The past few months have been exceedingly difficult for all retail stores. With half the world under quarantine, footfall has fallen off a cliff. Rather, people have been choosing to purchase their products online, away from any risk of catching COVID-19. The trend of shopping going online has been accelerated incalculably due to the turn of events. All these are encouraging for firms such as Cannabox, who’s business is solely online. The past month has been the best month since Cannabox’s inception. Their numbers are looking impressive, with a 40% rise in month on month revenues.
Not only do they have their subscription box business, but integrated into the same website is their online retail shop named “The Stash”. Here you can purchase a variety of accessories, with the convenience of online shopping being that you can browse and purchase products at your leisure, not confined by opening hours. Cannabox have said that if it were not for their online presence, they would most likely be out of business.
This model was an unorthodox one, as many of Cannabox’s competitors have chosen to operate retail stores. The risk has clearly paid off for Cannabox; as their retail competitors struggle, with dwindling sales figures – Cannabox’s business is booming. The future also looks bright for them. As the age-old business saying goes, it costs 10 times more to gain a customer than keep one. Many of their new consumers will likely choose to stick with Cannabox due to the sheer convenience and ease that comes with the business model. It would not be surprising to see yet another bumper month in sales for the firm in May.