Image Credit: Peloton
Peloton is rumored to soon be unveiling two new additions to its lineup of connected exercise equipment; a higher-end version of its popular exercise bike and a lower-cost iteration of its treadmill. The fitness startup could announce its new products as early as next week.
Bloomberg's report indicates that the new treadmill, called Tread, will cost under $3,000, almost $1,300 less than the current model, which will be rebranded “Tread+”. Peloton’s new stationary bike, reportedly called “Bike+,” will cost more than its current $2,245 model, which would have its price reduced to $1,900 following the Bike+ launch.
Peloton’s new product tiers will allow it to cater to a wider array of budgets, as the coronavirus pandemic has boosted demand for at-home fitness products and services as many gyms across the US remain closed.
Meet the team behind Peloton’s innovative and exciting new home fitness solutions, as it looks to widen its share of the $600 billion global fitness industry.
While the coronavirus outbreak has improved demand for Peloton’s products it has also tightened its supply lines and manufacturing ability, leaving it with a significant backlog of future devices. The job of ensuring a rock-solid supply chain fell to the company’s Chief Supply Chain Officer, Jon Adee, and VP of Supply Chain, Erwin Hermans. The two have been under increased pressure since May 2020, when CEO John Foley initially stated that releasing a cheaper treadmill was a high priority for the company.
The company’s hardware engineering team, led by SVP of Hardware Sam Bowen, is the key to making sure these high priority products can come to market as they are responsible for creating the innovative new feature that will push consumers to pay for the new models. For instance, the new stationary bike reportedly features a repositionable smart display, which will serve as the centerpiece of a more comprehensive portfolio of guided workouts outside of cycling, like strength training. Additionally, Bowen’s team is reportedly working to add a rowing machine to Peloton’s product lineup.
To drum up interest in these new products Peloton will turn to Head of Global Product Marketing Karina Kogan. She oversees how Peloton markets its expanding portfolio of hardware and digital product offerings and runs the performance marketing and media teams. This is crucial in helping Peloton beat out a growing number of competitors for consumers’ attention.
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