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8 Mar 2024

Daniel Blackham, editor of industry magazine BikeBiz, has been writing about his experience of completing the Cytech technical one qualification at training provider Spokes People in Milton...

7 Mar 2024

ACT member and Cytech-accredited retailer JE James Cycles – one of the largest independent cycle retailers in Europe – is to open a new 7,874 sq ft store shop in Barnsley town...

6 Mar 2024

Cytech partner Activate Cycle Academy, the largest and most recognised training provider of bike maintenance and technical training courses to the UK’s cycle industry, recently welcomed a...

29 Feb 2024

Retailers looking for a payment solution that facilitates in-person, remote and online payments should look at what’s on offer from ACT partner Global Payments.

29 Feb 2024

The ACT is happy to confirm the date for Local Bike Shop Day 2024 as Saturday 4 May, the weekend of the early May Bank Holiday.

29 Feb 2024

The ACT team have had a great week catching up with retailers and other industry representatives at the iceBike shows in London and Manchester this week.

27 Feb 2024

The inaugural Cycling Electric magazine Demo Day will take place on Sunday, April 28th, at the Lee Valley VeloPark in London.

27 Feb 2024

New research from the European Cyclists' Federation (ECF), a Brussels-based advocacy group, has confirmed that if a city has more bike lanes, more people will cycle. The results will give...

13 Feb 2024

2024 is well underway and we’re just around the corner from the Spring Statement and for the retail sector it’s pretty much business as usual…or is it?

13 Feb 2024

Fabian Hamilton MP, co-chair of the Walking and Cycling All-Party Parliamentary Group, has said that the Cycle to Work scheme "must be reformed".

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Getting Your Business Ready for 2024: A Guide for Cycle Traders

Posted on in Business News , Cycles News

A new year means new challenges – but also new opportunities for cycle traders too and planning now so you can gain a competitive advantage and thrive in the warmer months will be key to exploiting the potential that 2024 will offer.

In this article, we delve into key strategies that can help your business not only be visible online but also offer a seamless purchasing experience for customers.



1. Optimise Your Online Presence

The UK has the most advanced e-commerce market in Europe and is estimated to have approaching 60 million e-commerce users — leaving only a minority of the population as non-digital buyers. Shopping online has become the norm.

Having a strong online presence, therefore, is crucial for any business. Ensure that customers can easily find your business online by optimising your website for search engines. Your website should not only be user-friendly - clear and easy to navigate - but also should encourage potential buyers to explore your product ranges.


2. Offer Flexible Finance Options

To cater to a broader customer base, you should consider implementing finance options. Differentiate your finance offerings based on the stock items, providing cheaper subsidy-carrying finance options for sale stock. This not only attracts budget-conscious customers but also helps clear out old inventory, making room for new products


3. Train Your Staff on Finance Sales

Equipping your staff with the knowledge and skills to effectively sell using finance options is essential. A well-informed sales team will be able guide customers through the financing process, addressing any concerns and making the purchasing experience smoother.


4. Bundle and Maximise Sales

We recommend creating enticing bundles that maximise the sale of complementary items such as locks, helmets, and shoes. In doing so, you are not only adding value to the customer's purchase but also increasing the overall transaction value. Bundle offers can be highlighted on your website and on your social media channels, enticing customers to consider additional accessories during the buying process.


5. Keep Your Website Up to Date

An outdated website can be a big turn-off, driving potential customers away. Make sure your website is regularly updated with the latest products, promotions, and financing options. Prominent display all purchasing options from the moment customers land on your site – it will help streamline the buying process.


6. Promote Through Online Advertising

Leverage online advertising to reach a wider audience. Clearly communicate that customers can turn their dream of owning a bike into reality with manageable monthly finance options. Highlighting this message through targeted online advertising can significantly increase brand awareness and drive traffic to your website. Paid posts on social media channels, either geo-targeted and/or based on an interest in cycling, could be worth exploring too.

Implement these strategies and we are confident you will be positioning your business for success in 2024. From optimising online visibility to providing flexible finance options and bundling complementary products, these steps will ensure that your business not only stays competitive but also offers a superior purchasing experience for customers. As we embark on the new year, let's gear up for a prosperous and rewarding journey in the world of cycle trading.




How The ACT can help you provide retail finance to your customers

The ACT provides an all-encompassing retail finance solution tailored to meet your business's unique requirements. Discover more details by clicking here

Want to learn more? The ACT also offer online training on retail finance for cycle traders here.

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