As the vapor industry grows, some vape companies are making increasingly sophisticated products as they adopt business models reminiscent of the tech giants of the world. Why the change? As CNBC reports, they’re looking to grow sales and what better way than to mimic the best and biggest tech companies out there?
How big is the market exactly? One estimate made by the Winston-Salem Journal put last year’s vape sales at potentially $2.5 billion. And this doesn’t even include e-cigs.
According to Dr. Dabber president Pantelis Ataliotis, one of the reasons why the vapes are getting more advanced is due to the increase in competition from manufacturers, both established and startup. Ataliotis was quoted by CNBC as having said that it is simply “getting tougher to stand out in the crowd” with anything shy of a premium vape. No longer will a standard cut it, not with all of the competition that has flooded the lucrative market once filled with low-cost products that are increasingly being replaced by high-end products that do more and not surprisingly – cost more.
“I think the reason you’re seeing more premium vaporizers on the market is because it’s getting more competitive. It’s getting tougher to stand out in the crowd…”
Then you take KandyPens and its founder and CEO Graham Gibson for example. The company has used aggressive marketing that has landed them full-page advertisements in such publications as Rolling Stone. And then there are their various endorsements from celebrities and the like. So it is perhaps no surprise that their sales last year, according to Gibson, reached a whopping $6.5 million.
What do you think of the increasingly sophisticated vaporizers we’re seeing hit the market each year, is all of the competition that’s driving it a good thing? We sure think so- but we want to know what you think. Chime in with your own thoughts in the comments section below.