubling. It found that only 31% of the 84 products the researchers analyzed contained the CBD level claimed on the label.

Detailed lab reports enable companies to prove the CBD and THC content of what they sell. They can also show proof that there are no heavy metals, toxins, or other nasty things in the product. As a result, customers feel more comfortable that they are receiving high-quality products. It is best to avoid companies that don’t offer third-party lab reports. There is no way of telling what is inside their products.

Ultimately, big data and AI is changing the CBD industry. You can learn more about the best CBD gummies and other industry news on the official WayofLeaf website.

About the author: Nicole Richter is a California native who knows a thing or two about marijuana and hemp plants. She has always been extremely passionate about health and fitness. Initially, she began as a nutritionist but soon developed a love of cannabis and hemp. Nicole has studied cannabinoids, terpenes, flavonoids, and much more in great detail. Today, she works at WayofLeaf and believes the United States should follow California’s lead and fully legalize the herb for adult use.

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