Peloton Announces Big Decision on Bikes, Fitness Equipment
Peloton could change the way people approach the secondary market for gym equipment.
On Tuesday, Peloton launched its own marketplace for members looking to resell their "pre-loved Peloton pieces." An AI-powered tool will suggest prices for each item, but sellers will have the final say on what they're looking to get in return.
This move from Peloton comes at a time where the resale market for gym equipment is on the rise. By launching their own marketplace, Peloton is providing members a "safe and comfortable way" to buy their own equipment.
According to Peloton, sellers will get 70% of the sales price. The rest wil be shared between Peloton and its platform provider for this marketplace, which has been dubbed Repowered. Additionally, sellers will receive a discount code for the following amounts:
- Bike+: $400 off
- Tread: $200 off
- Tread+: $600 off
- Row: $200 off
In order to ensure buyers don't get cheated, Peloton will have the ability to see the equipment’s history for each listing.
Sellers must have an account with Archive, the third-party service provider that Peloton is using, in order to list an item on Repowered.
"In order to list an item you will need to create an account with Archive, a separate third-party service provider, on the Peloton Repowered site," Peloton's website states. "This account is separate different from your Peloton account and not associated with Peloton. The information that you provide will be used to create and set up your Archive account. Archive may share some of this information with Peloton, subject to Archive’s Privacy Policy."
Only time will tell if this ends up being a huge success for Peloton.