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Wahoo Price Discrepancy in SA


KnavishStream

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I am in the market for a bike computer, I have been deliberating between the Garmin Edge 530 and the Wahoo Elemnt Roam for quite some time now. 

 

This is more of a question on Wahoo South Africa's pricing than opinions between which is better (I am however still open to suggestions!)

 

In South Africa, the Edge 530 (*listed at R6000) is nearly R2000 cheaper than the Element Roam (listed at R7999), fine.

When observing UK prices. the Garmin Edge comes in at R5499 (at a R21.15 - GBP exchange rate), making it an 8% price increase in SA to UK.

The Element Roam is listed at R6345 in the UK (again, at a R21.15 - GBP exchange rate), making it a 21% more expensive on the SA shelves. The Bolt, listed at R5499 here in SA, is priced at R3912 in the UK (difference of 29%).

 

Long story short, why does Wahoo have higher markup prices when comparing SA to UK than Garmin? Would it be because Garmin has a greater presence in the country and therefore able to turn more stock over?

 

Just found it interesting more than a complaint.

 

*Just wanted to note that prices were taken from official website listings - the Garmin unit however is listed at R6949 on their official website - but have only seen it listed at R6000 on most of the popular sites. 

Hey KnavishStream, 

 

Thanks for starting this thread.

 

We try to keep an eye on pricing very closely and competitive analysis is key to our business. However value to customers is at the heart of what we do... Since our cost pricing is based on US Dollars and pricing models from companies almost always take VAT out of the "Margin to Distributor" equation we always aim towards having a price that calculates:

 

USD MSRP * ROE * VAT = Local Retail Price. Therefor we try to get as possible to MSRP in the USA + 15% VAT. 

 

In the last week the exchange rate was at unexpected lows and it is hard to take these into account for what we purchased at. This will drive some swings over the 15% as it stands... say 21% in case of the ROAM. These percentages will fluctuate continuously. 

 

Back to the Garmin example. 

 

We have found that some competing products does indeed have similar differences in pricing like these at between 18-25% depending on the precise ROE:

 

Garmin 830 - 349GBP in UK ( @ R21.15/ GBP = R7360)

Garmin 830 in SA - R8949

 

Price discrepancy = 18%

 

And in my honest opinion a fair price from Garmin if they follow the same business model. 

 

Please feel free to reach out to me on this topic as a DM or if you would like to give our business a call please visit www.ikhambi.co.za 

 

Cheers!

 

Your local Wahooligan 

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Living in an apartment in Canada, I decided to sell my kickr gen1 and get a core because the core is so quiet. This happened before covid and the rand crash. The rand was in the region of 11 to the Canadian dollar. At that rate of exchange, it would have been cheaper to buy the core in SA and load that in my container. I had no idea this would be the case, and had not looked into it as the idea of changing trainers had not crossed my mind at the time I left SA.

 

So, is wahoo overpriced in SA? I don’t think so. The rand does have an impact, and timing of orders and size of orders can have an impact. I’m guessing garmin carries more stock, so they may not be under pressure to buy when the rand is at a low, whereas wahoo might need to do so

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Hey KnavishStream, 

 

Thanks for starting this thread.

 

We try to keep an eye on pricing very closely and competitive analysis is key to our business. However value to customers is at the heart of what we do... Since our cost pricing is based on US Dollars and pricing models from companies almost always take VAT out of the "Margin to Distributor" equation we always aim towards having a price that calculates:

 

USD MSRP * ROE * VAT = Local Retail Price. Therefor we try to get as possible to MSRP in the USA + 15% VAT. 

 

In the last week the exchange rate was at unexpected lows and it is hard to take these into account for what we purchased at. This will drive some swings over the 15% as it stands... say 21% in case of the ROAM. These percentages will fluctuate continuously. 

 

Back to the Garmin example. 

 

We have found that some competing products does indeed have similar differences in pricing like these at between 18-25% depending on the precise ROE:

 

Garmin 830 - 349GBP in UK ( @ R21.15/ GBP = R7360)

Garmin 830 in SA - R8949

 

Price discrepancy = 18%

 

And in my honest opinion a fair price from Garmin if they follow the same business model. 

 

Please feel free to reach out to me on this topic as a DM or if you would like to give our business a call please visit www.ikhambi.co.za 

 

Cheers!

 

Your local Wahooligan 

Hi Christian, 

 

Thanks so much for your response on this thread, just to clarify - this is not at all an attack on Wahoo - it was more just a matter of interest to see how Garmin is able to drop their prices in SA on a similar pricing to the UK. 

 

I did notice that the price advertised on the official Garmin site is alot more than what retailers (that also sell Wahoo units) are currently selling them for:

Edge 830 @ Sportsmans: R7999.90

Edge 830 @ Cycle Lab: R7999.99

Both these prices are sitting between 8-9% increase. Whereas the Wahoo Units will almost always be sold at the price stipulated on the website (which seems fair if I am being honest).

 

Just wondering how these retailers are able to drop their prices so much with the Garmin Units versus the Wahoo units.

 

Side note, I am a Wahoo fan boy - so I think I am going to go for the Roam anyways - will just wait for borders to open and a mate to come back from the UK, unless there is a special coming around  :ph34r:

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Hi Christian, 

 

Thanks so much for your response on this thread, just to clarify - this is not at all an attack on Wahoo - it was more just a matter of interest to see how Garmin is able to drop their prices in SA on a similar pricing to the UK. 

 

I did notice that the price advertised on the official Garmin site is alot more than what retailers (that also sell Wahoo units) are currently selling them for:

Edge 830 @ Sportsmans: R7999.90

Edge 830 @ Cycle Lab: R7999.99

Both these prices are sitting between 8-9% increase. Whereas the Wahoo Units will almost always be sold at the price stipulated on the website (which seems fair if I am being honest).

 

Just wondering how these retailers are able to drop their prices so much with the Garmin Units versus the Wahoo units.

 

Side note, I am a Wahoo fan boy - so I think I am going to go for the Roam anyways - will just wait for borders to open and a mate to come back from the UK, unless there is a special coming around  :ph34r:

Thanks again, and we do not see it as an attack :) 

 

It is very important discussions to have and transparency from brands are critical.

 

Dollar exchange has been erratic to say the least... I believe there is a lot of pre-covid stock floating around and Cyclelab recently ran a special on the ELEMNT BOLT at R3,499 

 

If you are a bargain hunter you can find good prices, but as things stands prices will remain where they are at... As I've pointed out even Garmin/Polar/SUUNTO prices will creep up. 

 

Cheers! 

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knavish I can add that I am also not anti-Wahoo.

 

In fact, I love my Kikr Core. :)

 

Even opted for the wahoo hart rate monitor, even though there were a few options slightly cheaper.

 

 

It just irks me that everbody has their items at exactly the same price ... in a free market shops should be allowed to determine their selling price.

 

If BikeAddict, AS AN EXAMPLE, decides to buy bikes in bulk and bolster their turnover by means of a lower profit margin, good ! The other shops step up there service and add tubeless conversion to clinch the deal.

 

 

When I was looking for the Core BikeAddict told me they are not allowed to drop their Wahoo prices ... ja-sure, sales talk ... then I heard exactly the same from two other well known shops.

 

 

Is this "price fixing" ? Probably NOT, as that typically applies when competitors colude to determine prices ... at least that is my understanding of the concept.

 

But from the feedback I got from three different stores ... Wahoo SA certainly seems to be "strict" regarding RRP control .... ethically, I dont like this.

 

 

 

This does NOT relate to the recent price fluctuations. In fact, in another thread I posted "for" Wahoo due to our exposure of fluctuating prices in these times.

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Basic Overhead math is my guess

 

Take 1 overhead component for a very basic comparison.

 

1 Boss of Garmin SA, divided by x number of units sold

 

1 Boss of Wahoo SA, divided by y number of units sold

 

In SA: x is far greater than y and so the the absorption per unit is much less.

 

Then, Garmin does not have 30kg units being shipped from China. And I am sure some of that shipping gets cross allocated in the overhead allocation math.

 

Brands is SA with greater volume just have better scale. They will even get better foward rates on FX contracts.

 

Now if these guys can learn from the ProShop. The golf clubs I am looking at is goong at 11 ZAR to 1 USD. Now that is fighting for the little guy

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knavish I can add that I am also not anti-Wahoo.

 

In fact, I love my Kikr Core. :)

 

Even opted for the wahoo hart rate monitor, even though there were a few options slightly cheaper.

 

 

It just irks me that everbody has their items at exactly the same price ... in a free market shops should be allowed to determine their selling price.

 

If BikeAddict, AS AN EXAMPLE, decides to buy bikes in bulk and bolster their turnover by means of a lower profit margin, good ! The other shops step up there service and add tubeless conversion to clinch the deal.

 

 

When I was looking for the Core BikeAddict told me they are not allowed to drop their Wahoo prices ... ja-sure, sales talk ... then I heard exactly the same from two other well known shops.

 

 

Is this "price fixing" ? Probably NOT, as that typically applies when competitors colude to determine prices ... at least that is my understanding of the concept.

 

But from the feedback I got from three different stores ... Wahoo SA certainly seems to be "strict" regarding RRP control .... ethically, I dont like this.

 

 

 

This does NOT relate to the recent price fluctuations. In fact, in another thread I posted "for" Wahoo due to our exposure of fluctuating prices in these times.

Places like Bike Addict for the most part don't buy in bulk, they are just online catalogues and order from suppliers when you pay. In my eyes that is dodgy - they carry no risk, the supplier and customer carries it all - and they undercut all the stores that actually carry stock.

 

Also agree prices should not be fixed, but if I was a supplier my rule would be that you can sell any of my products, but only advertise what you carry. That was my agreement with distributors when I had an online store. Eg: when someone asks me for a Maxxis Minion I can order it for them, but I could not put it on my website if I did not have it in stock - I feel like that's the fair middle ground for shops, online shops, distributors, and buyers.

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Living in an apartment in Canada, I decided to sell my kickr gen1 and get a core because the core is so quiet. This happened before covid and the rand crash. The rand was in the region of 11 to the Canadian dollar. At that rate of exchange, it would have been cheaper to buy the core in SA and load that in my container. I had no idea this would be the case, and had not looked into it as the idea of changing trainers had not crossed my mind at the time I left SA.

 

So, is wahoo overpriced in SA? I don’t think so. The rand does have an impact, and timing of orders and size of orders can have an impact. I’m guessing garmin carries more stock, so they may not be under pressure to buy when the rand is at a low, whereas wahoo might need to do so

Similar for me in Dubai. For what I paid for my Tacx FluxS (Garmin) here in Dubai I could have purchased a Neo2 back in SA for the same price and loaded into container.

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I think in fairness the Exchange rate isn't a good excuse though. When lock down hit due to no supply in SA the price on Wahoo products spiked by .... drum roll drrrrr tsss. 20%-25% per product across the range.(30-35% if you look at specials)

 

This was discussed at length where ppl on this forum climbed into Wahoo and Chis gave the same explanation he did back then.

 

When reflecting back on that thread and this one the same principles came to mind.

 

1. Prices went up overnight unlike the exchange rate that didn't and ALL Wahoo resellers IMMEDIATELY capitalized on it (This isn't directly Wahoo's fault but the 20-25% increase overnight lead to this... so it is actually Wahoo's fault. They could have gradually according to "exchange rate" increased the prices to the current levels to ensure the clients don't feel shafted)

2. No stock was available across SA apparently as Wahoo dont have a warehouse carrying stock like every other retailer in SA (sarcasm here) and every reseller that did have stock shafted the customers. What a way to build the brand though

3. All local stock was instantly sold at the higher price and NOT the original price due to "lockdown" (See point 1 as no thought went into the instant price markup. Like they say don't waste a good pandemic)

 

Now to look at this retrospectively I was in the market for a smart trainer and wanted to buy a Suito Elite at that time but due to only Wahoo having stock in SA during lockdown (check point 2 above. Like Magic) I had to pay the "exchange rate tax" that have subsequently recovered back to pre lockdown rates. 18 March 2020 the exchange rate was R16.50 to the dollar as it is at the exact moment (Lock down only got announced on the 23rd and was enacted on the 26th of March)

 

So look at what the price was on the 30th of March from CWC; Chris and please tell me with the same exchange rate you can justify the exchange rate as the reason a Kickr is R24999 vs R17999 (32.5597% increase), Core R17999 vs R12999 (32.2601% increase) and ofc the Snap R9999 vs R6999 (35.2983% increase) of the exact same exchange rate as it was at the time of these prices 3 months apart?

 

post-113195-0-80034700-1595959920_thumb.png

 

Elite Suito are now available still at R16999 (Solomons Cycles) throughout lock down thats comparable to the Kickr 4 as it gets a cassette and have the same gradient and watt ratings. Seem like they managed the exchange rate a bit better. Tacx the same, Satori (Cycleops) the same... Only Wahoo felt the exchange rate and now? What now? Are we going to see a 20-25% reduction on Wahoo products now that the exchange rate has dropped below pre lock down rates?

 

Probably not. Sorry but Wahoo might have a decent product but I don't like them for obvious reasons

 

RRP at 30th of March 2020 was @ R17.91 to the dollar exchange rate
Kickr 4.0 - R19,999
Core - R14,999
Snap - R7,999

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When I was looking for the Core BikeAddict told me they are not allowed to drop their Wahoo prices ... ja-sure, sales talk ... then I heard exactly the same from two other well known shops.

 

 

Is this "price fixing" ? Probably NOT, as that typically applies when competitors colude to determine prices ... at least that is my understanding of the concept.

price fixing? No.

Anti-competitive behavior? Possible.

 

There needs to be proof that manufacturer/distributor is forcing the price on the dealer. A manufacturer/distributor is allowed to show a RRP, and allow discounts, eg. based on volumes moved. They are not allowed to prevent the dealer from determining their own margin, even if the price is slightly below someone else’s. That falls under anti-competitive behavior.

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price fixing? No.

Anti-competitive behavior? Possible.

 

There needs to be proof that manufacturer/distributor is forcing the price on the dealer. A manufacturer/distributor is allowed to show a RRP, and allow discounts, eg. based on volumes moved. They are not allowed to prevent the dealer from determining their own margin, even if the price is slightly below someone else’s. That falls under anti-competitive behavior.

 

 

good summary

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I think in fairness the Exchange rate isn't a good excuse though. When lock down hit due to no supply in SA the price on Wahoo products spiked by .... drum roll drrrrr tsss. 20%-25% per product across the range.(30-35% if you look at specials)

 

This was discussed at length where ppl on this forum climbed into Wahoo and Chis gave the same explanation he did back then.

 

When reflecting back on that thread and this one the same principles came to mind.

 

1. Prices went up overnight unlike the exchange rate that didn't and ALL Wahoo resellers IMMEDIATELY capitalized on it (This isn't directly Wahoo's fault but the 20-25% increase overnight lead to this... so it is actually Wahoo's fault. They could have gradually according to "exchange rate" increased the prices to the current levels to ensure the clients don't feel shafted)

2. No stock was available across SA apparently as Wahoo dont have a warehouse carrying stock like every other retailer in SA (sarcasm here) and every reseller that did have stock shafted the customers. What a way to build the brand though

3. All local stock was instantly sold at the higher price and NOT the original price due to "lockdown" (See point 1 as no thought went into the instant price markup. Like they say don't waste a good pandemic)

 

Now to look at this retrospectively I was in the market for a smart trainer and wanted to buy a Suito Elite at that time but due to only Wahoo having stock in SA during lockdown (check point 2 above. Like Magic) I had to pay the "exchange rate tax" that have subsequently recovered back to pre lockdown rates. 18 March 2020 the exchange rate was R16.50 to the dollar as it is at the exact moment (Lock down only got announced on the 23rd and was enacted on the 26th of March)

 

So look at what the price was on the 30th of March from CWC; Chris and please tell me with the same exchange rate you can justify the exchange rate as the reason a Kickr is R24999 vs R17999 (32.5597% increase), Core R17999 vs R12999 (32.2601% increase) and ofc the Snap R9999 vs R6999 (35.2983% increase) of the exact same exchange rate as it was at the time of these prices 3 months apart?

 

attachicon.gifCapture.PNG

 

Elite Suito are now available still at R16999 (Solomons Cycles) throughout lock down thats comparable to the Kickr 4 as it gets a cassette and have the same gradient and watt ratings. Seem like they managed the exchange rate a bit better. Tacx the same, Satori (Cycleops) the same... Only Wahoo felt the exchange rate and now? What now? Are we going to see a 20-25% reduction on Wahoo products now that the exchange rate has dropped below pre lock down rates?

 

Probably not. Sorry but Wahoo might have a decent product but I don't like them for obvious reasons

 

RRP at 30th of March 2020 was @ R17.91 to the dollar exchange rate

Kickr 4.0 - R19,999

Core - R14,999

Snap - R7,999

 

 

I beg to disagree.

 

You have to consider stock holding and orders on hand vs units available to order and cash flow.

Sometimes you have to raise the price of units on hand already landed despite landing at  lower exchange rates. How else do you capitolise the next order? Keep injecting money from your money tree growing in the garden?

Businesses get built by good cash flow management which is very very difficult to do when your input costs are fluctuating every day.

I was having this discussion with a mat eof mine in the distribtion side of the industry and discussing strategies around how to manage inventory, pricing in the volatile exchange rate. He didn;t want to raise the price of stock on hand but how else was he going to pay for the same quantity of goods coming in at a higher exchange rate.

When the rate goes down the extra margin isn't some magical clear profit with deposits into the nearest Porsche dealers bank account. We're not talking ANC Covid corruption here, that extra margin often goes into covering lower demand of goods as the price increases tempers buyers sentiment. Volatility in the exchange is the root causal for the wild pricing we're seeing.

Bigger companies with more stock on hand can absorb more of that knock and can distribute that price increase over 10x more stock so you only see a small increase.

The bigger bicycle industry distributors could do the same. The smaller guys are hit more obviously and therefore their pricing fluctuates more obviously

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I think in fairness the Exchange rate isn't a good excuse though. When lock down hit due to no supply in SA the price on Wahoo products spiked by .... drum roll drrrrr tsss. 20%-25% per product across the range.(30-35% if you look at specials)

 

This was discussed at length where ppl on this forum climbed into Wahoo and Chis gave the same explanation he did back then.

 

When reflecting back on that thread and this one the same principles came to mind.

 

1. Prices went up overnight unlike the exchange rate that didn't and ALL Wahoo resellers IMMEDIATELY capitalized on it (This isn't directly Wahoo's fault but the 20-25% increase overnight lead to this... so it is actually Wahoo's fault. They could have gradually according to "exchange rate" increased the prices to the current levels to ensure the clients don't feel shafted)

2. No stock was available across SA apparently as Wahoo dont have a warehouse carrying stock like every other retailer in SA (sarcasm here) and every reseller that did have stock shafted the customers. What a way to build the brand though

3. All local stock was instantly sold at the higher price and NOT the original price due to "lockdown" (See point 1 as no thought went into the instant price markup. Like they say don't waste a good pandemic)

 

Now to look at this retrospectively I was in the market for a smart trainer and wanted to buy a Suito Elite at that time but due to only Wahoo having stock in SA during lockdown (check point 2 above. Like Magic) I had to pay the "exchange rate tax" that have subsequently recovered back to pre lockdown rates. 18 March 2020 the exchange rate was R16.50 to the dollar as it is at the exact moment (Lock down only got announced on the 23rd and was enacted on the 26th of March)

 

So look at what the price was on the 30th of March from CWC; Chris and please tell me with the same exchange rate you can justify the exchange rate as the reason a Kickr is R24999 vs R17999 (32.5597% increase), Core R17999 vs R12999 (32.2601% increase) and ofc the Snap R9999 vs R6999 (35.2983% increase) of the exact same exchange rate as it was at the time of these prices 3 months apart?

 

attachicon.gifCapture.PNG

 

Elite Suito are now available still at R16999 (Solomons Cycles) throughout lock down thats comparable to the Kickr 4 as it gets a cassette and have the same gradient and watt ratings. Seem like they managed the exchange rate a bit better. Tacx the same, Satori (Cycleops) the same... Only Wahoo felt the exchange rate and now? What now? Are we going to see a 20-25% reduction on Wahoo products now that the exchange rate has dropped below pre lock down rates?

 

Probably not. Sorry but Wahoo might have a decent product but I don't like them for obvious reasons

 

RRP at 30th of March 2020 was @ R17.91 to the dollar exchange rate

Kickr 4.0 - R19,999

Core - R14,999

Snap - R7,999

 

You cannot look at pricing at a point in time. Maybe Wahoo did hike prices at that point in time. But I think I paid roughly 20k for my gen1 way back when. And each new iteration launched at roughly the same price. So a price increase was inevitable.

 

I dont know what Wahoo's pricing strategy is. Maybe they like to keep price flat, with larger irregular price increases, so they benefit after an increase, and after 4 years they are benefiting significantly less. This allows them to maximise profits when ideas/concepts/tech are new, and as this ages, the consumer benefits as they are not paying more for each year that passes for the same thing.

 

If you not happy, you could always take your life savings, try set up the necessary contacts and distribution channels, and see what you can make of it.

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I beg to disagree.

 

You have to consider stock holding and orders on hand vs units available to order and cash flow.

Sometimes you have to raise the price of units on hand already landed despite landing at  lower exchange rates. How else do you capitolise the next order? Keep injecting money from your money tree growing in the garden?

Businesses get built by good cash flow management which is very very difficult to do when your input costs are fluctuating every day.

I was having this discussion with a mat eof mine in the distribtion side of the industry and discussing strategies around how to manage inventory, pricing in the volatile exchange rate. He didn;t want to raise the price of stock on hand but how else was he going to pay for the same quantity of goods coming in at a higher exchange rate.

When the rate goes down the extra margin isn't some magical clear profit with deposits into the nearest Porsche dealers bank account. We're not talking ANC Covid corruption here, that extra margin often goes into covering lower demand of goods as the price increases tempers buyers sentiment. Volatility in the exchange is the root causal for the wild pricing we're seeing.

Bigger companies with more stock on hand can absorb more of that knock and can distribute that price increase over 10x more stock so you only see a small increase.

The bigger bicycle industry distributors could do the same. The smaller guys are hit more obviously and therefore their pricing fluctuates more obviously

 

 

Sorry bud but you cant be the "Little distributor" underdog in the market and the most expensive. 

 

Local distribution does exactly the same when the petrol price changes. "Ja the price of petrol hey" and then food go up by 10% ... When the fuel price comes down those same guys are dead quiet as the market has adjusted to pay the new price. 6 months later the prices still havent dropped and then you sit with the next increase... and that same guy goes "Ja the price of petrol hey, distribution is just tough" and they hike the price again

 

If the price of Wahoo products are reliant on the exchange rate as so claimed the exchange rate has recovered and even lower that pre lock down rates now. So that would then justify the price to drop again to pre lock down prices when the next shipments come in but will that happen. No it wont. When the next spike of the exchange go up again expect them to do the exact same over valuing their own product on the same excuse. Exchange rates have been down to R17 to the dollar for 2 months. 

 

One thing you keep on forgetting is consistent business orders. Logisticly they have a future exchange rate they distribute on oin the contract that gaurantee the price regardless of the exchange rate. ALL MAYOR RETAILERS HAVE THIS. I can buy steel at the same price for a whole year based on negotiated supply and demand if I stick to the distribution channel minimum stock order levels and maintain the same price. What you are saying is they could not negotiate a price with the retailer based on a set distribution minimum stock order level. Sorry but I disagree with you here as then their business is set to fail and price gouging is just how it is from Wahoo

 

Wahoo Fitness, after growing 235% in three years, lands on the Deloitte Fast 500 list 

https://www.bicycleretailer.com/industry-news/2017/12/12/wahoo-fitness-after-growing-235-three-years-lands-deloitte-fast-500-list#.XyEeySgzaUk

 

Claiming small company and gouging prices is a cool perception when you are using the exchange rate. Just like Apple makes you believe each year that the new iPhone is the best.

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  • 4 weeks later...

Having read through all this one can conclude that stock holding, overhead and exchange rate all play a part.

 

BUT it really comes down to the opportunity presented by the lock down driving a short term spike in demand. And good on the guys for cashing in. Capitalism 101. And whilst one can make an argument for government to intervene to protect necessities like PPE pricing to shoot through the roof, a Kikr and Bike computer is hardly a necessity. So let market forces be.

 

BECAUSE that 101 has a flip side. In this case its called summer and passing of a fad.

 

How many people are really going to look at that R20-25k piece of equipment, eating another R300 a month in Zwift fees whilst they ride their bikes outdoor and think that was money well spent.

 

Realising again that we can even ride our bikes outdoors in winter, and that his salary was just cut by 10% or so due to the ongoing effects of Covid, the Hub and Gumtree will be flooded.

 

I bought my Hammer H1 (H2 was already out) for R5k on the Hub. And as soos as that happens, new prices will adjust again.

Edited by daniemare
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