Peter Stern, CEO of fitness equipment maker Peloton, said the company is looking for ways to expand its customer base by making it available for gym use and launching a peer-to-peer market for second-hand equipment.
Speaking at the Bloomberg Institute of Technology Summit on Thursday, Stern said Peloton is planning to distribute machinery to commercial gyms through its subsidiary pioneers, a gym equipment supplier, and is working to add Peloton workouts to compatible pioneer equipment.
This week, the company aimed to capture a market share of second-hand peloton equipment and launch a peer-to-peer marketplace called Repoward. “Historically [secondhand sales have] For example, it’s done on the Facebook Marketplace, and for those who want to do it, it’s absolutely fantastic, but that means you need to deal with a stranger on both ends and that stranger has to come to your home. What we’re trying to do is streamline it and provide a premium experience to those second-hand customers,” he said.
Stern said the company aims to use AI to improve the personalization of its members. “I want to create a separate program for each member so that I can find ways to scale my coaching so that I can get the right classes from the right instructor,” he said.
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