Search News

Results: 61-70 of 2769


Start again

8 Mar 2021

Guidance on which single use carrier bags retailers must charge for in each nation

5 Mar 2021

The meeting will take place on Friday 12th March at 10am and will be co-chaired by Ruth Cadbury MP and Selaine Saxby MP

5 Mar 2021

As part of the Cyber Aware campaign, a self-assessment tool for sole traders and micro businesses has been developed

4 Mar 2021

The ACT are proud to once again be supporting the #BikeIsBest campaign, although this time round bringing more to the table as a key partner.

4 Mar 2021

As a member of the cycling trade we want your opinion!

4 Mar 2021

The Greeting Card Association (GCA) have created a both Mother's Day and Easter 2021 toolkit, with the aim of helping retailers promote theseevents in their stores and online.

3 Mar 2021

Key highlights include an extension to the business rates holiday and furlough scheme, as well as new £6000 "restart" grants for non-essential retailers.

3 Mar 2021

The key message to everyone is if you live a short distance from your school, college or university, consider walking or cycling.

3 Mar 2021

Maybe* has made a collection of recent social headlines to help you stay up-to-date.

23 Feb 2021

The report provides key insights into the social and economic contributions of the rural shop sector, including profiles of the entrepreneurs that run rural shops, the investments they make and...

Back to news menu

Retail finance plays a key role as sales continue to surge in the cycling industry

Posted on in Business News , Cycles News

ARide it away recent survey undertaken by the Association of Cycle Traders amongst IBDs shows an increase in both new and returning customers in December 2020 in comparison to 2019. The survey was part of an IRC initiative whereby retail feedback is collected by a number of trade organisations for Government lobbying to the benefit of members.

The year of 2020 was a challenging year for the retail sector as whole, but for bike retailers in particular it meant a rise in demand never seen before, leading to booming sales and stock shortages.

Seasonal cycling trends were thrown into disarray as the Covid-19 disruption impacted consumer buying habits. Most unusually, figures show that November was a stronger sales month than December for the IBD.

Credit card volumes in the cycle sector were reportedly 19% higher in November than December, helped by a 10% increase in the average transaction value, a 25% reverse on the 2019 trend. Retail finance sales remained buoyant throughout the period, reflecting an ever increasing consumer trend to spread the cost of larger value purchases.

 

Why Retail Finance continues to be on the up

November's 2020 vs 2019 retail finance sales showed the highest growth since May 2020, when the UK was in the very midst of the cycling boom. These positive trend shows no signs of abating, as preliminary January figures suggest we will see an increase in retail finance sales of 47% between Jan 2020 and Jan 2021.

Online finance sales also inevitably saw a bigger increase than instore due to trading limitations arising from the pandemic leading to shops closing or reducing their product and service offerings.

UK retail as a whole recognises how the pandemic has accelerated online trading for the longer term; finance offered through a shop's website has become the expected norm among consumers. The increased popularity of bicycles in the last year combined with ongoing stock issues has driven finance to become yet more of a necessity as entry level bicycle models have all sold out, leading retailers to upsell to better quality models with higher price points. Here retail finance proves to be invaluable in allowing consumers to purchase at price points that might otherwise have lost the sale.

Now is the time to take advantage of the growing opportunity that retail finance presents and offer your customers the chance to spread the cost instore and online. Find out how you can begin offering Ride it away retail finance now.

 

Find out more


If you want to speak to a member of the ACT our most up to date contact details can be found here.

 

Back to news menu

Useful links

If you have any other queries please contact us.