The Groove Vest is a perfect product for boat dealers, cable parks and other specialty retailers for a few different reasons that I will break down in this article. For starters what is a Groove Vest? The Groove Vest is a patented impact vest with integrated speakers, bringing music directly to the rider. This product will revolutionize the watersport industry and will open a floodgate (no pun intended) for wearable technology out on the water.
The market for wearable tech has been accelerating over the last 5 years and has no plans to stop growing. From smart watches, fitness trackers, glasses, jackets and more. The wearable tech market will reach accelerated growth with a yearly growth of 23 percent through to over $100 billion by 2023 and, reach over $150 billion by 2026. People are becoming accustomed to being connected always to their devices, the internet and music.
Groove Watersports plans to lead the charge in wearables in the watersport's industry through our strong intellectual property portfolio and our innovations. The Groove Vest is the first step to addressing this multi-billion dollar opportunity.
Why Shops want to carry the Groove Vest
There are three main benefits for business owners; more profit, drive traffic, and its something users want.
Dealers are in business to make money and we want to help them succeed. A typical profit margin for a dealer is between 40-44% with an average retail sales price of $120-$160 per impact vest. That means the dealer's profit is anywhere from $48 to $70 every time they are able to sell a vest. The Groove Vest will carry a retail price of $299 and we will have an initial wholesale price of $150 for dealers. Dealers will have a profit margin of 50% and will have a profit of $149 for every vest sold. Dealers profit on vests will be double to triple with the Groove Vest compared to other vests sold.
The next great thing about working with Groove Watersports is the ability to drive traffic to your store. We already have a wait list of 7,000 individuals that have expressed interest in the Groove Vest and want to be notified when we launch. We have created point of sale displays that can be placed at shops. These demos will drive in customers to try on the Groove Vest to touch, feel and listen to it. We will have a featured page of every shop that people can go check out and demo the Groove Vest at. Having more traffic will lead to more sales opportunities. Demo point of sale displays will be limited and will only be given to qualified dealerships.
Majority of dealership customers are looking for a premium luxury product like a boat. Often spending over a hundred thousand dollars. Our goal as a company is to create the highest quality vest on the market. Carrying a high end product to compliment the boats a dealership is selling is a must. Having a new innovative product will show that your business is about having the newest and best products.
If you are a business that is interested in working with Groove Watersports or would like to find out more information please fill out the form below.
*There is a limited number of slots available for demo displays.