Getting in the Weeds of Expanding All Kinds of Businesses

There are very few industries that are growing as fast as the cannabis industry, which saw about $20 billion in sales in 2020, and that number is expected to double in the next five years. With that much potential profit and opportunity available, getting into the cannabis game is something that a lot of folks are starting to jump into. But as with any other industry, there is more to it than just the product itself. Manufacturing, distribution, expansion and regulation all play a role.

Liz Wald has experience in all of these areas, and she is putting them to use as the Chief Strategy and Digital Officer for Good Earth Organics. Liz has a long and impressive history in the digital world, having gotten her start at places like AOL, Etsy, and Indiegogo. 

On this episode of Up Next in Commerce, she guides us through all of it, including the trials and tribulations of turning an ecommerce marketplace such as Etsy into an international player and what other companies can learn from that journey. Plus, she talks about building partnerships, expanding into new markets, and how all of that will happen in the cannabis space. Enjoy this episode. And as a special treat, from 6/23/21 - 7/7/21, enjoy 20% at checkout on Good Organics orders by entering the code UPNEXT20.

Main Takeaways:

• International Interests: Companies, especially ecommerce companies, can sometimes think they are ready for international expansion before they actually are. In order to not get in over their heads, companies or marketplaces that want to expand internationally should start with countries similar to the one they already operate in — they speak the same language, use similar payment methods, and have common standards and practices. Once expansion there is successful, they can continue to seek other opportunities abroad.
• Partner Up: Sometimes the best way to reach potential customers in a new market is to partner with companies that already have those customers’ business. In the case of Good Organics, reaching new customers in Oklahoma or New York means forging partnerships with distributors of other goods and services that target customers need, and bringing the conversation into that space rather than trying to reach them elsewhere.
• Work Smarter, Not Harder: There is nothing wrong with riding the coattails of a big industry boom. If you can position yourself as ancillary or as an offshoot to the main product or goods that people are rushing to purchase, then you have just as good of an opportunity to be successful, and you don’t have to compete with the big guys who are dominating the game in the main space.

For an in-depth look at this episode, check out the full transcript below. Quotes have been edited for clarity and length.

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