Market Insights Snapshot
In the Capsules category, Briight has shown a consistent performance in the Ontario market, maintaining a steady position in the top 20 brands for the months of July, August, and September 2023. However, there was a slight drop in the ranking in October, moving from 11th to 14th place. This could be a point of concern as it might indicate a decrease in the brand's market share. On the sales front, there was a significant dip in October, with sales dropping to 15,158 from 22,212 in September. This downward trend in sales coincides with the drop in ranking, suggesting a correlation between the two.
Meanwhile, in the Saskatchewan market, Briight showed a promising upward movement from July to September 2023, climbing from the 13th spot to the 8th. This signals a positive growth trend for the brand in this market. However, similar to the Ontario market, there was a decline in October, with the brand dropping back to the 14th rank. The sales data also reflects this trend, with a sharp decrease in sales from 3,839 in September to 1,412 in October. This suggests that while the brand has potential for growth in this market, there are also challenges that need to be addressed to maintain its upward trajectory.
In the Ontario Capsules category, Briight has seen a slight fluctuation in its ranking over the period from July to October 2023. Starting at a strong 12th place in July and August, it moved up to 11th in September, only to drop to 14th in October. This indicates a potential loss in market share, especially when compared to competitors like Mood Ring and Frank. Mood Ring, despite not being in the top 20 in July, made a significant leap to 21st in August, and continued to climb to 14th and then 12th in the following months. Frank, although missing data for July and August, entered the ranking at 18th in September and rose to 13th in October. Other competitors, such as Noon & Night and Ollopa, maintained more consistent rankings throughout this period, but neither showed the same level of upward mobility as Mood Ring or Frank. This data suggests that while Briight has a solid presence in the market, it may need to strategize to counteract the rising competition.
In October 2023, the top-performing product from Briight was the CBD Omega Softgels 30-Pack (750mg CBD) in the Capsules category. This product maintained its number one ranking from previous months, demonstrating consistent high performance. Notably, the sales figure for this product in October was 485 units, slightly lower than the previous months. This could indicate a slight dip in demand or potential stock issues. Despite this, the CBD Omega Softgels 30-Pack (750mg CBD) remains a strong contender in Briight's product lineup.