How Firefox Bikes strengthens its portfolio on the bike boom
After recently opening a new experience center in the capital region, India’s premium cycling brand Firefox bikes is now striving to deliver 6 new entry-level bikes by January. It also plans to open 35 new Customer Experience Centers across India covering all Tier I metros and cities.
Strengthening the portfolio and reach is a goal the company is currently focused on while overcoming the 2X growth it has experienced over the past two years and the first half of 2021. Local brand credits rapid adoption bicycles in recent times to the growth of the company.
âWe have experienced phenomenal growth over the past two years as bicycles have been adopted around the world in the post-pandemic era as a means of maintaining social distancing and also as a smart mobility choice,â Sukanta said. Das, CEO of Firefox Bikes.
In fact, a bicycle boom has been observed which has brought the bicycle industry, sales volume and consumption to a new normal. Firefox Bikes understands the market potential in India, which explains the company’s plans to offer new models in various price segments.
Adult bikes start from Rs 11,000 and go up to Rs 40,000. The most popular segments are between Rs 12,000 – 15,000 and Rs 20,000 – 30,000. The distinguishing factor of the business is that bikes are made with one of the best components: light alloy frames that are very unlike anything on the market.
âExcellent ride quality, lightweight bikes and economical designsâ are what defines Firefox bikes, the company said.
To help with production, the company has been working on the sourcing and supply chain side which is taking place as part of Hero Group’s investment in creating a cycling valley near Ludhiana where Firefox bikes will have priority access to the manufacturing facility.
Das said, âThe company is also innovating to make bikes smart by creating an IoT-based solution that will convert a traditional bike into a smart bike. “
In addition, the company claims to invest heavily in SaaS-based customer solutions, working on building its entire website as well as the D2C journey, automating marketing, and integrating its business chain. ‘supply.
The premium bicycle segment
According to a report, the overall bicycle market in India grew from $ 3 billion before the pandemic to $ 4 billion in 2021, of which $ 100 million is held by the premium bicycle category. Cannondale Cycles, KTM Bicycles, Firefox Bikes, etc. are some of the premium bicycle brands in India.
âWe are a leader in the premium segment because we will have almost 25% of the market share in the premium industry, perhaps a little more although we do not have syndicated data on this,â Das said. .
The company has been operational since 2005 and has been acquired by the Hero group (circa 2015) since then, it is part of the Hero Cycles group.
Das added, âThe whole premium industry grew by around 50% in 2021 compared to 2019, while we grew by around 100% – so we overtook the industry. By the end of the year, we will also have about 80% growth from the previous year and the industry would see 25-30% growth.
The first factor is the increased awareness among people (demand) across the world and in India. The pandemic has shown the importance of having good health. All over the world people are realizing that âsmart mobility is the way to goâ and this is also leading many new customers who are looking to avoid four-wheelers and sometimes two-wheelers, focusing on recreation.
Omnichannel interpreter
As a full omnichannel player, the company currently has a presence on Amazon, Flipkart, and other online retailers and also operates through its e-commerce-enabled website, which the company has also upgraded with newer technology. .
The company seems to firmly believe in providing the right experience for its users. Ride quality, lightweight bikes, and economical designs have been the company’s USP.
âIn fact, you have to ride a Firefox bike to make a difference. The right frame geometry, the right seating positions and the right riding postures make for a comfortable ride,â said Das.
The company currently has online sales of 20 percent of total sales and plans to increase by about 10 percentage points in about two years.
Over the next two years, the company plans to double its sales every year and plans to expand into new categories, accessories.