Peloton is heading into more of a workplace perk, going after business clients, offering services to employees and customers in what is being dubbed ‘Peloton for Business.’
This is an attempt to gain a larger foothold in areas including hotels, corporate wellness, education, health care, apartment buildings, and neighbourhood gyms.
Following a post pandemic slump, the long associated home workout brand, is now trying to meet customers where they are in the moment, focusing more on the mobile app which allows users to do workouts without the need for a Peloton bike or treadmill.
This initiative is offering the app to employers as a worker benefit, along with discounts on equipment and other features, which can usually cost up to $59.00 AUD per month.
Peloton are now working with Sequoia to offer the benefit in the Wellbeing Bundles, which is a network of health and wellness providers.
The company are also looking to sell more bikes to hotels, office gyms, and residential buildings, offering them as a free perk. It’s even teaming up with YMCA to get equipment into its fitness centres.
The operation is currently rolling out across the US, the UK, Canada, Germany and Australia.
General manager of Peloton for Business, Greg Hybl said, “We’re seeing unprecedented focus from businesses of all sizes on health and well-being of customers and employees. We see a lot of organic demand for this.”
This will also allow corporate customers to provide more reliability. Since offering Peloton as a corporate benefit, the company has seen a retention rate of 93% year on year, and commercial customers, including hotels that offer Peloton bikes in gyms, will usually sign up for three year commitments.
“It’s hard to introduce a benefit like Peloton and then take it away.”
