Wow, 2024 went by in the blink of an eye, faster than a Di2 shift, how was your year? Ryan, Suzie, and Mark take a look back at our bicycle industry sales results for the year, broader economic conditions that contributed, and where the winners made a difference. Then, a look at the trends heading into 2025 and what we can all expect for bicycle and aftermarket sales. Marketing and, specifically, Google ads, will play a big role for those aiming to grow sales and expand their footprint in 2025. Owning a successful bike shop isn't for the faint of heart but we've got insights, tips, and actionable suggestions to help.

• 2024 market recap
  • Roller coaster year at retail, with unpredictable demand/sales
  • PeopleForBikes says IBD -9% through October
  • S&P Global
    • 2024 - We anticipate a nearly 7% decline in total bicycle unit sales by the end of the year, with an expected total of around 12 million units
• 2024 on Workstand
  • Workstand platform +4% through Oct (mirror PFB)
    • Finished year positive 5%
    • Results driven by high performers in aftermarket and bike sales
    • Over half of bikes sold at discount, discounts averaged -27%
    • Consumers bought nicer bikes so ASP up 14%
  • Unfortunately, the typical dealer on Workstand down 11% for the year
    • Results dropped off in the second half of the year
    • Holiday shopping season especially poor
    • Need to find a way to get more dealers marketing
    • Clear division between those advertising on Google and not
• 2025 expectations
  • Cautiously optimistic for our clients as a whole
    • High expectations for top retailers
    • 17 dealers sold over $1M online last year (top nearly $7M)
    • 150 dealers solve over $100k
    • We can make a big difference in growth 
    • Uncertain aftermarket
    • Service will continue modest gains of about 2%
• What can a dealer do if they want to be a top performer in 2025
  • Identify categories that will generate growth
    • Ex: mid-priced aluminum road, class 2 electric lifestyle bikes, class 3 electric road
    • Build a stocking strategy accordingly
    • Market to stimulate further demand
  • Focus on local market share through Google search and local shopping
  • Lean heavily on selling bikes online locally

Be sure to email your questions to [email protected]. We read all emails sent, and we look forward to hearing from you.

If you're a Workstand client with questions about your subscription, email [email protected] or call 303-527-0676 x 1. If you are not currently a Workstand client with questions about how our programs work, email [email protected].

Find Us on LinkedIn
Mark Still, Senior Business Development
David Martinez, Key Accounts Advisor

We also publish Around the Workstand on our YouTube channel if you'd like to watch while you listen. Here is our Around the Workstand playlist.

If you have any questions about the topics discussed in this episode of Around the Workstand or if you have ideas for new topics we can cover, schedule a time to meet with Mark Still here or email [email protected].

We’ll be taking some time away from the podcast during December so this will be our final 2024 episode. We thought we’d recap some of the accomplishments of 2024 and look forward to 2025. Around the Workstand will resume in January 2025 and we’re looking forward to another year of sharing tips and actionable information with you all.

Around the Workstand grew a lot in 2024 so thank you to everyone who watched and listened. It means so much to me, Suzie, and Ryan that you found some value and entertainment in the show.

New and/or returning Supplier Sync partners for 2024

• Santa Cruz
• Ibis
• Otso
• Gazelle - going live today!

POS enhancements

• Work order management
• SMS messaging 

Ecommerce enhancements 

• Variation tiles on Product Detail Pages
• New checkout being rolled out in phases
• Many other infrastructure enhancements

Most popular Around the Workstand episodes in 2024

Industry updates with Ryan were consistently the most viewed (video) and downloaded (audio) episodes

They were followed closely by episodes where we talked about our new POS features and by episodes where we gave actionable tips for growing sales

We’ll bring back Tech Tips in 2025 - we aren’t really sure why we stopped doing those but there were popular.

Be sure to email your questions to [email protected]. We read all emails sent, and we look forward to hearing from you.

If you're a Workstand client with questions about your subscription, email [email protected] or call 303-527-0676 x 1. If you are not currently a Workstand client with questions about how our programs work, email [email protected].

Find Us on LinkedIn
Mark Still, Senior Business Development
David Martinez, Key Accounts Advisor

We also publish Around the Workstand on our YouTube channel if you'd like to watch while you listen. Here is our Around the Workstand playlist.

If you have any questions about the topics discussed in this episode of Around the Workstand or if you have ideas for new topics we can cover, schedule a time to meet with Mark Still here or email [email protected].

Tips for how AI can help in retail - what other ways are you using AI?

• Great brainstorming partner 
  • Start with clear goals 
  • Ask for specific results
• Use to break a big project or some event planning into easy action items
• AI tools within other applications are an easy way to begin to experiment - Apple Intelligence, email apps, text apps, etc, Grammarly

Warnings and pitfalls merchants should be aware of

• Images of people and bicycles are hard for AI
  • Avoid the uncanny valley:/ - it’s close but not really
• Don’t forget to edit - inject your personality and unique voice
  • Remember that if you can prompt an AI to create something that you use to represent you or your business, anyone else can do that. 
• Don’t let the machine run unchecked, unintended consequences abound.

Here is the experiment Suzie did so you can try it yourself. Let us know how it goes!

Prompt: What are good dos and don'ts for small businesses interested in leveraging AI for help with marketing? 

Using AI for marketing can be a game-changer for small businesses, offering tools to boost personalization, streamline operations, and make data-driven decisions. Here are some do’s and don’ts to guide you in implementing AI effectively.

Do’s

1. Do Start with Clear Goals
2. Do Use AI to Enhance Personalization
3. Do Focus on High-Impact Channels First
4. Do Leverage Customer Data Responsibly
5. Do Experiment with Predictive Analytics
6. Do Train Your Team

Don’ts

1. Don’t Automate Everything
2. Don’t Rely Solely on AI for Content Creation
3. Don’t Ignore Data Privacy Regulations
4. Don’t Expect Immediate Results
5. Don’t Neglect Testing
6. Don’t Overlook Costs

Bonus: Tools to Explore

• Email and Social Media Automation

By following these tips, your small business can harness AI’s potential effectively without sacrificing the authenticity and trust you’ve built with your customers.

Be sure to email your questions to [email protected]. We read all emails sent, and we look forward to hearing from you.

If you're a Workstand client with questions about your subscription, email [email protected] or call 303-527-0676 x 1. If you are not currently a Workstand client with questions about how our programs work, email [email protected].

Find Us on LinkedIn
Mark Still, Senior Business Development
David Martinez, Key Accounts Advisor

We also publish Around the Workstand on our YouTube channel if you'd like to watch while you listen. Here is our Around the Workstand playlist.

If you have any questions about the topics discussed in this episode of Around the Workstand or if you have ideas for new topics we can cover, schedule a time to meet with Mark Still here or email [email protected].

It's hard to believe we are nearing the end of October 2024, but it's true. If you've looked at your inbox, gone to your mailbox, or watched any TV, you will have noticed that holiday marketing is in full effect. If closing out 2024 sales well is on your to-do list, now is the time to start implementing holiday marketing for your bicycle shop. We have resources, we have support, and Suzie and Mark are here to help.

Google ads as part of a local selling strategy

• Free shopping listings
• Shopping ads 
• Granularity dos and don’ts
• YouTube ads 
  • Great way to get in front of a captive audience
    • Mandatory 5 sec 
    • paying pennies per view 
    • DIY is working
• Tips for getting help managing ads

Holiday marketing on a budget

• Website content
• Leveraging your existing evergreen content
• Put your suppliers to work 
• Drive traffic 
• Ads 
• Last year’s episode with Lauren Webb for Holiday Marketing
• Industry trends episode from early October with Ryan Atkinson

Be sure to email your questions to [email protected]. We read all emails sent, and we look forward to hearing from you.

If you're a Workstand client with questions about your subscription, email [email protected] or call 303-527-0676 x 1. If you are not currently a Workstand client with questions about how our programs work, email [email protected].

Find Us on LinkedIn
Mark Still, Senior Business Development
David Martinez, Key Accounts Advisor

We also publish Around the Workstand on our YouTube channel if you'd like to watch while you listen. Here is our Around the Workstand playlist.

If you have any questions about the topics discussed in this episode of Around the Workstand or if you have ideas for new topics we can cover, schedule a time to meet with Mark Still here or email [email protected].

September ecommerce metrics show consumers shopping but the typical bike shop not seeing the results online.

• Site traffic remains strong at +7%
• Google search volume for “bike shop” comparable to last year
• Total ecommerce sales +7%
• Typical dealer ecommerce sales -11% (leading indicator for industry)
• 1,800 fewer click & collect orders than August = less retail traffic

PeopleForBikes Webinar

• Nerd Collective
• Stock to Sales ratio (retail and supplier)
• Discounting

The Pro’s Closet will close in October

Employees and clients impacted by Hurricane Helene - buy DeFeet socks

• 3 employees

How to Thrive this Holiday Season - webinar with NBDA 

• Thursday 11 am MTN 
• Focus on ways to create more selling opportunities this season
• Marketing is a numbers game - the more you get in front of potential shoppers, the more selling opportunities you’ll have
• Digital marketing + Google 
• Efficiency and effectiveness will be a priority

Keep up with website and POS features new releases

Be sure to email your questions to [email protected]. We read all emails sent, and we look forward to hearing from you.

If you're a Workstand client with questions about your subscription, email [email protected] or call 303-527-0676 x 1. If you are not currently a Workstand client with questions about how our programs work, email [email protected].

Find Us on LinkedIn
Mark Still, Senior Business Development
David Martinez, Key Accounts Advisor

We also publish Around the Workstand on our YouTube channel if you'd like to watch while you listen. Here is our Around the Workstand playlist.

If you have any questions about the topics discussed in this episode of Around the Workstand or if you have ideas for new topics we can cover, schedule a time to meet with Mark Still here or email [email protected].

Gearing up for our season

• Fall is when shops start working “on” the business, not “in” the business
• For 25 years, without fail, our phone rings off the hook in the fall
• Gonna have a lot to talk about this year
• Always talking about websites, ecommerce, and Google search
• Point of sale is the center of a lot of our conversations
• BRAIN: 35% of shops are considering a change in POS in the next 12 months

We delivered for shops this summer

• Early adopters used all season
• Reviews have been great
  • Simple. Modern. Easy to use.
• Has the exact features most shops use
• Clients have great ideas that will make it even better
• Advantage of working with a smaller company like us
• We listen to our customers

Why we are the best choice

• Everything you need to streamline your bike shop
• 25 years of experience helping bike shops modernize
• Trusted by the entire bike industry
• Friendly and knowledgeable service by people that know the business of bikes
• No debate. We have the best data.
• Feature to feature we are very competitive
• Easy for everyone in the shop to use

What we have

• Everything you need to help a customer at the register
• Work orders to help you run a professional service department
• Better inventory management that companies like Square or Clover
• SMS text messaging built in
• Hands down the best supplier data integrated throughout the software
• Customer service you can count on

What to do if you want to learn more 

• Keep it simple
• Call us or request a demo
• No pressure. Want you to be informed.
• If you choose to sign up
  • Get you up and running fast with easy onboarding
  • A member of our team will be with you at every step

Be sure to email your questions to [email protected]. We read all emails sent, and we look forward to hearing from you.

If you're a Workstand client with questions about your subscription, email [email protected] or call 303-527-0676 x 1. If you are not currently a Workstand client with questions about how our programs work, email [email protected].

Find Us on LinkedIn
Mark Still, Senior Business Development
David Martinez, Key Accounts Advisor

We also publish Around the Workstand on our YouTube channel if you'd like to watch while you listen. Here is our Around the Workstand playlist.

If you have any questions about the topics discussed in this episode of Around the Workstand or if you have ideas for new topics we can cover, schedule a time to meet with Mark Still here or email [email protected].

Ryan has a cool trip planned with friends on the Aquarius Trail hut to hut next week. 6 days in Southwest Utah with Nebraska friends and no logistics work required.

June retail sales PeopleforBikes

• Bright spot is inventory stabilizing across the channel
  • I’m joining a PeopleForBikes webinar later this month to discuss
• June is typically the high point for sales, but this year the month was very soft. 
• Bike shops were -11% in total sales dollars for the month
  • Bicycle sales -13% and unit sales were -17%
  • Higher unit prices and shift toward more expensive electric bikes
• Bike prices are still falling, but not at the same rate as unit sales. 
  • 29” wheel mountain and most road categories are showing some of the best price stability - likely a reflection of returning category health and new product releases. 
• Bicycle repairs are an essential revenue source for shops. June saw the highest YOY increase in bike shop service/repair dollars since 2020, but that’s paired with the lowest number of service orders in eight years. 
• While service departments are bringing in increased revenue, there’s a bit of caution mixed in as fewer bikes are likely being worked on. 
• Chart in the email tells a clear story on long term trends. Dealers need to join PeopleForBikes and start getting these monthly market reports.

August ecommerce results from Workstand

• Very good August for some (+11% compared to -2% in July)
• Better than July for most (-9% compared to -17% in July)
• Site traffic up all year, August best at +13%
• Trend continues - Order volume down and average order up
• Store pickup May-August 32,000 orders (lot of store traffic)

Be sure to email your questions to [email protected]. We read all emails sent, and we look forward to hearing from you.

If you're a Workstand client with questions about your subscription, email [email protected] or call 303-527-0676 x 1. If you are not currently a Workstand client with questions about how our programs work, email [email protected].

Find Us on LinkedIn
Mark Still, Senior Business Development
David Martinez, Key Accounts Advisor

We also publish Around the Workstand on our YouTube channel if you'd like to watch while you listen. Here is our Around the Workstand playlist.

If you have any questions about the topics discussed in this episode of Around the Workstand or if you have ideas for new topics we can cover, schedule a time to meet with Mark Still here or email [email protected].

We often get wrapped up in the day-to-day, putting out fires type activities, and we don’t want this to sound preachy but, cycling competes with other consumer goods for attention and dollars so bike shops that don’t stay top of mind with the shoppers who have already done business with them are at a disadvantage but it doesn’t have to be that way.

Sometimes I’m sure we all wish it weren’t this way, there is a lot of communication but people who make meaningful purchases receive communication from the stores they shop with. So today’s question is, are you communicating with your key customers in the way Home Depot, Best Buy, and Nordstroms are?

Importance of regular outreach - not just during major promotional periods. 

Busy season or not, consistent outreach yields better results than only communicating when you want to sell something.

How?

Social - use an 80/20 or 90/10 rule - 90% engaging, interesting, community info - 10% promotional

Physical events - be at the places your customers are just to be there

Transactional emails - reach out based on the products and services your customers purchased from you - want to try our WorkstandIQ Loyalty program? Mention this episode and get 6 months free! 

Be sure to email your questions to [email protected]. We read all emails sent, and we look forward to hearing from you.

If you're a Workstand client with questions about your subscription, email [email protected] or call 303-527-0676 x 1. If you are not currently a Workstand client with questions about how our programs work, email [email protected].

Find Us on LinkedIn
Mark Still, Senior Business Development
David Martinez, Key Accounts Advisor

We also publish Around the Workstand on our YouTube channel if you'd like to watch while you listen. Here is our Around the Workstand playlist.

If you have any questions about the topics discussed in this episode of Around the Workstand or if you have ideas for new topics we can cover, schedule a time to meet with Mark Still here or email [email protected].

Suzie is under the weather this week so Ryan and Mark take on recent issues affecting the retail bicycle landscape. We hope you feel better soon, Suzie!

Law firm focused on electric bike injuries

Electric Bike Library Content - included in all Workstand website subscriptions

Premium Electric Bike Content - included in our Marketing Subscription, available to all Workstand website clients for $400 per campaign.

Learn about People for Bikes

https://www.peopleforbikes.org/

NBDA Retailer & Supplier Best Practices panel discussions are worth checking out!

We are gathering data on bike shops to understand the market. We want to know for sure how many bike shops are operating.

Greed - why have some suppliers and retailers characterized themselves as greedy during the COVID-19 pandemic?

Ryan’s LinkedIn post of a BBC report from 1997

Be sure to email your questions to [email protected]. We read all emails sent, and we look forward to hearing from you.

If you're a Workstand client with questions about your subscription, email [email protected] or call 303-527-0676 x 1. If you are not currently a Workstand client with questions about how our programs work, email [email protected].

Find Us on LinkedIn
Mark Still, Senior Business Development
David Martinez, Key Accounts Advisor

We also publish Around the Workstand on our YouTube channel if you'd like to watch while you listen. Here is our Around the Workstand playlist.

If you have any questions about the topics discussed in this episode of Around the Workstand or if you have ideas for new topics we can cover, schedule a time to meet with Mark Still here or email [email protected].

Tips for making your website your own. The closer your website aligns with your in-store presentation, the better. Shoppers generally meet your website before they visit the store so take an honest look at your site and answer the following question - is your website what you want to present to potential customers? Is it what you wouldn’t say to them if they were in your store? 

• Working with the included templates and theme editor
  • There are 7 templates to start with
  • Add your logo and set your brand colors
  • Local photos - you do not need a professional photographer
  • Local content - where to ride, staff, history, unique value proposition
  • Our Help Center has great tips and instruction and our Client Success Team can guide and train you in making updates
• Premium Themes - here’s something new we’ve come up with
  • Based on our popular Premium Content Packages
  • Semi-custom themes for a reasonable investment of $1,499 and can be completed in a week or less
  • Many to choose from with additional designs added each quarter
• Full Custom Design - as unique as your business
  • Design and content planning
  • Let your imagination run wild - take inspiration from other industries, websites, print, nature, anything
  • Project costs start around $3,000 and generally land between $4,000 - $8,000 (can be higher) and typically take 6 -8 weeks to complete

Be sure to email your questions to [email protected]. We read all emails sent, and we look forward to hearing from you.

If you're a Workstand client with questions about your subscription, email [email protected] or call 303-527-0676 x 1. If you are not currently a Workstand client with questions about how our programs work, email [email protected].

Find Us on LinkedIn
Mark Still, Senior Business Development
David Martinez, Key Accounts Advisor

We also publish Around the Workstand on our YouTube channel if you'd like to watch while you listen. Here is our Around the Workstand playlist.

If you have any questions about the topics discussed in this episode of Around the Workstand or if you have ideas for new topics we can cover, schedule a time to meet with Mark Still here or email [email protected].