BikeBiz Bicycle and cycling retail news
Pauls Cycles is celebrating a successful 40th anniversary year as 2023 draws to a close.
Despite bike sales across the UK, the Norfolk-based IBD has reported a year-to-date revenue increase of 31% against 2022 (January 1 to November 16).
Shifts in maintenance services, a renewed focus on selling discounted premium brands and a drive toward social and organic digital marketing have been key contributors to the company’s success.
Tom Thornley, Pauls Cycles managing director, said: “Amid the headwinds facing the UK cycling industry, we’re humbled to be able to report a success story in what is proving to be a very challenging year for many businesses.
“We’ve worked hard to personalise our customer interactions and advice, and to build up trust and affinity in these and our aftercare services – which are as important in this industry as the sales themselves.”
Social media has proven to be a useful revenue driver for the store in 2023, with around an 18% year-on-year revenue increase from this channel for the year to date, alongside a 21% growth from organic search engine marketing.
Pauls Cycles also boasts a dedicated, growing bricks-and-mortar customer base, courtesy of its recently-modernised flagship store and repair workshop in Norfolk.
Thornley added: “While historically we’ve had support from loyal, local customers, we’re finding that the majority of growth in-store is coming from first-time customers now.
“We have customers now that travel from as far away as Wales to visit our showroom, so there has very much been an impact seen from increasing the appeal and value of our showrooms as well as from investing in online marketing.”
With e-commerce currently representing around a 38% share of overall retail in the UK, effective online marketing strategies is an important as ever.
But with shoppers thinking twice before making any purchase retailers are also keen to highlight value and quality when setting out their offering against competitors.
With 2024 around the corner, Thornley is predicting e-MTBs and gravel to continue growing in popularity.
He said: “E-bikes are getting lighter and more versatile, while shoppers are seeing the versatility that gravel bikes can offer as a real plus point.
“Despite what is clearly a challenging climate for all, Pauls plans to continue growing the brand through the simple foundations of value for money and authentic service and advice.
“We’ll also be focusing on improving our internal infrastructure, in order to create a framework that allows us to continue scaling the business for years to come.”
