Ride Up enables bike manufacturers to leverage subscription model

Ride Up has launched a new platform set to help bike manufacturers capitalise on bike subscription sector.

The Ride Up road bike subscription service will enable consumers to regularly swap new, top brand, bikes, on a flexible, fixed-price monthly subscription basis from just £70 per month, and is offering partnership opportunities to manufacturers so they can reap the business benefits as well.

A lucrative business model already present in the ‘cycling as transport’ sector, subscription based services play a significant role in the projected growth of the market, forecast to reach $127bn over the next ten years.

Where the subscription model appeals strongly to a younger demographic who’re used to Netflix, Zwift, HelloFresh, and Swapfiets, this audience is drawn to the accessibility which subscription offers, paired with the flexibility of changing bikes on a more frequent basis.

Ride Up will give consumers access to aspirational bikes for a small monthly investment. Subscriptions start from just six months and all bikes come with insurance, warranty, and a service plan.

In keeping with its new ‘circular’ business model for bike brands, Ride Up is also offering its range of pre-loved bikes from six-month subscriptions, starting from just £50 per month, and helping riders afford the upgrade to a new bike by taking in their trade-ins and refurbishing them at 1 of the 15 Ride Up centres across the UK, for the next rider.

Ride Up’s mission is to enable an ongoing ‘lifecycle’ for bike manufacturers through bike subscriptions, from a customer’s first road bike to their pro road bike, and all stages in between.

The Ride Up platform will provide two revenue opportunities for bike manufacturers:

• A white-label bike subscription solution for their own website and retail channels, without the time to market or investment.
• Access to new customers via a new online retailer channel, RideUp.cc and via Ride Up centres UK wide which will also facilitate trade-ins of their current bikes.

Tim Hammond, co-founder of Ride Up comments: “For bike brands, Ride Up is providing the opportunity to embrace subscriptions like the car industry and the technology and communications sector. Apple lets its customers upgrade to the latest model every year, and exchange their old one for the new one on a monthly plan. Now bike manufacturers can do the same using the Ride UP bike subscription and trade-in platform. “

“With the ease of upgrading inclusive monthly plans, I predict that half the bike market will convert to subscription plans by 2025.”

Co-founder, Russ Downing said: “With the current financial climate, why would you put a bike on a long-term finance plan or buy now pay later, when you can simply rent it and give it back when you want to? New bike models coming out every year or two. You can now change to the latest model when it comes out (without) the cost of buying or the stress of selling (your) current one.”

Unlike normal bike purchases, Ride Up customers are not tied into long-term finance plans and can cancel their subscription after the initial six-month period. Should they wish to purchase the bike, they can also pay the balance between what they have already paid and the bike’s retail price.

Each month, Ride Up will host ride ups across the UK to allow cyclists to test ride a new bike before subscribing.

Bike brands can read more about Ride Up’s platform offering in a presentation created especially for them.

The third member of the Ride Up founding team is Team GB track cyclist and Olympic cycling silver medallist (Tokyo 2021) Ryan Owens, joining former British Champion, Russ Downing, and Tim Hammond who successfully launched the Cycle Espresso cafés network last year.