Building an omnichannel vape business today is a necessity for success.
The global market for vapor products isn’t just expanding, it’s exploding. With both online and brick-and-mortar operations experiencing tremendous growth, the global vapor products market size was valued at $7.19 billion in 2016.
It’s expected to grow past $47 billion by 2025, according to a study by Grand View Research, Inc.
That’s an impressive compound annual growth rate of over 23%. An industry with such a formidable growth rate is demanding the attention of investors and entrepreneurs worldwide.
Whether you’re a new or established vape business, you need inventory and warehouse management software to expedite your growth, especially before peak season.
This post will detail the explosion of the vape industry. Learn how retailers can utilize inventory and warehouse management software to build a successful omnichannel vape business before peak season.
Rise of the Omnichannel Vape Business
Since major tobacco companies maintain a large amount of control over the global market, many have ventured into the vaping sector with new and innovative vaping products.
And they’ve got brand names consumers are familiar with.
There is also a market of small and mid-size companies developing new vapor products, as well as many established companies investing in new product innovation.
Rising concerns regarding conventional cigarettes among various age groups is boosting the demand for vaping products.
According to the WHO, around 7 million people die due to tobacco smoking annually, about 890,000 of these people die due to passive smoking.
This less damaging substitute for smoking offers a wide variety of flavors and experiences. It creates consistently increasing sales numbers in the e-cigarette market over time.
Paired with the growing popularity of vaping, the industry will continue to expand at a rapid pace.
Edge Out Your Competitors
Despite the relatively low barriers for entry into the online industry, there are several things you need to keep in mind when it comes to bringing your vaping business online.
Regardless of the eCommerce solutions you choose to offer your product on, the importance of an efficient inventory system is critical to your success.
If your company is unable to keep up with growth and provide accurate and on-time delivery to your customers, you’ll quickly fall behind your competitors.
While omnichannel selling is integral to help your company succeed, it’s not without its challenges. If your company is based around a brick-and-mortar retail experience, transitioning to an online shop can be challenging.
Likewise, if you’re an online vendor trying to break into the brick-and-mortar market, this transition can also prove difficult.
SkuVault partners with other solutions to create a software stack built to grow your vape business, like eCommerce platforms and shipping platforms.
Vapor businesses can beat the competition during peak season utilizing quantity syncs between sales platforms. With quantity syncs, sales across each platform are synced simultaneously to reduce oversells or out of stocks.
This inventory management feature is essential to create an omnichannel vape business.
Investing in an Inventory Management System Matters
If you’ve ever owned a small business, chances are you’ve reached a point in your journey where sales begin to stagnate.
Automating your inventory and reducing manual practices is a great solution to spur faster growth. If you want to edge out the competition, a high-quality inventory management system is a critical investment.
When you’re selling products across multiple platforms, SkuVault gives you a real-time snapshot of which products are selling best and which aren’t on each platform.
With a streamlined inventory process, SkuVault ensures the right products will be selected to fill orders from your warehouse.
It also maintains your product inventory at highly accurate rates by utilizing Quality Control. QC processes cut out situations involving out of stocks and undeliverable items. Out of stocks are simply unacceptable during the high demand of peak season.
The last thing you want is for someone to anticipate your peak season sale and have their card ready at checkout, only to see the item is actually out of stock.
An airtight quality control process and quantity syncs (as mentioned earlier) eliminate this from happening. Vape retailers need their quantities listed accurately during peak season more than ever.
Many vape retailers choose to implement SkuVault’s Kits and Assembled Products feature. This is a highly profitable and efficient option if you sell vape accessories as bundles and want to expand your product range to customers.
Kits and Assembled Products allow retailers to create bigger product variations and complete Purchase Orders faster.
In an industry with huge growth, fixing problems before it’s too late is a vital element to success.
SkuVault allows vape business owners to purchase efficiently and maximize profits with clear insight before peak season.
Are you ready to build an omnichannel vape business? Learn how the average SkuVault vaping industry customer experienced 147% growth last year, averaging out to 1.3 million dollars in revenue.