Cycliq launches US version of online sales portal
Leading distributor of combined high definition camera and lighting combinations for bicycles, Cycliq Group (ASX:CYQ) has launched a US version of its online sales portal which will allow independent bike dealers across America to purchase its products direct from the website at wholesale prices.
This will be the company’s second direct order solution following the launch of the Australian version earlier in the year, an initiative that has been the catalyst for sales growth in this country.
In keeping with the Australian version of the US online sales portal, it will provide bike retailers with an efficient ordering system that will improve engagement and brand awareness of CYQ and its products in the US market.
Of course, CYQ is still in its early stages and investors should seek professional financial advice if considering this stock foe their portfolio.
Launch of portal drives 14% sales growth in Australia
Discussing this development, group Executive Chairman Chris Singleton said, “Cycliq’s Australian portal is already having a positive impact with a significant uptake in dealer registrations in the last two months, prompting sales in Australia to increase by 14%”.
Singleton highlighted the fact that direct order portals form part of the company’s global distribution strategy, optimising sales of its safety and action camera products.
He noted that there are hundreds of independent bike stores in Australia, whereas in the United States there are thousands. Consequently, the traction that can be gained from this development in a much larger market such as the US is likely to be substantial.
Fleshing out the figures further, there are more than 3000 specialty bicycle retailers across the US according to the National Bicycle Dealer Association. While these retailers account for 13% of the bicycle market by unit sales they attract 49% of the total consumer spend.