Market Insights Snapshot
In the Capsules category, Pennies has shown varying performance across different provinces. In Alberta, the brand experienced a slight decline in its ranking from 8th to 13th between July and October 2023. This trend was accompanied by a decrease in sales, suggesting a potential area of concern. On the other hand, in British Columbia, Pennies demonstrated resilience, improving its ranking from 8th to 12th in August, and then rebounding to 8th position in October. This upward movement in the rankings was reflected in an increase in sales, indicating a positive trend in this province.
Meanwhile, in Ontario, Pennies maintained a steady position in the top 11 brands from July to October 2023. This stability in the rankings was matched by a consistent sales performance, suggesting a steady demand for Pennies in the Ontario market. However, in Saskatchewan, the brand saw a fluctuation in its ranking, starting at 11th in July, dropping to 14th in August and September, and then improving to 9th in October. This fluctuation was mirrored in the sales figures, but the upward trend in October could be a sign of positive momentum for Pennies in the Saskatchewan market.
In the Ontario Capsules category, Pennies has maintained a steady rank in the top 20 brands, holding the 10th position from August to October 2023. This stability is contrasted by the dynamic movements of its competitors. Glacial Gold made a remarkable leap from not being in the top 20 in July to securing the 11th rank by October. Similarly, Mood Ring also climbed the ranks, moving from not being in the top 20 in July to the 12th position by October. On the other hand, Solei and C Minor have managed to stay ahead of Pennies, maintaining their ranks at 8th and 9th respectively. However, it's worth noting that while Pennies' sales have been increasing over the months, C Minor saw a dip in sales from August to October, indicating a potential opportunity for Pennies to move up in the ranks.
In October 2023, the top-performing product from Pennies was the THC Softgels 5-Pack (50mg) 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 2023 was 11,361 units, showing a significant increase from the previous month. It's worth noting that this product has been leading the sales chart since July 2023, indicating a strong preference among customers. This analysis suggests that the THC Softgels 5-Pack (50mg) is a key product for Pennies and has been instrumental in driving the company's sales.