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Battle of the Cycles: Peloton's diffusion problem
As I read about product diffusion this week and considered Peloton, our chosen Branding Lab company, in the context of the popular product diffusion curve below, I started to wonder if it was more helpful to look at this curve in conjunction with the Gartner Hype Cycle.
Peloton sold it’s first bike on Kickstarter in 2013 and it’s first tablet-powered bike in 2014 – the innovators seemed to love it. As they opened more showrooms and shops in the US, we saw the company move seamlessly to the early adopters. The early majority only came in during the pandemic as home-gyms gained popularity. However, this cycle seems to have stopped before Peloton could even reach the late majority or laggard stage. While we can use the product diffusion curve to understand and contextualize the company’s rise, only the Gartner Hype Cycle can explain their subsequent stagnation.
The Gartner Hype Cycle shows the trajectory that emerging technologies take over time as product diffusion occurs. I believe this is more applicable to a cutting-edge technology company like Peloton than the product diffusion curve alone, as it helps to contextualize the break in the cycle after the early majority phase.
I’d say that Peloton seems to have hit the peak of inflated expectations and is heading into the trough of disillusionment as new sales stagnate.
Their “anyone, anywhere” campaign that aims to rebrand the company as technology-first rather than hardware-first hopes to broaden their consumer case, increase their applicability, and move them closer to the slope of enlightenment and eventually the plateau of productivity. Our Branding Lab goal is to help Peloton smoothly manage this transition as it hopes to overcome the hurdles in their product diffusion process.
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Peloton strikes a deal to sell fitness equipment and apparel on Amazon
Peloton has struck a partnership with Amazon in a bid to broaden its customer base and win back investors’ confidence, as revenue growth slows from pandemic highs and its stock price plunges.
In its first foray outside of its core direct-to-consumer business, Peloton starting Wednesday will be hawking a selection of its connected-fitness equipment and accessories on Amazon’s website in the U.S.
That will include its original Bike, which retails for $1,445. It will also be selling its strength product known as Peloton Guide, which costs $295. Excluded from the tie-up are its more expensive Bike+ and Tread treadmill machine.
Peloton’s stock was up about 8% in pre-market trading.
Peloton’s Chief Commercial Officer Kevin Cornils said there are already about half a million searches on Amazon each month for Peloton’s products, despite its lack of presence on the site before Wednesday.
“Post-Covid, the retail environment — online and in stores — is continuing to evolve, and that’s something that we’re trying to understand better to make sure the Peloton of the future is calibrated appropriately for that,” Cornils said in a phone interview.
“We want to make it as easy as possible to get a Peloton,” he added.
This will mark Peloton’s first partnership with another retailer to sell its merchandise. Until now, the company has relied on its website and physical showrooms, selling directly to consumers. But under CEO Barry McCarthy, who took over in February, Peloton has committed to widening its distribution globally and lowering customer acquisition costs to get the business back to profitability.
Peloton embarked on an $800 million restructuring plan when the company’s founder, John Foley, stepped down from the CEO role in February as costs spiraled out of control and losses mounted. It has since been testing a subscription model for its equipment, as another way to drum up sales. Peloton also exited all of its in-house manufacturing to simplify its supply chain.
Earlier this month, the company announced additional cost-cutting measures, including more layoffs, store closures, about-face price hikes, and exiting the last-mile delivery business.
Peloton’s share price is down about 70% year to date. Its market cap has fallen to around $3.7 billion, from as high as $50 billion in early 2021.
The move onto Amazon signals McCarthy, formerly of Netflix and Spotify, is not afraid of taking risks to get the business back on stronger footing. McCarthy has also said that Peloton’s goal is to one-day count 100 million members, a goal that Foley laid out in 2020. Peloton ended its latest quarter with about 7 million members.
Testing the waters
In addition to the Bike and Guide, Peloton will sell on Amazon a selection of accessories, including its branded cycling shoes, bike mat, weights, yoga blocks, water bottle, and heart rate armband. Shoppers will also see an assortment of its branded apparel, including sports bras, leggings, shorts, tank tops, hats, and jogger pants.
“This is a really good start for us, with a digital retailer, to test the waters,” Cornils explained.
Over time, it’s possible Peloton will adjust its assortment on Amazon as it learns what people are looking for, he said. It’s also possible Peloton will look to other retailers for similar deals to extend its reach, he added.
It could also make sense for Amazon and Peloton to consider making the fitness company’s live and on-demand workout content another perk for paying Amazon Prime customers. Cornils didn’t confirm whether this was a possibility.
Analysts have been speculating that Peloton is considering ways to broaden the distribution of its content under McCarthy, a content and subscription guru.
Shoppers who buy a Peloton Bike from the Amazon site will be able to select a self-assembly option rather than schedule time with a professional to put it together. The option for expert assembly will be available for people who would prefer it.
Cornils said it will be a learning experience for the company to see what customers prefer and how they respond to a self-assembly option. This is not something that Peloton has offered before, but it’s another way the company can slash costs.
Peloton’s support team will manage ongoing customer service requests related to repairs, maintenance requests, subscriptions, and general inquiries, according to the company, while Amazon’s customer service team will provide support for product purchases, delivery, installation, and returns.
“Physical retail is always going to be an important part of our strategy,” said Cornils. “This is more of a reflection of us trying to match the consumer.”
Peloton is set to report its fiscal fourth-quarter results before the market opens on Thursday. Analysts are expecting the company to book a per-share loss of 72 cents on revenue of $718.19 million, according to Refinitiv consensus.
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Peloton strikes a deal to sell fitness equipment and apparel on Amazon
Peloton strikes a deal to sell fitness equipment and apparel on Amazon
A Peloton Interactive Inc. logo on a stationary bike at the company’s showroom in Dedham, Massachusetts, U.S., on Wednesday, Feb. 3, 2021.
Adam Glanzman | Bloomberg | Getty Images
Peloton has struck a partnership with Amazon in a bid to broaden its customer base and win back investors’ confidence, as revenue growth slows from pandemic highs and its stock price plunges.
In its first foray outside…
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Sales Specialist - Oxmoor Center
Sales Specialist – Oxmoor Center
Job title: Sales Specialist – Oxmoor Center
Company: Peloton
Job description: U.S. military, ground, naval or air service, participated in a United States military operation for which an Armed Forces service… in Peloton’s retail showrooms. They exhibit a keen knowledge of our product, services, and company. Above all, our Sales…
Expected salary:
Location: Louisville, KY
Job date: Wed, 03 Aug 2022…
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Peloton took $182 million impairment charge last quarter as inventories piled up
Peloton took $182 million impairment charge last quarter as inventories piled up
A Peloton stationary bike for sale at the company’s showroom in Dedham, Massachusetts, U.S., on Wednesday, Feb. 3, 2021.
Adam Glanzman | Bloomberg | Getty Images
Peloton‘s goodwill took a $182 million hit in its previous fiscal quarter as inventory levels ballooned and consumer demand for its bikes and treadmills waned.
During the three-month period ended March 31, Peloton identified various…
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Peloton Store Stuttgart eröffnet
Peloton Store Stuttgart eröffnet
Mit dem siebten eigenen Showroom setzt Peloton seinen dynamischen Siegeszug in Deutschland fort und zeigt nun auch auf 380 Quadratmetern, direkt in der Innenstadt von Stuttgart, was das Bike zu bieten hat.
Wie auch in den anderen Peloton Stores, kann man in Stuttgart sowohl die Fitnessgeräte von Peloton näher kennenlernen, aber auch die Sportmode-Kollektionen shoppen und findet dort auch die…
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10/23/2020
The reason why I am starting this new blog - oneyearofandy - is because I am now 27, and I want to make this year the year where all of the things that I wanted to do years prior... are done.
I feel like some of my main priorities have been maintained in the past few years - such as obtaining a relatively nice side income, in addition to paying off my loans. Now that money is not such a hassle for me, I can focus on bigger and better things.
I have gone to about 30 sessions of physical therapy since May to address my hip and the longstanding problems from my strained hamstring since the bike rental days. Swimming lessons solidified the fact that I needed to change the way I routinely workout or stretch, otherwise it could be detrimental to my health long-term. Honestly, while I have put in considerable effort throughout this time period, I have a long way to go.
I am going to a Peloton showroom tomorrow to try out the Bike +. If all goes well, I am hoping that I can get into a habit and take it to the next level with exercise, being in the best shape possible. I have already gained approximately 13-14 lbs in the last two months, which is huge progress, considering I have not ever gotten past 172 lbs. I am now 174 lbs. I am also looking forward to jogging more regularly. Admittedly it is very hard to start a habit of jogging. It is something I really have to think about and make a schedule for.
That will be it for this entry. I needed to get some things off my chest and on paper so I can make sure I follow through. I am very excited for what’s to come and walking into the fitness world.
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BLUE CAMO WOMEN'S TRACK PANTS ABOUT THE ART Blue Camo Graphics by iHustle365 Designed by DiamondzOC for Razah Renaissance Apparel PRODUCT DETAILS Our Women's Track Pants are both lightweight and versatile.Its water-resistant fabric keeps you dry and comfortable so you can get active with ease and its relaxed fit makes it great street-worthy style. Lightweight, water-resistant fabric Zip pockets Elastic waistband and cuffs Fully lined, mesh lining Printed, cut, and handmade SIZE & FIT Regular fit Mid-rise waistband Inseam, size Small: 28.5" Measurements vary, +/- 0.5" per size Model is 5'11 wearing Official Heaven Razah - Hell Razah Merchandise https://www.diamondzoc.com/collections/heaven-razah-collective BY @diamondzoc (at Peloton Cycling Studio & Showroom) https://www.instagram.com/p/B6W2x9_nGrC/?igshid=b5izax4xjr2c
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#morningmotivation #pelotontread #peloton Thanks @andyspeer for my 1st live studio #run and #bootcamp Congrats in your engagement!!! (at Peloton Tread Studio & Showroom) https://www.instagram.com/p/B4huHcogTvc/?igshid=jurk96hrcqsr
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💥 Hard work turns the spark into a flame. 🔥 Break your comfort zones with me, and join me for a 20 minute Pop Fun Run followed by a 20 minute Beginner HIIT Run this Saturday 1/5 at 9:30 AM! I’m ready to become the flame. Are you in? Comment below! (at Peloton Cycling Studio & Showroom) https://www.instagram.com/p/BsLbzWTHGWO/?utm_source=ig_tumblr_share&igshid=1vk7q7levnm5c
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Peloton raises subscription fees, cuts prices for Bikes, Treads
Peloton raises subscription fees, cuts prices for Bikes, Treads
A Peloton Interactive Inc. logo on a stationary bike at the company’s showroom in Dedham, Massachusetts, U.S., on Wednesday, Feb. 3, 2021.
Adam Glanzman | Bloomberg | Getty Images
Peloton is hiking the monthly fee for its on-demand fitness content for the first time ever, while it also slashes the prices of its Bike, Bike+ and Tread machines in a bid to reach new customers under Chief Executive…
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#Breaking News: Business#business#business news#Netflix Inc#Peloton Interactive Inc#Physical fitness#Retail industry#shopping#Shopping malls#Spotify Technology SA
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Peloton raises subscription fees, lowers prices for bikes and processors
Peloton raises subscription fees, lowers prices for bikes and processors
Peloton Interactive Inc. logo. On a stationary bike at the company’s showroom in Dedham, Massachusetts, US, on Wednesday, February 3, 2021.
Adam Glanzmann | Bloomberg | Getty Images
Peloton is raising monthly fees for on-demand fitness content for the first time ever, while also slashing prices for its Bike, Bike+ and Tread machines in an effort to reach new customers under CEO Barry…
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#a job#Breaking news: work#Business News#Fitness#netflix#Peloton Interactive Company#Retail sector#shopping centers#Spotify Technology SA#the shopping
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Inside “Project Tinman”: Peloton’s plan to conceal rust in its exercise bikes
Inside “Project Tinman”: Peloton’s plan to conceal rust in its exercise bikes
Enlarge / A Peloton stationary bike for sale at the company’s showroom in Dedham, Massachusetts. (credit: Bloomberg | Getty Images)
As Peloton’s stock price began to tumble last autumn and just months after a costly recall of the connected fitness company’s expensive treadmills, its executives were confronted with a new crisis.
In September last year, staff at Peloton warehouses, which receive…
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Peloton, Harley-Davidson, Pfizer, Chegg and more
Peloton, Harley-Davidson, Pfizer, Chegg and more
A mechanic works on a motorcycle at a Harley-Davidson showroom and repair shop in Lindon, Utah, U.S., on Monday, April 19, 2021.
George Frey | Bloomberg | Getty Images
Check out the companies making headlines in midday trading.
Peloton — Shares of the fitness company soared more than 32% after the firm announced it’s replacing its founder and CEO John Foley and cutting 2,800 jobs, or about 20%…
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Peloton's brand gets slammed again after an unfavorable portrayal in 'Billions'
Peloton’s brand gets slammed again after an unfavorable portrayal in ‘Billions’
Peloton Interactive Inc. stationary bicycles sit on display at the company’s showroom on Madison Avenue in New York, U.S., on Wednesday, Dec. 18, 2019.
Jeenah Moon | Bloomberg | Getty Images
Warning: This article includes some spoilers for the Season 6 premiere of “Billions.”
The hits just keep coming for Peloton.
Capping off a turbulent week for the connected fitness company, which entailed…
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