The retail segment is full of different case scenarios where a certain consumer group takes center stage and sets the trend for future patterns. From the millennial revolution of late, to the previous patriarchal command over retail behavior, the market has never been short of anomalies.
The latest anomaly in the retail segment has been caused by the matriarchal command of women over the retail buying process.
We continue to a shift in women not only being a home-maker, but also a provider, decision maker, and the new millennial terminology Boss Babe.
One market that is sure to see some heightened female interest is the one for hemp and marijuana.
Boss Babes dictate what they want and go for it. It’s a new movement of women to empower one another, support each other, share ideas/products/services, and be their own boss.
Considering the rising power of women in retail decision making, there are indeed no limitations to the extent to which they can exercise this influence. One market that is sure to see some heightened female interest is the one for hemp and marijuana. Women leaders are now rising in the world of Cannabis and shaping the industry as we experience relief from the therapeutic effects of it. There are dedicated professional organizations like Women Grow and multiple marijuana and hemp derived product companies tailored to females such as Kush Queen, Cannabis Feminist, and Sisters of the Valley, just to name a few that are pioneering the market. These women focused organizations and companies in the Cannabis industry are inclusive, supportive, and inspiring as they connect through the healing properties of the plant.
Research conducted during recent years has found that hemp and marijuana derived cannibinoids (such as THC and CBD) and terpinoids are the source of numerous medicinal benefits. The effectiveness in this area has been noted down by pharmaceutical companies as they look to exploit these plant derived chemical compounds found in the marijuana and hemp plant to provide relief for anxiety, inflammation and diseases such as cancer, multiple sclerosis, epilepsy, Alzheimer’s, and PTSD.
What this means is that in order to generate buzz and massive sales, the hemp and marijuana market will need to attract the attention of women in the retail buying process.
What this means is that in order to generate buzz and massive sales, the hemp and marijuana market will need to attract the attention of women in the retail buying process. There will soon will come a time where the matriarchal influence would outnumber the opposing gender due to the high buying power to spread word-of-mouth through the elite inclusive community of W.O.M.E.N. (Word Of Mouth Experts & Networkers).
Women as Consumer Leaders
Now, we’re making claims on solid grounds here. Women’s rise to power as leaders and consumers has developed during the past decade or so, and if stats are anything to go by, women aren’t going anywhere anytime soon.
A few statistics and features that validate our claim of women being in control of today’s retail market, and just to highlight the reasons behind our rise are:
Women influence more than 80 percent of all purchases in automotive, 65 percent in apparel, 45 percent in consumer electronics and 80 percent in healthcare.
Executives across the globe have realized the growing female influence and have started catering to this imperative need in the market. Women need products that cater to them specifically. Even inherently ‘male’ product categories such as insurance, electronics and finance are being shaped by executives to match the needs of women. The rise in influence is not just because women now have the money, but because they also have the veto power.
Women pay a lot of attention to detail while buying products. Attention to detail is something not many men can boast of, which is why they are ready to hand over the reins of control to women.
Currently 50 percent of women feel that marketers are not doing a good job when reaching out to them. This could be because most of the corporate managers making the decisions are males. If the business setting of today had a gender, it would be male. But, if the consumer economy had a gender, it would be female. Realize the difference?
These Boss Babes support one another and promote businesses to each other through strong relationships and word-of-mouth.
Understanding the Rise
For women, the element of success not only comes from the women empowering movement of self-sufficient Boss Babes, but it also comes from a deep concern and care about people in their life, the community, and to defy the stigma to become the rising thought leaders of the generation. These Boss Babes support one another and promote businesses to each other through strong relationships and word-of-mouth.
This is exactly why women are breaking grounds in the market because they’re not only making the right purchases for themselves, but are also doing so for the people around them.
These Boss Babes not only became a huge factor in the buying process, but also in the selling market: there are now women referral exchanges to trade, support, and market services and products amongst each other. This is exactly why women are breaking grounds in the market because they’re not only making the right purchases for themselves, but are also doing so for the people around them. From electronics to healthcare, women are now in charge; if hemp and marijuana is to be marketed successfully, Chief Marketing Officers need to be aware of this sharp increase in the influence we have built.
Ꙉ We are W.O.M.E.N. (Word Of Mouth Experts & Networkers) Exchange.
ABOUT THE AUTHOR: Joyce Lee is a graduate from the University of California, Irvine with experience in financial and operational planning, forecasting, budgeting, analytics, project management, and ERP implementation. Her last experience was with the global consulting firm, Deloitte Consulting LLP, where she was involved as the lead project finance contact in one of the largest SAP S4 HANA ERP implementation projects in the world. After a successful project go-live, she delved deep into the start-up world and is now wearing multiple hats at Kaizen Equity Partners, Inc. in order to support the growth, funding, and stewardship of breakthrough companies in the green industry.