It’s fair to say that the vaping industry really is booming especially in the UK where vaping is positively approved by the government and health organisations. So, it’s no surprise if you’re looking to set up your own vape store and jump in on the action. With the industry continuing to grow there’s always room for more, but are there problems of oversaturation?
In some cities, it’s hard to not go more than 10 metres without seeing a vape shop. And let’s not forget that the pandemic has shaken the high street and retail as we know it – and not just retail but manufacturing has felt the burn of the pandemic. So, in 2022, is it still viable to open a vape shop and be profitable?
COVID’s effects on the high street
Many businesses are noticing that brick-and-mortar store traffic has decreased since 2020, and this is not limited to vape stores. Across the board, after the numerous lockdowns and worries of transmitting the virus, many stores have seen decreased footfall and unfortunately many have had to close due to this. However now, months after a very successful vaccine rollout some sort of normality seems to have returned and with it, shoppers have started to return to the high street.
Although it wouldn’t be pertinent to ignore the rise in online sales due to the pandemic. During COVID, online stores saw a massive boom in popularity and the new, convenient option that had become forced on people, has remained popular. But it’s not to say that brick-and-mortar stores are not viable anymore. On the contrary, there are many things a physical store can offer over online sites that are likely to have people walking in your store. And optimising for those reasons is certainly key to success.
The competitive market
The vaping market is probably one of the most competitive out there. Whether you’re looking to start your own brand or open your own retail store, there are undoubtedly many more like it, out there. Opening an online store is even worse due to the competition no longer being restricted to your area. Do you choose to open a shop in a city that already has ten vape shops, or a small village without a single one?
Launching into the vaping industry certainly has the potential to become a profitable one, but the road there could be long. And this industry often faces changes to regulations that could result in problems with products, stocking or selling. Yet navigating these issues are all part-and-parcel of the task of opening a business and turning profit. And the same can be said for those looking to create a new brand of E-Liquid to take to market. All it takes is finding what makes you or your product different and learning how to market it into something that creates profit.
How to start a vape store successfully
Here are some of the top ways that you can make sure that your vape store or brand take off successfully.
Complete market research
For your products and services to be well-received by consumers, you must know who your target consumers are and what it is they are looking for. Market research helps provide you with this essential information from your competitors and existing products. No one wants to launch a product that simply gets swept away by other similar ones. Finding your niche or targeting consumers’ un-fulfilled needs is key to success. Read more about the importance of market research.
Make things simpler & cost effective
Partner with an E-Liquid wholesale manufacturer such as Xyfil – we can provide high quality white label products to get on your shelves quicker, or OEM for tailor-made products. Not only this but you get access to our award-winning nicotine salts and high-quality ingredients. Our people become your people and our goal is to help you be the very best you can be. Don’t worry about having to source your materials, setting up a lab, testing and reporting of liquids, registering products for compliance – we sort it all for you. Whether it’s creating a new brand of looking for business insights, Xyfil are ready to help with over 10 years of experience in the vaping industry.
Get your branding right
We’re not just talking your shop name and logo, but also the layout of your store. Is there a particular feel you want to bring to your vape shop that sets it apart from others? Learning how to place products effectively around the store can naturally help a potential customer see products you want them to and entice them to buy. The creative studio here at Xyfil not only have years of experience in building brands, labelling, logos and POS material for products, but have also worked on designs for layouts within stores to help drive sales.
Sell quality, UK manufactured products – be compliant
It is vitally important that compliance be at the forefront of your thoughts when looking to purchase vaping products for your store. Although it might seem ideal to stock these ‘high demand’ products, many of them are illegal by UK guidelines. Recently there have been great shakeups within the high street to ensure that stores selling vape products not only stock only compliant products but adhere to the age restrictions for said products. Making sure to stick to the rules and regulations will mean you miss out on hefty fines or worse.
Products manufactured in the UK bring their own sense of quality and of course are TPD/TRPR compliant. Here at Xyfil we are proud to create premium UK manufactured E-Liquids that have gone on to win awards for our flavours and out nicotine salt formula.
But above all else, providing products that potential customers are looking for, and are in demand, is a way to ensure satisfaction. Listen to your customers for feedback and keep an eye on trends but don’t focus too much on short-lived trends that are likely to pass in a month – autumn inspired flavours aren’t likely to be popular once spring comes round!
If you want to talk more about setting up an E-Liquid business or looking to partner with a E-Liquid manufacturer, get in contact with us today to see how we can help.