Turning the cycling hype into sales
Posted on in Cycles News
In light of the success of British professional cycling this summer, people clearly feel inspired to get onto bikes, with numerous cycle traders reporting a boost in sales. But is this translating to more sales across the industry as a whole?
The hope for the industry was that the phenomenal success of the British professionals will convert more people into cyclists. People who have until now shown little interest in cycling, are sitting up and taking notice of the sport this summer.
Around the hype of Wimbledon Brits across the country fill the tennis courts and following the London Marathon, more people get out their running shoes. But cycling is different. The buzz around cycling does seem to be inspiring many non-cyclists to get back in the saddle, but the transition from inspiration to action is more difficult, partly due to the higher costs involved when compared to running or tennis.
Reports of the ‘Wiggins effect' boosting sales at non- specialist bike retailers such as Halfords and John Lewis could be down to their lower prices. Customers aren't willing to invest as much money until they're sure it's going to be a worthwhile investment.
In a recent article in the Telegraph, Andy Bond, chairman of Wiggle pointed out how the likely Olympics boost for cycling will take time to have a big effect. "It's good for Wiggle but it's more long term. Our focus is on real enthusiasts. If someone is watching the TV and wants to take up cycling, they probably won't come to Wiggle first. But as they get more into it, they'll definitely come."
Our sales poll for July has so far collected a variety of results, with no indication that specialist cycle shops are benefitting greatly from the ‘Wiggin's effect'. The poll is still live so let us know what kind of sales you're experiencing and help us to compare across the industry - click here to take part in the poll and we'll report the findings next month.
So what is the solution?
We can expect cycling to be talked up a lot for the rest of the summer. Whilst this is great for cycling as a whole, the hype needs to be turned into sales.
Lots of sports are benefitting from exposure currently thanks to the Olympics, but cycling has to be one of the most expensive to get into - retail finance could be the answer.
Retail finance allows your customers to get the products, clothes and accessories they want without breaking the bank. Give customers the choice to spread the cost of their bike and accessories over a couple of years and they will be more willing to invest in better quality gear from a specialist bike shop. Click here to find out more.
A survey conducted in 2011 found that retail finance positively influences 93% of consumers.
- 71% would have postponed their purchase had finance not been available
- 57% made their purchase because finance was available
- 52% would have bought elsewhere had finance not been available
- 50% would have spent less if finance had not been available
Retail finance is a proven sales tool for turning browsers into buyers and boosting profits by upselling. At a time when cycling is proving to be such an inspiration, cycle finance could be the nudge consumers need to get them cycling.
Are you considering retail finance, or do you offer it already? Let us know by taking part in this month's poll - click here .
