European marketplace for premium, pre-owned bikes, buycycle expanded its business to the US market one year ago, and it has been the company’s fastest-growing market to date.
The company was founded in Munich in 2021 in response to the challenge of acquiring affordable beginner bikes, especially pre-owned ones, and a reluctance to transfer funds to a stranger on a local online marketplace.
Today, the company offers over 20,000 pre-owned and refurbished bikes listed on its platform, over 2,000 of which come from the US. These are mid and high-end sports bikes such as road bikes, gravel bikes, triathlon, and mountain bikes.
I was interested in learning how the company gained such high traction in a new market in just one year. Scaling a European startup to the US market typically involves several significant challenges. After all, the US market differs substantially from Europe in terms of business culture, marketing, operations, and labour practices.
I spoke to Theodor Golditchuk, one of the founders of buycycle to learn more, and gained an appreciation for the company's successful expansion.
Expand your audience from your home base
According to Golditchuk, high-end sports bike aficionados are well-versed in bike brands and were responsive to the company’s early marketing efforts which included effective SEO campaigns:
“We already had a community internationally buying our bikes even when the sellers were based in Europe. Our customers in the US needed a platform to buy and sell pre-owned bikes securely and conveniently.”
Today over 15 per cent of the company’s current inventory is already sourced from the United States, which has experienced faster growth than any other country.
Go to where your community is but stay true to company culture
In terms of company expansion, Golditchuk said a key priority for the company was “replicating our company culture."
"For example, we’re an in-office company that does our best work when we’re together in person. Most of the people working at buycycle are passionate cyclists, they are already deeply embedded in the cycling community.”
Since its US expansion, the buycycle platform has attracted over 1 million monthly US visits. Following a careful assessment of several sunbelt regions, the company opened its US headquarters in Los Angeles and hired six staff members with local experience in bikes and service. The initial team consisted of six individuals.
Its strongest regions of growth include California, New York, and Texas.
Exploit market gaps
Golditchuk also asserts that the company’s success in the US is due to the fact that it fills a gap in the market with its guaranteed buyer and seller protection, refurbishment programs, comprehensive customer support, and insurance. It's also highly competitive, with prices up to 70 per cent off retail. This allows buyers to invest in better models or brands than they might afford otherwise.
Further, it not only shows the value of the circular economy through selling second-hand bikes but also offers refurbished bikes that have been professionally serviced and restored, appealing to buyers who want the reliability of a well-maintained bike with the cost savings of a used purchase.
Consider your next value proposition
Buycycle has secured its position in the sports bike market, but Golditchuk sees no reason the company couldn’t expand its reach to other bike segments in the future — only 10 per cent of its stock includes ebikes, for example, as more and more people seek a more sustainable, fun way to travel. A promising future awaits company.
Lead image: Buycycle. Photo: uncredited.
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