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Mar-2024
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Overview
Market Insights Snapshot
In the competitive landscape of New York, Chime & Chill has shown a notable presence in both the Tincture & Sublingual and Topical categories. For Tinctures & Sublinguals, their journey through the rankings saw a slight dip from January 2024, moving from 10th to 14th in February, before partially recovering to 12th in March. This fluctuation in rankings, despite a significant sales jump in March to 1774 units, underscores the fierce competition and possibly shifting consumer preferences within the category. On the other hand, their Topicals have maintained a strong position within the top 6, peaking at 3rd in December 2023, and despite a slight dip to 6th in January and February 2024, they rebounded to 4th by March. This resilience and upward trajectory, especially with a remarkable sales increase to 2734 units in March, highlight Chime & Chill's solid footing and growing consumer trust in their Topical offerings.
The performance dynamics of Chime & Chill across these categories in New York reveal a brand that is navigating the complexities of market demand and competition with varying degrees of success. The brand's ability to regain its standing in the Topical category, coupled with the sales surge in March, suggests a strong consumer base and effective market strategies. However, the slight inconsistency in the Tincture & Sublingual category rankings indicates areas for potential improvement or strategic realignment to capture and expand their market share. While these insights provide a glimpse into Chime & Chill's market performance, they also hint at the broader competitive and consumer trends shaping the New York cannabis market. With the cannabis industry's rapid evolution, Chime & Chill's adaptability and responsiveness to market demands will be crucial in sustaining and enhancing their market position.
Competitive Landscape
In the competitive landscape of the topical cannabis category in New York, Chime & Chill has experienced notable fluctuations in its market position. Initially ranked 3rd in December 2023, it saw a decline to 6th place in January and February 2024 before partially recovering to 4th place by March 2024. This trajectory indicates a challenging competitive environment, particularly against brands like Veterans Choice Creations (VCC), which consistently held the 2nd rank, and Bison Botanics, which improved its position from 6th to 3rd place in the same period. Notably, Hepworth and OHHO also showed significant movement in the rankings, indicating a highly dynamic market. Chime & Chill's sales performance mirrored these rank changes, with a dip in January and February followed by a significant recovery in March. This suggests resilience and potential for growth amidst stiff competition, highlighting the importance of strategic marketing and product quality in maintaining and improving market position.
Notable Products
In March 2024, Chime & Chill's top-selling product was the CBD/CBN 2:1 PM Lotion (300mg CBD, 150mg CBN) in the Topical category, maintaining its number one rank from February with impressive sales of 61 units. Following closely, the CBD/CBN 2:1 PM Oral Solution 10-Pack (200mg CBD, 100mg CBN) from the Tincture & Sublingual category ranked second, a position it held consistently from February, showcasing the brand's strength in diverse product offerings. The third spot was secured by the CBD/CBG 2:1 AM Lotion (20mg CBD, 10mg CBG), also in the Topical category, indicating a stable demand for morning routine products. Notably, the CBD/CBN 1:1 PM Spa Soak (100mg CBD, 100mg CBN) made a significant leap to the fourth rank in March, despite not being ranked in January, demonstrating fluctuating consumer preferences. Lastly, the introduction of the CBD/CBG 2:1 AM Oral Solution (200mg CBD, 100mg CBG) in the Tincture & Sublingual category directly to the fifth position highlights Chime & Chill's successful product launches and their ability to capture market interest quickly.
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