BikeBiz Bicycle and cycling retail news
The recently launched health and wellbeing initiative From Free2Cycle aims to get more people commuting by bike than ever before.
The scheme operates by cyclists pledging their annual commute mileage to Free2Cycle and their sponsor; in return their sponsor contributes to the cost of the bike at 20p per mile. Effectively, by ensuring a cyclist uses the bike to commute to work, the bike pays for itself. Free2Cycle aims to keep commuters cycling over the winter months by rewarding ‘on track’ cyclists with vouchers to redeem at their local registered bike shop. Vouchers can also be used towards bike MOT’s and servicing.
Crucially, a retailer will earn the majority percentage of a regular sale via Free2Cycle. CEO Eric G Craig said: “All bikes are distributed through approved dealers who not only benefit from earning the majority – and in some instances more than with a traditional sale. Moreover ongoing reward vouchers for cyclists are by default made available through the supplying retailer to encourage footfall and repeat sales.”
An agreement has been reached with a number of supplier brands who will be included in the initiative. Craig added: “Having a streamlined system in place so that bikes are provided to customers through brand approved retailers promptly, and partners get paid promptly, is key to the business model.”
The value of the bike is based on the cyclists’ mileage pledge. For example, a daily commute of nine miles each way will fund a bike to the value of £1,600. If a cyclist would like to upgrade their bike, they can do so by chipping in with a single or monthly financial contribution, with a maximum upgrade of £1,000 – bikes capped at £2,750.
More information can be found about the scheme here.
