Health and Fitness equipment revenue doubled in 2020

The Covid-19 pandemic has disrupted supply chains all over the world, the supply of gym equipment is no exception. The sudden closing of gym’s around the world has caused millions of consumers to buy simple gym equipment for their homes, creating a supply shortage of these products for retailers, and a huge rise in price for gym equipment.

On top of this, commercial public gym’s have suffered from a big drop in customer footfall & cancelled memberships for several months as a result of lockdown restrictions. Now that the world is slowly starting to open up again, commercial gym’s are refreshing their equipment and facilities in an attempt to draw in renewed membership. It’s an opportunity for those that invest to steal market share. According to The Washington Post, in 2020 health and fitness equipment revenue has more than doubled, to $2.3 Billion in the US from March to October.

As these gyms are replacing their equipment, contractors are brought in to buy & clear out the old equipment. This is then often refurbished & upcycled back into the market. As smaller sports clubs and private gyms begin to open up again too, they are beginning to opportunistically seek out upcycled equipment. That’s why it is crucial for anyone holding refurbished equipment or unsold new equipment to be visible and e-commerce capable. Being online enables sellers to negotiate with buyers and process orders quickly to match demand.

It’s clear that given the current circumstances, time is money for gym owners. These businesses need their supply and they need it quickly. The fastest way to obtain it is by ordering online, an E-commerce solution is vital for B2B traders to be found by new customers searching by product. The SouqBox platform enables B2B traders to launch a fully ‘own branded’ E-commerce site within 30 minutes. With negotiable and fixed price selling as well as logistics negotiation built into the site already, traders won’t need to change their common B2B practices to align with the SouqBox platform.

Retailers and gyms across the world need the stock. If you’ve got it, make it available and lead online with your products on the Souqbox platform.

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