The silicone ring looks similar to the mini silicone bracelet. It is made of food grade silica gel and feels more comfortable than traditional rings. It features some unique and beautiful shapes that make it one of the most popular silicone pieces of jewelry on the market. To give you a better understanding of the silicone ring, Leelinesourcing will offer you a complete analysis report on the market situation of silicone rings for your reference.
Market demand is one of the factors that determine whether a product is selling well. Therefore, to investigate the market demand for the silicone ring, we need to look at its search on Google and Amazon.
(The chart of silicone ring’s popularity of searching in the United States for the past five years)
According to data from Google trends (trends.google.com), the search for silicone rings in the United States has been on the rise since April 2015. The popularity of silicone ring searches in the United States has also been on the rise for the past five years.
(The chart of silicone ring’s popularity of searching worldwide for the past five years)
From a global view, the trend in silicone ring searches is roughly the same as in the United States, increasing year after year.
Besides Google trend, we also looked at the search data for silicone ring in the United States from Amazon by using the Keywords tool.
According to the data, the average search of silicone ring is 977,000 a month on Amazon in the last one year. The monthly maximum is 1,466,000 searches while the monthly minimum is 804,000 searches. In addition, the data also shows that the search volume of silicone rings in Amazon is also on the rise.
Product market distribution is also an indispensable part of product analysis. The market potential of a product can be fully realized, only by understanding the most suitable sales market for the product.
(The chart of the areal distribution of silicone ring’s popularity of searching worldwide from Google)
The global regional search results of Google trends showed that the United States led the search for silicone rings, followed by Canada and South Africa. Australia and Britain are fourth and fifth respectively.
We can see it in the figure above that the average monthly search for silicone rings in Canada on Amazon was 11,200, 23% up from last year. As a result, the search volume of silicone rings in Canada is increasing.
While the average monthly search volume in Australia is small, it is also on the rise.
Looking at the UK, similarly, Amazon silicone ring searches in the UK are also on the rise.
A healthy competitive environment is also critical to product sales. After understanding the market distribution of products, let’s now have a look at the market competition environment of silicone rings.
According to the data provided by Keyword tool (keywordtool.io), we found out that the average number of silicone rings search on Amazon was 977,000 a month. The CPC was 1.87 dollars per click with a competition value of 1(According to the Keywords tool table, products with a competitive value of 0.69-1 are highly competitive products). So, the competition of silicone rings on Amazon is quite intense.
(The graph of search volume of silicone ring in the past 12 months from Google Adwords)
According to figures from Google Adwords (adwords.google.com), silicone rings have an average of 60,500 searches per month in the United States. Although the search volume is relatively less than that of Amazon, real data shows that the silicone rings have a larger market space in the independent sales website, and the market competition is relatively fierce.
The cost of the product directly affects the profits of the product. Therefore, cost is a problem you must pay attention to when selling products.
As shown in the picture, our search for silicone rings on the 1688 website revealed that most silicone rings were in the low price range of $0.1 to $1. The rings are small in size and pretty lightweight substantially reducing the costs of transportation
Low costs do not necessarily mean high profits. The sales price also determines the profits.
To get a rough idea of the product’s profit, we randomly selected a silicone ring from Alibaba costing $1.32. The same product on Amazon sold for $12.95. We then did a simple math of subtracting the cost of the product from the selling price as shown below.
12.95-1.32=11.63 dollars in profit
We then used the Unicorn smasherg tool to see the average monthly sales of this product which we found to be about 5144. So basically this gives us monthly returns of 11.63*5144=59, 824.72 dollars. This show the sale profit of silicone rings is very considerable.
The stability of sales price affects the stability of product profit. Let’s take the above product as an example to find the stability of the sales price of the silicone rings.
The figure above shows a one-year historical sales price of the silicone ring product from the keepa tool. As shown in the picture, the price of the silicone ring has experienced minimal fluctuations in the past one year. Despite a minimum price of $7.99 at some time, prices remained steady at $12.95 for most periods.
Using the information above, we can conclude that:
Reducing risks is the number one concern for everyone selling silicone rings.
What can be done to reduce the risks?
Leelinesourcing recommends improved market competition of the product as one of the ways to reduce costs. Apart from improving the quality of the product, you also need to lower the purchase costs.
How can you reduce costs while maintaining the quality of the product?
The first thing is finding a quality supplier who can provide you with quality but affordable products!
We provide services that include but are not limited to: Finding suppliers, conducting credit verification, cross-price inspection, negotiating prices, product photography, labeling, FBA transportation and product branding.
We are here to serve you with all your needs!
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This brings to the end of the silicone ring product analysis. We always strive to give our customers the best sales and procurement experience in China.
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