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24 Oct 2022

New research has indicated that UK shoppers could spend £4.4bn less on essentials ahead of Christmas – a 22% drop as the rising cost of living impacts on disposable income.

20 Oct 2022

VOLT today announces the launch of a collaboration with Deliveroo, the food delivery company, to trial subsidised e-bikes for a group of riders across the UK.

20 Oct 2022

Cycling charity Cycling UK has renewed its call on the Government to close the loophole in the law which allows people to escape driving bans.

19 Oct 2022

Rouleur Live is Rouleur magazine brought to life, bringing together the best guests and the finest brands to offer consumers a truly unique celebration of cycling culture in London this...

18 Oct 2022

People are looking to reduce their fuel spending by taking more journeys by bike, with as many as 30 per cent excited to rediscover two-wheeled journeys, according to a study by online cycling...

17 Oct 2022

The new Chancellor of the Exchequer, Jeremy Hunt, has confirmed in a statement that the Energy Bill Relief Scheme for businesses will continue to the end of March 2023 as planned.

14 Oct 2022

The Department for Business is asking all businesses to respond to a survey on energy bills and the impact increased costs are having on your business. The IRC is similarly urging members to...

13 Oct 2022

National media has reported that most Britons say that the cost-of-living crisis is forcing them to shun local shops in favour of big brands to get the cheapest prices.

11 Oct 2022

A new study, by careers experts, StandOut CV, claims to have identified the best and worst cities in the UK for customer service by highlighting the frequency of positive and negative comments...

11 Oct 2022

The British Chamber of Commerce’s Quarterly Economic Survey (QES) for Q3 2022 shows a significant decline of key economic indicators, with weakening structural business conditions and...

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The cost of living crisis: An opening for opportunistic bike shops?

Posted on in Cycles News

In the first of a five-part series, The Association of Cycle Traders (ACT), the largest cycle trade organisation in the UK, helps retailers boost their business. This month, a look at how the cost of living crisis will nudge more consumers towards cycling

As featured in the August edition of BikeBiz magazine – read it online here.


act logoact logoRail strikes, astronomical fuel prices and a climate crisis – all contributing factors to some rather drastic economic conditions for today’s average consumer.

As a result, people are beginning to consider cycling as a serious mode of transportation, and it is up to the cycling industry to get them pedalling along this path.

The recent steep rise in energy prices has significantly contributed to inflation reaching a 30-year high, putting pressure on households to cut back on discretionary spending.

While the decrease in disposable income will likely be felt by most sectors of retail, it may still present an opportunity for the cycling sector.

Many businesses will be considering the ways in which to reduce costs, with the knee jerk reaction of some being to implement job cuts and store closures. While this will offer some short term relief, research from KPMG’s Retail Think Tank shows that this is an outdated way of thinking, which will only lead to poorer levels of customer experience and satisfaction, at exactly the time when retailers need to be proactive, focus on the consumer and encourage them to shop.

With fuel prices hitting record-highs, as well as an increase all-round in bills, rent and food, more and more people are choosing to ditch the car and make their journeys on two wheels. As so many cycling novices are now entering the market, it comes as no surprise that some are left slightly taken aback by the cost of a decent road or hybrid bike, and even more so by the cost of an e-bike.

Therefore, it is up to the cycling industry to educate the consumer on why this purchase is worth the investment, as well as making it as easy as possible for the average earner to afford that shiny new bicycle.

Sell more with effective promotion of retail finance

A viable option for today’s cash-strapped consumers looking to spread the cost of their new method of transportation is retail finance. Retail finance can take the cost of their new £2,000 bicycle down to just £75 per month over two years with a 10% deposit. A good salesperson could then convince their customer to also throw in a helmet and some lights too for just a few extra pounds per month.

Various consumer surveys show that customers are more likely to spend a higher amount if retail finance is sold correctly, and for many customers, having the option to spread the cost was the main reason the purchase was made.

Whilst retail finance certainly has the potential to be your business’ most powerful sales tool, unfortunately it is not one that sells itself, so it is up to you and your staff to let every customer know the benefits of using finance in today’s economic climate.

The Retail Finance Training course will teach you and your staff how to encourage customers to make purchases, as well as maximising their spending through techniques such as financial promotion, Point of Sale (POS) and bundling.

The course retails for just £150 including VAT. Members of the ACT and ActSmart receive up to a 50% saving off the RRP. To get started visit: indieretail.training.

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