Cycle retailers set to boost sales with innovative free insurance scheme
Posted on in Business News , Cycles News
UK bicycle retailers are set to benefit from a groundbreaking partnership between the ACT and Bikmo Cycle Insurance, offering a new revenue stream and competitive edge in the increasingly challenging cycling retail market.
The newly launched scheme enables ACT Silver and Gold members to offer customers 30 days of free cycle insurance with every new bike purchase, while simultaneously earning £5 per policy processed.
This innovative approach aims to provide retailers with a unique selling proposition that could significantly enhance their sales strategy.
Jonathan Harrison, Director of the ACT, said: "This is a significant breakthrough for independent bike retailers. In a challenging retail environment, we're giving our members a powerful tool to attract customers and generate additional revenue from each sale. The free insurance provides an immediate added value that can help differentiate our members from online and large-scale competitors."
The partnership allows retailers to market bikes with the compelling proposition: "All our bikes come with 30 days free insurance", potentially increasing sales and customer confidence. Bikmo's comprehensive insurance coverage includes protection against theft, accidental damage, and accessories, with no upfront payment required from customers.
Under the new scheme, ACT Silver and Gold members receive additional benefits:
- 30 days of free cycle insurance on new bike purchases
- £5 revenue for every free policy processed
- Ability to offer customers a 5% discount on full Bikmo insurance policies
The initiative is designed to address the current challenges faced by independent bike shops, providing a novel approach to adding value and generating additional income from each transaction. Customers must activate the insurance within seven days of bike delivery or collection, making the process simple and straightforward for both sellers and buyers. The cover does not renew automatically, and no payment details are required from the customer.
Full details of the scheme and how retailers can participate are available at https://www.cycleassociation.uk/services/increase-sales/cycle-insurance/