Market Insights Snapshot
In the Edibles category, Joyibles has shown a consistent performance in Colorado. The brand maintained a steady rank of 10 in August and September 2023, before improving to 8 in October. However, there was a slight dip in November, with the brand falling to the 11th position. This slight drop in ranking, despite an increase in sales from August to October, indicates a highly competitive market environment. It's worth noting that although the ranking fell in November, Joyibles still remained within the top 20 brands in the state.
On the other hand, in Massachusetts, Joyibles struggled to keep its position within the top 20. The brand fell from the 21st rank in August and September to the 27th in November, signaling a need for strategic improvements to regain its footing in this market. Sales also declined over this period, which could be a factor contributing to the drop in ranking. The lack of a ranking for Joyibles in the top 20 brands for the month of November could be seen as an area of concern. However, it also presents an opportunity for the brand to reassess its strategies and bounce back stronger.
In the Colorado Edible category, Joyibles has seen a fluctuation in its ranking over the period from August to November 2023. The brand started at the 10th position in August, improved to the 8th position in October, and then slipped to the 11th position in November. This suggests a volatile competitive landscape. Notable competitors include Incredibles, Cheeba Chews, Coda Signature, and Rebel Edibles. Incredibles and Rebel Edibles have shown a consistent performance, maintaining their ranks in the top 15. Cheeba Chews and Coda Signature, on the other hand, have consistently ranked higher than Joyibles, indicating a stronger market presence. However, it's worth noting that Coda Signature has seen a decline in rank from 6th to 9th, suggesting potential opportunities for Joyibles to gain market share.
In November 2023, Joyibles' top-performing product was the Joybombs - Sour Fruit Chews 40-Pack (100mg) with 9752 units sold. This product has consistently held the top rank since August 2023. The second best-seller was the Joy Bombs - Original Fruit Chews 40-Pack (100mg), selling 8035 units. The third and fourth rankings were held by Joybombs - Tropical Haze Fruit Chews 40-Pack (100mg) and Joybombs - Sour Fruit Chews (10mg), with sales of 4911 and 372 units respectively. These rankings have remained stable over the past four months, indicating a robust demand for these products.