US IBDs positive for 2024

The report, which is carried out by PeopleForBikes, estimates the value of the US cycle market was $6.8 billion in 2023. This is down 16% from $7.9 billion in 2022.

On a more positive note, hopes are running high for sales of e-bikes in 2024. Mountain and gravel bikes are also anticipated to do well, as is maintenance.

Speaking of the report, Lewis Sherratt, General Manager of Retail Solutions provider, Citrus-Lime, said: “Service and repair is an area bike dealers can take advantage of. Being able to book bikes in around the clock is vital to boosting the bottom line. Instead of limiting service scheduling to opening hours, IBDs should adopt online tools to maximize profits.

“Facilities like Book My Bike In cut out admin for the retailer and make it simple and convenient for customers to book in repairs”, he continues. “It can be linked through a store’s website and reduces the amount of time staff are out of the workshop dealing with customers.”

In terms of concerns, inventory surplus and discounting topped the list of worries for retailers.  Lewis recognizes this as a crucial element to maintaining a healthy cash flow. “Understanding how much stock you need to order is vital to reducing the amount of discounting you need to do come the end of the season”, he says. “A system that can calculate your Weeks Cover means you can forecast how much stock you’ll sell through before the season ends which is incredibly valuable.”