While the buzz amongst consumers is favorable, the FDA and other regulators are looking over the nutraceutical industry. From false claims, to unknown product origins, there are multiple reasons why the Feds and interested in finding out more about the industry. While scrutiny is being placed on the industry, and perhaps rightfully so, consumers will want their products. This is a tough time for nutraceutical merchants, but the industry is still lucrative, even with the added heat.
The first thing you need to do is to make sure that you have a reputable nutraceutical merchant account. This can save you a major headache if a chargeback happens, or even if an agency wants to see your accounting information. Secondly, do your research and keep records. Keep thorough records concerning whom you purchased your goods from, as well as where they indicate the products originated. It is not good enough to know that they were packaged in Florida. You need to know where the actual ingredients came from. Not only do well-informed consumers want to know this, but also many times when your business is scrutinized by a governing agency, they want to know this. It not only shows that you are on top of your business dealings, but that you are also well informed about the industry.
You also need to make sure that whatever you sell does not have false claims on the packaging. Many companies and manufacturers get into trouble with this, and it can cause you to lose money. Plain packaging works best, as anything with any type of claims can quickly get you into trouble. Nothing can make you lose 50% of your body fat in a few months, so why sell a product that claims to do so?
Overall, the nutraceutical industry is great. More and more people are turning away from prescriptions and traditional medication for nutraceutical remedies, and there is a need for well-informed merchants. While the industry can be tricky, and at times give merchants a headache, it is well worth it. Not only is it worth it money-wise, but also for the fact that you are offering consumers an alternative to the traditional medicinal route.