Trending Now

The Impact of Automation and AI on Supply Chain Efficiency:…

New Articles

Fortifying the Supply Chain Against Seasonal Challenges: 7 Scenarios

seasonal tier
Archives, Global Logistics, Global Trade Daily, Trade Cycle

Fortifying the Supply Chain Against Seasonal Challenges: 7 Scenarios

Leave a comment

As the seasons change, so do the risks businesses face. That’s true of any industry, but these seasonal challenges can be even more impactful in a sector as complex and interconnected as the supply chain.

Resilience is key to success in an increasingly competitive industry. Supply chains must anticipate and prepare for shifting seasonal obstacles to become as resilient as possible. With that in mind, here are seven common seasonal scenarios supply chains should plan for.

1.  Demand Shifts

One of the most consistent seasonal challenges supply chains face is shifting demand. For many logistics companies, like UPS, peak season lies between November and January, while others are busier in the summer. Regardless of when it occurs, supply chains face uneven demand throughout the year, which can be disruptive.

Failure to adapt to these shifts quickly or accurately can result in shortages, delays or surpluses. The solution to this challenge is to promote more transparency throughout the supply chain and its partners. Logistics companies must communicate quickly and thoroughly with their clients and vice versa to reveal demand shifts as they occur.

Data analytics can help predict future seasonal demand shifts based on historical trends. Supply chains can utilize Internet of Things (IoT) sensors to gather this data and predictive analytics algorithms to analyze it and stay on top of these changes.

2.  Extreme Temperatures

Another seasonal challenge supply chains must account for is extreme temperatures in the winter and summer. Heat and cold add urgency to operations by endangering sensitive shipments and raising maintenance concerns.

Since most trailers aren’t temperature-controlled, extreme cold and heat could damage products if they take too long to ship. Logistics companies can mitigate this risk by prioritizing time-sensitive shipments like these and employing climate-controlled trailers. IoT trackers can help monitor product health to inform any needed route changes, which is especially helpful in food supply chains.

Supply chain organizations must also ensure all vehicles meet high maintenance standards as temperatures shift. Extreme heat and cold take a toll on trucks, so businesses may have to schedule upkeep more often to prevent breakdowns.

3. High Rainfall and Flooding

Supply chains may have to deal with high rainfall in some areas during spring and summer. This can make road transportation risky, limiting drivers’ visibility and reducing trucks’ grip on the road. It can also lead to flooding in extreme cases, further delaying shipments and damaging goods.

Logistics companies must ensure they train drivers on how to be safe in the rain. Telematics systems can help monitor speed and behavior to enforce driving policies. Supply chain managers can also incorporate weather analytics into their route planning to help drivers avoid heavy rain if possible.

Supply chains with locations near coasts, lakes or rivers should assess their flooding risk. Facilities in high-risk areas should install early warning systems and flood barriers.

4. Winter Storms

Winter storms bring snow and ice, and these conditions can also threaten supply chains. Ice will expand inside cracks in the road, creating potholes and making roads slippery, and snow may limit air travel.

Like with many weather conditions, winter storm preparedness starts with monitoring. Supply chains that see a storm approaching should develop a contingency plan if one route becomes inaccessible. Companies may need to ship items from a different warehouse as roads and airports shut down.

Communication is also essential. Every point along the logistics network should communicate with others about developing road conditions and incoming storms. That allows supply chains to respond faster to inclement weather.

5. Increased Traffic

Some seasonal challenges have more to do with behavior trends than weather threats. Increasing traffic in the warmer months can be an obstacle since 71.6% of all freight in the U.S. travels by truck. Ground shipments will likely take longer to reach their destination, and vehicles may face more hazards from other drivers.

Most traffic peaks occur in warmer months, with August consistently featuring the most miles traveled and July falling close behind. Supply chain organizations should prepare for increased transit in these months and give themselves more time for road shipments than usual. Adjusting shipment methods to prefer shorter routes can also help.

A significant portion of addressing traffic delays is managing clients’ expectations. Logistics providers may not be able to deliver on quick shipment times, so they shouldn’t promise them during peak months.

6. Fluctuating Workforces

The supply chain industry faces a fluctuating workforce throughout the year. Some months may be more challenging to find workers than others, making expansion or adjusting to meet seasonal demands more difficult.

The number of young people looking for work increases dramatically between April and July as schools and colleges let out. These may be the best times of year for supply chains to hire new workers, but they may struggle to acquire them in the fall by comparison. Understanding the context behind these shifts can inform more effective hiring decisions.

Seasonal availability may increase in the summer, but if supply chains want permanent workers, they should favor new college graduates. Hiring in the summer will give companies a broader pool of applicants to choose from, making it easier to expand.

7. Shifting Maintenance Needs

Equipment maintenance needs will also shift between seasons. Proactive maintenance is essential any time of year, but different components will wear at varying speeds depending on the weather. Understanding these uneven repair needs can help companies plan more effective maintenance schedules.

For example, dirt, insects and other contaminants may accumulate in truck engines faster during the summer. Consequently, logistics companies may have to schedule oil and filter changes more frequently in the warmer months. Similarly, since vehicle batteries consume twice as much power to start in the cold, battery checks may have to be more frequent in the winter.

Supply chain organizations should review these repair needs to create maintenance schedules that vary between seasons. Using IoT devices to enable predictive maintenance, which alerts workers to repair concerns in real-time, may be even more effective. That way, companies can address issues as they become a concern but before they become a bigger problem.

Create a Supply Chain for all Seasons

Changing weather and shifting human behavior can challenge supply chains if they don’t prepare for it. However, if logistics companies understand how their obstacles change throughout the year, they can become as resilient as possible.

These seven scenarios are not the only seasonal challenges supply chains may face, but they are common threats. Businesses that prepare to mitigate these obstacles ahead of time can maintain peak efficiency regardless of the season.

brand
Archives, Commentary, Global Trade Daily, Special Reports

How to Build an Unforgettable eCommerce Brand That Stands Out In the Crowd

Leave a comment

There has never been a more difficult moment to compete in the eCommerce sector. Products may go viral overnight, new brands can infiltrate and take on competitive industries, and the change in allegiances between corporations is a minor problem for buyers.

Online purchasing has simplified the lives of many people. Not only can you get items delivered to your house, but you also have access to a vast array of products. We are no longer restricted to the product variety accessible in our neighborhood stores. As fantastic as it is to have all of these alternatives, it complicates the process of owning an eCommerce shop. Every day, the market becomes more saturated.

Therefore, how can you attract attention to your eCommerce store and make it stand out from the competition?

What is an eCommerce brand?

Your eCommerce brand is more than simply a logo, brand name, and clever tagline; it is also how people perceive and speak about your business and its personality. It is the impression made on individuals by an eCommerce company they have dealt with, directly or indirectly. It is a business’s distinct, one-of-a-kind personality, the first thing that springs to mind when consumers hear your business’s name.

Here are some suggestions.

Complete customer understanding

The first and most critical step toward making your clients fall in love with your brand is understanding and appreciating its origins. That implies you must also understand precisely to whom you are marketing your products.

When determining your audience, exercise extreme caution. A diverse population utilizes many products. However, the majority of them may be narrowed down to a “Primary” or “Secondary” audience, and so on.

While a game can appeal to players of all ages, the brand must determine and focus on its primary demographic. You must make your brand appealing to folks who are most interested in a product like yours.

Use social media and video content to get them through visuals. First, you must determine which closely defined client profile or persona spends the most and purchases the most in the product area you compete with. A broad approach will not communicate to anyone in the audience that it is for them.

Provide leading-edge products – conduct research and sell a superior product!

There is no surer approach to attract customers than to provide the best or most intriguing goods. Conduct research to ensure that your product is distinct from others existing on the market. What are the most popular interests similar to yours? Why are they superior?

Consider positioning your product as an upgrade to theirs; incorporate newer technology or stay current on industry trends. Being on the cutting edge entails being one step ahead of the competition. Therefore, make sure to conduct industry studies, identify trends, and develop an innovative product to differentiate yourself.

Strong  personality

Memorable brands always have a personality. You consider them and identify the elements and attributes that make them stand out in customers’ thoughts. From Apple’s sleek, fashionable, and creative design to Coca-Cola’s cheerful personality to Mercedes’ elegant, expensive, and wealthy image, all of these factors contribute significantly to businesses standing out and being remembered by consumers.

Attributing personality features to your brand may occur organically due to how clients perceive your brand, but you may also carve out the traits you desire. Through the design of your website, the graphics and material on it, and your advertising, you can establish a personality that will entice clients and help you stand out.

Customers will recognize you based on your characteristics. Online brand development is a continual process that educates clients about what you have to offer, what you stand for, and how you can help them improve their lives. Customers are satisfied not just with your goods but also with you because brand identity fosters favorable emotions. And that includes product packaging; YES According to studies, most buyers are drawn to the cute packaging, which is much better if custom-produced. Numerous organizations, such as RXD,  now offer an infinite number of services for custom brand packaging.

Provide an unforgettable customer service experience

In today’s marketing landscape, experience is undoubtedly the most crucial differentiating feature. Customers from all around are searching for a firm that can deliver a fantastic easy experience – not the lowest pricing or the most creative items.

There are numerous ways to provide an excellent experience on your eCommerce store, from optimizing the checkout process to developing a great website. While the website you construct has an essential impact on how your clients feel about your company, don’t ignore the importance of creating a dedicated, efficient service team.

Conclusion

Developing a long-term eCommerce brand is a skill that will pay off well in the future. This is critical for every eCommerce firm that wishes to differentiate itself from the pack and separate the best from the rest. By maintaining consistent brand identity across all aspects of your business, from your domain name and social media presence to influencers and customer service, your business may develop into a long-lasting brand that many will remember for years to come.

electronics
Archives, Global Trade Daily, News

Consumer Electronics Market Revenue to Hit $1500 Bn by 2027

Leave a comment

Consumer electronics market size is estimated to exceed USD 1.5 trillion by 2027, according to a new report by Global Market Insights, Inc. Amid the tremendous shifts in the technological domain, consumer electronics companies across the globe are focusing on introducing new and attractive features to the widely used devices like smartphones, laptops, computers, cameras, televisions, speakers, etc. It has become more important than ever for the companies operating in the consumer electronics market to seek new ways to innovate their products to reach a large consumer base.

The industry has embraced disruptive technologies such as the Internet of Things, artificial intelligence, and machine learning which in turn is impelling the application of consumer electronics. In addition to this, the proliferation of wireless technologies such as Near Field Communication (NFC), Bluetooth, and Wi-Fi is further supporting product adoption, subsequently leading to industrial growth.

Following pivotal trends:

Innovative product launches by market players

Manufacturers active in the consumer electronics industry are mainly focusing on product innovations in order to gain a competitive edge which itself is paving way for enormous growth opportunities for the market. Quoting an instance, in 2021, Canon revealed its plans to roll out the XF505 video camera later in 2021. According to the company, this camera will be equipped with a variety of features including an integrated zoom lens with 15x zoom, one-inch image sensors, and intelligent battery system BP-A batteries.

The growing popularity of audio and video equipment

With the emergence of multimedia and incorporation of various smart technologies, audio and video equipment such as televisions, digital cameras, speakers, players, remote controls, headsets, etc., are gaining massive traction across the globe. Speaking of television, its technology landscape has enormously transformed in recent years with the advent of smart TVs. These TVs are generally equipped with a wide range of exciting features like browsing the web and social media, online streaming, smartphone connectivity, motion control, voice control, games, and applications. Growing consumer preference for such devices coupled with increased spending capacity is impelling their demand to a great extent.

Increasing demand for household appliances

Significant growth in the residential sector globally, in conjunction with increasing disposable incomes, has strongly influenced the demand for small household appliances such as microwave ovens and mixers. Other kitchen appliances such as dishwashers and smart coffee makers are also witnessing a mounting demand on account of changing lifestyles in urban areas. According to the U.S. Census Bureau, exports of household and kitchen appliances in the U.S. increased to USD 603 million in May from USD 602.44 million in April 2021.

A strong presence of major technology companies in North America

The outlook of the consumer electronics industry in North America has been bolstered by the heightened demand for smart household appliances and mainly by the strong presence of major technology companies like Google, Apple, Amazon, and General Electric. These companies are involved in rigorous R&D and are making hefty investments for the same. To illustrate, credible sources have reported that tech giant Apple Inc is working on a new product line that combines Apple TV set-top box and a HomePod speaker as well as a camera for video conferencing. This product is expected to be one of the most powerful smart home devices by the company.

Source: Global Market Insights, Inc

e-commerce
Archives, Global Logistics, Global Trade Daily

How has E-Commerce Adapted During the COVID-19 Outbreak?

Leave a comment

The pandemic had a massive impact on the retail industry. People were driven to the safety of their homes, which was an opportunity that e-commerce did not miss. E-commerce adapted during the COVID-19 outbreak with ease, in such a way that had never been seen before.

E-commerce growth was documented even before the COVID-19 outbreak

Over the past ten years, e-commerce sales have grown from 13% to 18% approximately every year. The consistency is simply astonishing. The difference from offline sales is substantial because retail stores haven’t increased their sales by more than 4% for more than 16 years now.

2020 was the most successful year for e-commerce

Because most retail stores and shops all over the world closed because of the COVID-19 pandemic, people needed a different shopping channel. E-commerce proved to be a safe way to purchase food and other necessities. With that said, it is not strange that the increase in online sales for the last year went up by a whopping 32.4%! Overall, e-commerce shops achieved sales in the value of over $270 billion! By some predictions, that level of increase in online sales would have happened around 2022 or later if it hadn’t been for the pandemic to speed up the process. Offline sales also had an increase of 6.9%.

How e-commerce grew by product category

E-commerce adapted during the COVID-19 outbreak at a fast pace. Let’s see what product categories had the highest jump in sales.

Food and groceries online sales

By far, food and groceries were sold the most via online channels. The jump in online sales was over 100%. In fact, around 17% of people in the United States had their first online shopping experience last year. The need for social distancing and a mandatory curfew in countries worldwide made people stay at home. So, the only way of acquiring groceries was through an online delivery system.

Toy sales jumped through the roof

It is not strange to say that toy sales jumped through the roof in the last year. Stuck in their homes for most of the day, people craved a little bit of fun and excitement. Video games and puzzles were the most sold items, closely followed by musical instruments. The increase in sales was by over 63% since 2019. The overall profit of toy stores was somewhere around $1 billion, which is a jump of 500% in online sales from the previous year. It is even more amazing to say that online sales of toys and games jumped by 1000% in the first two months of the pandemic.

People still need physical activity

Gyms all over the world suffered a defeat thanks to the COVID-19 outbreak. However, the European gym and fitness equipment market increased online sales of home fitness goods, and the same thing happened in the United States. It is good to know that people still need to exercise, even if prevented from going out.

Before the lockdown, sporting goods retailers had a steady jump in sales by +45% over the past few years. The most sold items were bicycles and rollerblades.

However, when the gyms shut, the online sales of gym equipment for homes increased by over 100%. What is impressive is that stores that didn’t previously sell online, nor did curbside pickup delivery, launched these channels in less than 48 hours.

The COVID-19 pandemic was the right time for house remodeling projects

When the pandemic started, there was a noticeable increase in people moving to the suburbs. Living in a less populated area sounded like an excellent way to stay protected and follow social distancing rules. As a result, suburban housing and furniture sales propelled the American reconstituted wood product market.

Furthermore, people used the opportunity to make massive home improvements and start remodeling projects they were postponing for months or years. Also, the online sales of home improvement products substantially increased by 52% thanks to the people moving into their new homes.

Nonessential items also had an increase in sales

Nonessential items belong to those categories that didn’t have a direct connection with the shift in the shoppers’ habits caused by the COVID-19 pandemic. These include car parts, clothes, jewelry, flowers, and similar categories. However, even those online sales jumped by more than 30% since the last year. The growth increase was a bit slower than the essential markets, which is not that strange.

E-commerce adapted during the COVID-19 outbreak, but what comes after?

It is true; e-commerce adapted during the COVID-19 outbreak at a fantastic speed. However, what can we expect in the years to come? Without a doubt, this trend of using online sales will continue even after the pandemic is over. Nevertheless, the retail industry should not be concerned for the time being. Even with this spike in online sales, most purchases, in fact, over 80%, still happened in stores. The majority of people are slowly getting used to the benefits of online shopping. We are all creatures of habits, and habits die hard. It does not come as a surprise that the benefit of staying at home while shopping is growing closer to our hearts with every passing day.

____________________________________________________________________

Kayla Jenkins is a passionate blogger and writer for Best Movers NYC, with a degree in economics and marketing. Encouraged by the recent fluctuations in the retail industry, she now focuses on exploring the effects of the pandemic on the future of online and offline sales.

customer
Archives, Global Logistics, Global Trade Daily

6 Reasons Why Customer Service is Important in Business

Leave a comment

Improving your customer service snowballs into a host of benefits. From more satisfied clients to recommendations and better feedback, any brand flourishes after boosting its communication with the consumers.

If you’re a startup, you might need to cut costs somewhere. As a result, you end up not developing a reliable representative team. Perhaps you’ve been running your shop for a long time without paying too much attention to this aspect. It’s time for your approach to change.

Customer Service in 2021

Consumers now have an endless list of options at their disposal for any product or service. A bad experience leads to negative reviews, which anybody can see online and decide to go elsewhere.

Customer support can help. It comes in all shapes and sizes to mix and match per the company’s requirements. In turn, it can improve the various fields related to the way you run the business.

Self-Serve

You don’t need representatives to resolve all simple issues related to your services. So, publish a comprehensive FAQ section and sets of guides for the most common concerns. It’ll do half of the work for you.

Live Chat

An instant chatbox on your website provides instant solutions and prevents more significant issues from spreading like a forest fire. If you don’t have enough reps to match your website traffic, incorporate an instant chatbot for quick, automated responses.

Social Media

The majority of your target demographic is likely on social media. So, why let bad reviews simmer when you can take charge and respond, displaying transparency in the process?

Email

Many people might send queries to the official email address or use other email tools if their questions seem too complex for a quick chat. Have a rep monitor your account and answer salient issues quickly and politely.

Phone

Although it seems old-fashioned, phone support is still essential to businesses. Plus, the tech developments of the 21st century make it easier to bring your call center service to the future by introducing omnichannel routing, automation, or even AI.

Let’s see what kind of benefits introducing a mixture of these channels brings to your company.

1. Client Retention

Your rep team acts as a direct line of communication with your customers. They’re in charge of disclosing your mission and values and maintaining a positive brand image.

Think about it. If a person was satisfied during the first experience they had with you, and you keep displaying positivity, transparency, and high-quality, why would they switch brands?

Moreover, many consumers stay loyal to brands because of amicable, pleasant representatives. Even if you made a significant shift in the business model, a friendly rep can explain this new approach’s benefits, reassuring and retaining the customer.

2. Client Acquisition

Customer acquisition costs skyrocket when you don’t invest in a high-quality helpline. Today, most people will read company and product reviews before reaching out to a business.

On the other hand, one negative review can lead to doubts and mistrust, reducing the number of people who go for your brand. If there are a dozen, rarely will anybody decide that you’re worth their time and money.

Reputation management is vital to customer acquisition. It’s much easier to maintain by reacting to queries quickly and proactively than to do damage control after the fact.

3. Issue Identification

One of the primary responsibilities of any company is satisfying the buyers. You can considerably improve whatever you’re putting on the market by hearing out actual user’s suggestions.

While there’s merit to focus groups and analytics that examine potential customers’ needs, it’s sometimes even better and more valuable to listen to what your current clients are saying.

Collect, store, and regularly review all feedback your business receives through your support channels. If any issue comes up multiple times, fix it as soon as possible. Anything from the user interface to the packaging and product features can improve by listening to the primary consumers.

4. Increased Profitability

People are much more likely to continue purchasing your products after an initial positive experience with the brand. These small interactions are a deciding factor in whether they continue working with you.

Plus, surveys show that many are ready to pay more for a product attached to a positive customer experience. On the flip side, even a single negative experience can leave a lasting impression.

You can’t ignore these statistics, especially since other brands won’t. In the era where more companies are starting to invest in their support systems, any business that doesn’t follow suit is only to crash and burn.

5. Dispute Prevention

If you falter at any stage while providing a service, your customers might require their money back or a new product to replace a faulty one. Making dispute resolution as frictionless as possible reduces the potential for inflammatory statements or even legal trouble.

Make the issues easy to solve, and they’re much less likely to leave an angry review and harm your reputation. The online age makes convenience central to any client-centered business.

6. A Loyalty Boost

There are countless companies in every industry imaginable, making brand loyalty an essential but challenging goal to achieve. Repeat shoppers are more profitable and provide free marketing for your business.

However, customers will stay loyal only if you give them a good reason to do so. After all, there are plenty of options, so why should they stick to one that doesn’t provide value?

Proactively dealing with clients is pivotal for achieving loyalty. The company also seems much more human and trustworthy if it has friendly, genuine people ready to respond to feedback at the forefront.

Clients know that their purchase is your profit, but showing them that you see them as more than a number in a statistic through genuine desire to help incentivizes them to stay true to you.

The Bottom Line

Overall, as long as you’re aware that customer service stands as the backbone of any business involving communication, you’re on the right path. This aspect of your business operations makes the brand thrive in the long-run, and the costs effectively pay for themselves.

So, make that foundation robust. You’ll soon see new shoppers come in, positive testimonials pop up, and feedback improve your company structure. It’s worth the effort.

___________________________________________________________

Anna likes writing from her university years. When she graduated from the Interpreters Department, she realized that translation was not so interesting, as writing was. She trains her skills now working as a freelance writer on different topics. Always she does her best in the posts and articles.

hemp
Archives, Global Logistics, Global Trade Daily

Plant-Based vs. Synthetic Ingredients in Consumer Products: Why You Should Add Hemp to Your Ingredient List

Leave a comment

For the past 50 years or so, industries across the globe have rushed to synthesize everything as a matter of convenience. Synthetics allow manufactures to mass-produce products to meet rising consumer demand, which exploded after World War II. But as the 20th century ended, consumers began to question the wisdom of that choice and grew concerned about the potential health and environmental impacts of synthetics.

Today, consumer trends show a desire to return to natural products, to connect with the planet, and to buy and use items that contain ingredients people can understand. Manufacturers around the globe have started to take notice, and they have rushed to ditch synthetics and catch up with the plant-based revolution.

Are Cannabinoids the Missing Secret Ingredient?

The problems for companies trying to meet consumers’ demands for natural products are often complex. For example, it’s a challenge to find effective plant-based alternatives to many of the synthetic ingredients in products. However, one potentially overlooked natural ingredient is on the rise — hemp.

For the past 50 years, the growth and use of the cannabis plant in all its forms has been illegal in the United States and many other countries. The legality of the plant is the key reason it has never been integrated into many consumer products.

In the time since the Hemp Farming Act of 2018 passed and legalized the cultivation, study, and use of hemp in the U.S., we’ve learned a lot about the potential applications of the different cannabinoids (i.e., compounds) present in the hemp plant. Because hemp has so many compounds, it has diverse potential applications. For example, some of the phytochemicals naturally present in hemp (e.g., terpenes and phytocannabinoids) can effectively replace some of the synthetic ingredients in household products.

Now that many of the legal restrictions have been lifted in the U.S., Canada, and other countries, industries across the globe finally have access to hemp sources that can be used as natural ingredients in their products.

Imagine disinfectant wipes that are not only as effective as traditional wipes but also made entirely of plant-based ingredients instead of harsh synthetic chemicals. Toothpaste could naturally fight harmful bacteria that cause disease and other oral health concerns without any synthetic chemicals that have harmful side effects. The possibilities of plant-based ingredients are endless, and it’s time manufacturers fully embrace them.

Using Cannabinoids for Plant-Based Products

In the consumer products industry, a growing number of companies are using hemp extracts with cannabinoids, such as cannabidiol (CBD). Yet even with the legal freedom to use these ingredients, manufacturers still face significant challenges in switching out synthetic substances for hemp extracts and other plant-based ingredients.

First, they need to choose the right hemp extracts for their products and make sure their customers understand and can track those ingredients. Manufacturers also need to know the implications of including certain types of hemp extracts in products sold in countries with varying cannabis laws. With the following tips, manufacturers can use high-quality hemp extracts to enhance the natural content and appeal of their products:

1. Brush up on the laws in any country where you operate.

The growth and use of hemp extracts with CBD and other cannabinoids are largely legal in North America, which is a hub of international trade for any market. But the specific laws that govern its use —particularly in oral and topical health products — are mostly localized.

Laws governing the use of hemp extracts in these products may differ across states in the U.S., and those same laws can vary significantly from legislation in Canada. As a result, you’ll need to pay close attention to both local and federal laws wherever your customers reside.

2. Research the right extracts, and test repeatedly.

Because hemp has such a wide variety of compounds, you should learn how the different types of extracts can apply to your products. Plenty of research has gone into the cannabinoids of tetrahydrocannabinol (THC) and CBD, but there are more than 100 other phytocannabinoids in the hemp plant.

Research and test multiple variations repeatedly to discover what works best with your consumer products. With natural, synthetic-free ingredients, you’ll also have to test different methods to perfect your new formulas.

3. Conduct studies to prove the enhancement of your products.

As more outside studies add weight to the benefits of plant-based products — including those with hemp extract and its phytoconstituents — there are plenty of opportunities to conduct your own scientific research to prove your product’s performance.

The best way to do this is through well-designed clinical and consumer insight studies. Research that highlights a product’s day-to-day benefits (such as a natural alternative for a cleaning product or a plant-based body balm to massage into tired or tense muscles) provides the most appealing data to consumers.

4. Understand any marketing challenges.

After nailing down the specific hemp extracts you want to use and then testing your products, revisit the specific regulations in the different states, provinces, and countries that make up your customer base. When it comes to marketing plant-based products that contain hemp extracts, the rules can be tricky.

In Canada, for instance, you’re not allowed to promote brands that use hemp with CBD, and these products are only sold through licensed online or brick-and-mortar distributors. There are various places you can market hemp brands and products in the U.S., however, but you need to avoid making any disease-related claims that would render your product an unapproved drug.

While these might seem like tough challenges to overcome — how are you supposed to showcase your product if you can’t market it? — consumers will put effort into finding brands focused on providing natural, synthetic-free consumer products.

Choosing to go plant-based not only frees your products of potentially harmful synthetics, but it also gives you a much broader customer base. The rush to create “fake,” synthetic products is over. We have now entered the plant-based revolution.

____________________________________________________________

Photo: Michael Cammarata at the New York Stock Exchange.

Michael Cammarata is the president and CEO of Neptune Wellness Solutions, an innovative wellness company offering high-quality, environmentally friendly, natural alternative products. Michael is also the co-founder and former CEO of Schmidt’s Naturals, one of the world’s fastest-growing wellness brands and a Unilever acquisition. He is on a personal mission to invest in and scale companies globally that will make sustainable innovation and modern wellness solutions accessible to the world.