We all know that electric bikes have numerous health benefits. These benefits range from exercise that can lower your heart rate, improve your cardio endurance, and build muscle. The health benefits are evident, but do you know that electric bikes can also benefit businesses? Companies can also benefit from electric bikes and we will provide four reasons of how this is possible.
It’s important to note that while bikes have been around for over a century, electric bikes provide an advantage that makes them superior to traditional manual bikes, which gives them a business edge to motivated individuals who want to operate in this industry. The edge for electric bikes is their ability to reach speeds from 30km – 40km per hour through a motor which allows an individual to ride without facing issues of fatigue and exhaustion. This is significant for certain businesses such as food delivery companies that rely on bikes as a mode of business and other tourist businesses that can take advantage of the increased speed in electric bikes.
Let’s look at 4 types of business models that can benefit from the increased popularity of electric bikes.
- Electric Bike Rental Shop
Purchasing an electric bicycle can be expensive as some can range up to $10,000. This creates a new market in the industry where companies can rent electric bikes to make it affordable for the average person.
The customers will only have to pay a daily rental amount between $40 to $120 for a single day usage as compared to purchasing the average electric bike that can go for $5000. Another business model that could be developed is for bike rental shops to add electric bike rentals as part of their current business. In either scenario, this could become an incentive for those looking for a business model where they do not want to tie up capital in expensive bicycles and instead operate a rental business with fewer bikes in their possession.
- Increase Advertising Options
Electric bicycles have the capacity to install additional features for babies, additional passenger, and even carrying groceries. Another business model to consider is installing a feature at the back of an electric bike that can be used as a form of advertisement. In a similar fashion to taxi cabs that have advertisements placed on the body of the car or where the signage is fixed on top, business owners can take advantage of electric bicycles and use them for an additional form of revenue.
- Food Delivery
During the COVID era, food delivery has been all the rage as individuals opt to stay home, restaurants remain closed and there is an uprise in consumers using food delivery services to order their food. Currently, bicycles are used to deliver food within the city and while they are reliable, they are limited in terms of speed as it depends on how fast the biker can ride. An electric bike can provide higher speeds due to the motor, reduce biker fatigue as they are not pedaling which will ultimately help food become delivered faster to customers. Food items will also retain the warmth of the food. It’s a win-win situation for both the customer and business owner.
- Bike Tours for Tourists
Electric bikes also make group rentals and guided tours possible. Imagine that you are a tourist, who wants to enjoy the scenery in Toronto. There are group tours that slowly go through the various locations such as the CN Tower and Toronto downtown core to view major city spots. If you have a day jam-packed with activities you would be drawn towards an electric bike tour that promises to show you all the greenery, beaches, waterfront, and historical architecture but at a faster speed. As a business operator you could create two options:
1) A tour guide of the city while the tourists follow you on their own bikes
2) A tour guide where the customer is a passenger on a bike.
Electric bikes also provide the ability to travel through parts of the city that may be difficult for a vehicle to access as they can go to places that have bumpy roads, hills, gravel roads, snowy or sandy areas,
Conclusion:
Electric bikes are a great source of generating revenue and flourishing your business. It has been found that fleeting companies are earning a great sum of money after adding electric bikes into their businesses. You can earn great profit in the same way.
Electric Motorbikes are rising in popularity due to their inexpensive upkeep, ability to travel short distances at reasonable speeds and avoid contributing pollution into the environment. However, E-Bikes are relatively new which means there are a lot of questions surrounding their usage, maintenance and upkeep. This is why we published this blog that addressed the top 7 questions that were presented to us.
We at Epic Cycles hope to provide you the ability to purchase a motorized bike as we sell everything from Electric Scooters, Magnum E-Bikes, and Stromer Bikes which can be purchased and shipped anywhere in Canada.
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