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Dec-2023
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Overview
Market Insights Snapshot
Firstly, let's delve into the performance of Tyche in the category of Oil in Saskatchewan. In September 2023, Tyche was ranked 15th, a respectable position within the top 20 brands in the state. However, there was a decline in the following months, with the brand dropping out of the top 20 in October and November. It's worth noting that this drop in ranking coincided with a decrease in sales from 1755.0 to 263.0. Fortunately, Tyche managed to bounce back in December, re-entering the top 20 at rank 20 and seeing an improvement in sales to 1100.0. This fluctuation indicates a dynamic market environment and highlights the brand's resilience in regaining its top 20 position.
One important aspect to consider is the correlation between the brand's ranking and its sales performance. In this case, the downward trend in Tyche's ranking in Saskatchewan over the months of October and November was paralleled by a decrease in sales. However, the brand's ability to rebound in December, both in terms of ranking and sales, is a positive sign. It suggests that despite facing challenges, Tyche has the potential to maintain a competitive position in the market. It would be interesting to further explore the factors contributing to these trends and how they can be leveraged for future growth.
Competitive Landscape
In the Saskatchewan oil category, Tyche has experienced a fluctuating trend in rank and sales over the last quarter of 2023. Starting at rank 15 in September, it dropped to 22 in October and 25 in November, indicating a temporary exit from the top 20 brands. However, it rebounded to rank 20 in December. Sales mirrored this trend, with a significant drop from September to November, followed by a recovery in December. When compared to its competitors, Tyche's performance was mixed. Peace Naturals consistently ranked higher, but also showed a downward trend. FIGR entered the top 20 in October and maintained a steady rank, but with lower sales. Royal Co showed an improving trend in rank and sales, while ufeelu experienced a significant drop in both rank and sales over the same period.
Notable Products
In December 2023, Tyche's top-performing product was the 'CBD 750 Oil Spray (15ml)', maintaining its top ranking from November 2023, with an impressive sales figure of 34 units. This product's performance was consistent, having also secured the top spot in September 2023. The 'CBD 4500 Oil (30ml)' product, however, did not rank in December, despite having been the top-selling product in October 2023. The absence of this product in the December rankings indicates a significant shift in consumer preference or availability issues. Overall, the sales data indicates a strong performance for Tyche's oil category in the final quarter of 2023.
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