As a market matures, any market, several things happen. Products become more reliable and known, increasing brand loyalty. Dispensaries start offering these known brands because they want to maintain customer trust and loyalty.
However, now that a consumer can go to any number of stores and find their favorite brand, how do you retain their business? Looking at consumer data from 2022 vs. 2023 gives a glimpse into the evolution of consumer purchasing behavior in a maturing market
As more states legalize cannabis access for adult use or medical purposes, more of the population sources cannabis from legal stores. Even in maturing markets, consumers are making the transition from unregulated to regulated sources. In 2022, 58% of cannabis consumers said they primarily obtained cannabis from regulated sources. That climbed to 69% in 2023.
Being able to target the right consumer with the right messaging is the key to bringing them into YOUR shop to buy their favorite brand vs. your competitor. When consumers are willing to go into an unfamiliar place to take advantage of deals and have more confidence in their ability to choose the right product, retaining their loyalty becomes more nuanced and difficult.
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