69°
Peloton launched its new reselling platform called Repowered on Tuesday, June 3. The online marketplace will allow customers to buy or sell used equipment.
Repowered is rolling out in the Boston, New York City, and Washington, DC, areas. Sellers can set their own prices and get guidance from the artificial intelligence-powered tool Archive.
Buyers can benefit from a discount on the equipment activation fee. Sellers will also get up to $600 off new Peloton purchases after selling their old equipment.
Pricing recommendations are based on the item's condition and original value, but sellers can adjust their price within a suggested range. Sellers earn 70% of the sale price once the buyer accepts the item.
Peloton sales have fallen from their heights during the early stages of the COVID-19 pandemic. The company reported a 13% decline in quarterly sales in May, the latest drop in a post-pandemic slump as former users work out more outside of their homes.
To adapt, Peloton has pivoted away from its spin bikes and treadmills. The company has started focusing more on its subscription model of workout videos and other content.
Peloton was co-founded by former Barnes & Noble president John Foley in New York City in 2012.
Click here to follow Daily Voice Westport and receive free news updates.
