Cannabidiol (CBD) has attracted the attention of consumers across the globe owing to its potential benefits against different ailments. Marketed as 'the wonder drug', the demand for CBD products is swelling with an expected compound annual growth rate (CAGR) of 31 percent till 2031. The booming economy of CBD has eventually lured several big and small players to enter and explore the domain. From India’s perspective, numerous players operate in the domestic market, but many of them advertise deceptive health claims. The prevalent circumstance has majorly jeopardised the market, raising questions on legality, quality, and safety of this new 'miracle cure'.
At a time when the credibility, safety and reliability of the marketed CBD products are being questioned, Awshad, an India based startup is providing just what the clients need - authentic and certified CBD oil.
“As a new brand in a new industry, it is of utmost importance that we create a level of trust with our customers that can only be a by-product of good and relevant information. We aim to provide that and constantly strive to help our customers instead of just pushing our products onto them", says Shivam Singhee, Chief Executive Officer of Awshad.
Trust & Reliability
Building trust and reliability is commonly the most difficult task that any and every business struggles with. When dealing with products of medical use, the scenario often takes a complex turn. However, this is not the case with Awshad. Having strictly restricted itself from the sub-standard or inconsistent product, Awshad has tied up with the best manufacturers available in India and made sure their standard operating procedures, licenses, and lab reports are all in place before signing with them.
The company also got each batch tested first by the manufacturers who share their reports while dispatching the products. After that, it sends a small batch of those products to labs in the US to get it tested and to create a COA (Certificate of Analysis) of its products. Awshad also has an in-house quality checker that overlooks the entire operation right from production to packaging, before dispatching the product to the customer.
The transparent and quality-centric business culture has helped Awshad make a name for itself and create a brand identity that resonates with medical cannabis users. “Presently, over 40 percent of our customers are suffering from serious ailments like arthritis, Alzheimer’s, epilepsy, cancer, Parkinson’s disease, and others, and require Awshad’s CBD oils on a daily basis to manage the symptoms of their untreatable illnesses", points Shivam. The company also has a large percentage of loyalists using its products for chronic pain, insomnia, anxiety, and stress which has plagued most young individuals.
The repeat customers are crossing over 30%, which showcases the quality, and effectiveness of the products.
Tech-Savvy Organization with Proactive Workforce
Primarily operating in the D2C space, Awshad has put its heart and soul into developing channels that are dynamic and responsive, which not only helps in boosting sales but also helps the company gather data about its customers to ensure enriched service.
“We have adopted some of the best (albeit expensive) plug-ins, widgets, and software available. While most companies gather big data as commercial leverage, Awshad plans to work with hospitals and big research institutes to help uncover potential possibilities surrounding cannabis-based medicines", mentions Shivam.
Having said that, the uniquely blended team of Awshad has been decisive in optimizing every initiative of the firm. Richa Jaggi, Co-Founder & CMO of Awshad, is both the brain and the soul behind the branding and marketing. She was an ex-Times Internet marketing head with over a decade of experience in building brands and helping them market their products in various industries. On the other hand, Shivam Singhee comes from a business background with a keen interest in cannabis since his exposure to it while in the US. “Our team at Awshad is an extremely small but extremely focused team of seven people who help Richa and me with our day-to-day work, while Richa and I tackle the more big-picture strategies. Almost all of our employees work from home, yet our operations work like clockwork with a strong hold on our SOPs", he shares.
In a Growing Phase
Launched in September 2021, the initial days of Awshad were filled with hurdles and challenges. “We quickly learned our biggest hurdle is awareness and education, which is a heavy and very expensive hurdle to cross", says Shivam.
It took Awshad around six months to truly understand how to reach the customers and serve them better. In the following six months, it saw a surge in sales, almost increasing 30 percent month-on-month, and started seeing a spike in returning customers as well. While Awshad’s biggest markets remain New Delhi, Mumbai and Bangalore, it is now receiving orders from over 25 states in India per month. Around 40 percent of the present clientele is between the ages of 25-40 but the other 60 percent consists of all age groups, and people from different walks of life.
“We are most surprised by some customers who are ages 75 and up looking for cannabis oils to help them with their aches and pains as they cannot process the strong pharmaceutical drugs that may come with some terrible side effects", adds Shivam.
Into the Future
The global CBD market was valued at $4.9 billion in 2021 with the U.S (USD 1.8 billion), Europe (US 1.6 billion), and Canada ($452 million), capturing the largest market share. In India, CBD oil market is expected to traverse a similar growth trajectory, as the industry gets more coverage, creates more awareness, and builds more trust. Proceeding forward, one can expect the cannabis industry to be a multi-billion dollar industry with at least 1-2 unicorns coming up in this space. The future of Awshad is closely tied in with the successes and failures of the industry, and it is putting in a lot of effort to establish this industry and grow.
“We are on our way to building a reliable, innovative, and trustworthy wellness cannabis brand in India, and with time, we plan to leverage that goodwill into helping more people tackle their ailments with natural and safe solutions", mentions Shivam.
Awshad also has plans to open its doors to the international markets, where Indian cannabis is revered and sought after. The firm has already acquired licenses to sell the ayurvedic cannabis products internationally and are currently developing unique and new products that will have a global appeal and will generate interest in Indian cannabis products.
“While it is easy to point out that we are the only company getting our products tested in the US labs, or we are striving to create new/unique products that do not exist in the market, we are acutely aware that these things can be easily replicated by our peers. What truly sets us apart is our brand identity, communication with our customers, and customer service", concludes Singhee.
Educating the Mass
As a responsible company, Awshad is play¬ing its part in continually educating the clients, and has put relevant information on its website about the products, industry, and legalities surrounding cannabis products in India. Through its blogs, the company also encourages people to do their own research, while also being available for people to answer their queries and doubts. The company thinks, learning why and how cannabis is safe and beneficial to use will already help people understand the current hype surrounding the plant.
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