Peloton announcing a platform for the purchase and sale of second-hand exercise bikes and treadmills.
Peloton's latest venture, Repowered, marks its entry into the booming market of reselling used exercise equipment and gear. Launched on Tuesday, this platform is a game-changer for Peloton members looking to get rid of their dusty bikes and treadmills while making some money.
Repowered allows members to post listings for their used Peloton gear, setting a price using an AI-powered tool that suggests prices based on factors like the product's age and condition. Sellers keep 70% of the sales price, with the rest split between Peloton and its platform partner, Archive. Sellers also receive a discount toward new equipment, while buyers see the activation fee for a used product drop from $95 to $45.
The platform's transparency is a major selling point, with buyers able to see the equipment's history on the listing and even opt for delivery for an extra fee. The resale market for exercise equipment is thriving, and Peloton aims to simplify the sale process for members and offer a secure, comfortable, and eco-friendly way for new customers to buy equipment.
Peloton's move into the used equipment market is a strategic one, as it looks to capitalize on the growing demand for second-hand Peloton bikes and treadmills. Last summer, the company reported a 16% year-over-year growth in paid subscribers who bought hardware on the secondary market. These subscribers, it found, exhibited a lower net churn rate than rental subscribers, highlighting the financial potential of the used equipment market.
Repowered isn't the only player in the game, though. The burgeoning startup Trade My Stuff, formerly known as Trade My Spin, also sells used Peloton equipment. The two platforms differ in several key aspects. Repowered offers incentives like discounts on future Peloton purchases, a more integrated and trustworthy experience, and a strong focus on sustainability. Trade My Stuff, on the other hand, might provide a broader range of equipment options beyond Peloton.
Repowered is currently in beta in New York City, Boston, and Washington, D.C., with plans to go nationwide in the coming months. The platform is first launching for sellers, with inventory availability determining when it will be opened up to buyers.
In the world of fitness and resale, Peloton is making waves with Repowered. This new platform represents a significant step in the company's quest for growth and sustainability, and it's set to shake up the used exercise equipment market.
- Peloton's latest endeavor, Repowered, enters the flourishing market of second-hand exercise equipment, offering a secure and eco-friendly way for clients to purchase used gear.
- Repowered provides an AI-powered tool that suggests pricing for used Peloton equipment based on factors like age and condition, allowing sellers to keep 70% of the sales price.
- The used exercise equipment market is a financially advantageous one, as Peloton discovered last summer with a 16% year-over-year growth in paid subscribers who bought hardware on the secondary market, exhibiting a lower net churn rate than rental subscribers.
- While Repowered competes with the startup Trade My Stuff in the used Peloton equipment market, it differentiates itself through incentives like discounts on future Peloton purchases and a greater emphasis on sustainability.
