If there’s anything certain about running a vape shop, it’s that it isn’t easy. If your city has more than one local vape shop, there’s intense competition between the shops – and even if there aren’t other vape shops in your town, you still have to compete with gas stations and convenience stores that sell vape gear. In addition, running a local vape shop also means that you have o stay on top of compliance laws that can often change with little notice
Related Post: How to Start a Vape Shop on a Tight Budget
Vape shops also have higher expenses than many other types of brick-and-mortar businesses because the costs associated with requirements like insurance and payment processing are often higher than average. While it’s true that selling vaping products can often be extremely profitable, the associated expenses – along with the need to keep your prices as competitive as possible – can often eat into those profits.
In short, you need to make sure that the products you sell are as profitable as they can possibly be because that can make the difference between a vape shop that thrives and one that merely gets by. If you’re not sure what the best products are for a local vape shop to stock, we’ve got you covered. These are the most profitable products for your vape shop to carry.
Unless you’re completely new to the vaping industry, you’re already aware of the extreme level of demand that disposable vapes enjoy. Across the United States, hundreds of thousands of people search for the most popular brands of disposable vapes each month – and it’s likely that disposable vapes have a similar level of demand in your city as well.
On the surface, disposable vapes might not seem like the most profitable vaping products because there might not be an enormous difference between your wholesale costs and the retail prices that your customers ultimately pay. If that’s the case, though, it means that you need to find a new seller of wholesale disposable vapes because you can almost certainly find more competitive rates elsewhere.
In addition, it’s important to remember that most disposable vapes only last a few days before they run out of e-liquid. Once a new customer begins buying disposable vapes from you, you can look forward to seeing that customer on a regular basis – and regular customers are some of the best customers your vape shop could ever have.
Thanks to a confluence of different factors, bottled e-liquid is always one of the most profitable products for any vape shop to carry. Vape juice is inexpensive to make, and the fact that there are many companies producing it means that the competition between manufacturers is quite intense. If you’re able to purchase wholesale vape juice in bulk, you’re likely to enjoy some extremely attractive wholesale pricing. That’ll give you plenty of breathing room in terms of the retail prices that you can charge. You should have little trouble setting prices that are competitive for your region but still have a healthy level of profit built in.
If you want e-liquid to be as profitable as it can be for your vape shop, it’s very useful to keep accurate sales records and to spend some time online reading about the latest trends. Sales records are important because it’s good to have a general idea of how many units of each flavor and nicotine strength you’ll sell during a given period. To the greatest extent possible, you want to minimize the amount of e-liquid that ends up being sold at a loss in your store’s clearance bin. You also want to avoid missing out on sales because you’re sold out of something that a customer wants to buy.
Keeping abreast of the latest trends in the vaping industry is also a good idea because the most popular e-liquid brands and flavors are constantly changing. If you already have a product in stock when people start coming into your vape shop and asking about it, you won’t miss out on any sales.
Do you carry all of the accessories for the products that you sell in your vape shop, or do you limit your offerings to replacement pods and coils? People don’t just need replacement pods and coils to keep their vaping devices running – they also need things like charging cables, silicone gaskets and glass enclosures. If someone drops their vaping device and breaks the tank, they can’t vape unless they fix the problem. In that case, that person has two options. They can buy a new tank – which can be pretty pricey – or they can buy a new enclosure for their existing tank.
When someone needs to fix a broken vape tank or other piece of vape gear – and your vape shop is the only place where they can get the required replacement part – you can charge almost any reasonable price for that part, and that person will pay it. Your vape shop may not sell a lot of replacement parts – but when you do sell them, those sales will be extremely profitable.
CBD and Other Cannabinoid Products
If your vape shop doesn’t already carry CBD and other new cannabinoid products such as Delta-8, now is a great time to consider it because the demand for those products is extremely high and growing rapidly. Since many of the most popular cannabinoid products are vaping products such as e-liquids, pre-filled cartridges and disposable vapes, they’re natural additions for any well-stocked vape shop. In fact, you could enjoy a significant first mover advantage if new cannabinoid products aren’t already available in your city. Within the next year or two, it’s entirely possible that the total size of the market for cannabinoid vaping products will be larger than the market for nicotine vaping products.
Carrying cannabinoid products in your vape shop will add to the compliance challenges that you already face because you need to know what’s legal in your state – and that can change with little notice. At the moment, though, new cannabinoids are federally legal as long as they’re derived from industrial hemp. That means they’re legal in most states as well. As the cannabinoid market continues to grow, the competition between manufacturers will only become more intense. That should help to ensure that you’ll have little trouble securing attractive wholesale pricing.