Cycliq (ASX: CYQ)
Cycliq (ASX:CYQ) already has a significant head start as it looks to capitalise on the growing cycling revolution occurring in many regions of the world on the back of better bikes, safer equipment, better roads and state-sponsored cycling schemes.
CYQ is signing up distributors and retail partners hand over fist as brand awareness for its products, in particular its Fly12 Camera, continue to grow in popularity.
The reasons why Fly12 is popular are simple: the Fly12 product has superiority over the world leading GoPro in terms of features and price.
The all-mighty U$1.24 billion-capped GoPro only musters a 4-hour battery life compared to CYQ’s 10 hours for Cycliq, as such CYQ has become a manufacturer worth looking into, especially as it is capped at just $16.9 million.
On the back of the growing popularity for its products, CYQ has now expanded into Canada, establishing a direct sales agreement with a retail cooperative which sells products directly to its membership base of about 4.3 million, as well as launching on the Amazon Canada platform.
CYQ has also recently launched a US version of its online sales portal which allows about 3000 independent bike dealers across America to purchase Cycliq products direct from the website at wholesale prices.
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In the US specialty bicycle retailers account for 13% of the bicycle market by unit sales and attracting 49% of the total consumer spend.
These figures alone indicate just how lucrative this market could be for a company with the right product pitch and CYQ is certainly doing all it can as it invests in new products to extend its worldwide appeal.