We have complied a list of the top 10 biggest online fitness business in 2022 and we detail what makes a successful business.
1. Johnson Health Tech
Johnson Health Tech Co manufactures fitness equipment. The company is one of the leading fitness equipment manufacturers, starting back in 1975. The Johnson Health Tech family includes several well-known brands such as Matrix, Horizon Fitness, Synca Wellness, and Tempo Fitness.
The company is one of the key players in the home fitness market and has a global industry leader. As manufacturers of cardiovascular training equipment and home fitness machines, the company was in a strong position to take advantage of the surge in equipment sales during and after lockdown.
NordicTrack is an American manufacturer of treadmills, strength training equipment, exercise bikes, incline trainers, and more. Owner of NordicTrack and other brands, Icon Health and Fitness, Inc, reported that sales were up 600% in May this year.
Two of the most popular stationary bicycles are NordicTrack and Peloton. The NordicTrack S22i is one of their most popular options that many home fitness fans are jumping to get their hands on. The home cycling trend is a growing one that had already begun well before the coronavirus pandemic. Brands like NordicTrack are in an excellent position to meet the rise in consumer demand and benefit from the home fitness craze.
Precor manufacturers premium fitness equipment such as elliptical machines and rowing machines. It’s one of the world’s largest commercial gym suppliers. Precor is a big supplier for gyms, health clubs, and top hotels. Therefore, it makes sense that they will lose money throughout the pandemic as their primary customers cannot currently purchase any more equipment. Although Precor has seen a decrease in sales, they have taken steps to support their customers.
Precor is confident in its pandemic strategy and has created a set of free resources for gym operators. Free online information is designed to help operators keep members engaged and active from home. In addition, Precor is offering online home workouts to customers entirely free of charge. The takeaway from this is that although it’s a difficult time, Precor is supporting its customers so that in the long-term, they can bounce back more efficiently.
4. Nautilus Inc.
Nautilus Home Fitness Solutions sells directly to the consumer. They create gym-quality strength training solutions for the home. In May 2020, Nautilus saw an 11% increase in revenue due to the massive rise in home fitness demand. In particular, the company’s new connected fitness bike was a big hit.
The exact revenue in March was actually nine times more than the previous year. As lockdown set in, many consumers were looking for a way to work out effectively at home. One thing that the company did well was to protect its employees by implementing work-from-home orders, safety guidelines, and social distancing in all facilities. With early supply chain issues, the company had to overcome some problems before coming back to near full capacity and boosting sales.
The New York-based fitness equipment maker and online exercise service have seen a massive increase in sales since the beginning of lockdown. Quarterly revenue soared 66%, and paid digital fitness subscriptions jumped by 64%. Before the pandemic, Peloton was in a strong position to benefit from the home fitness craze.
Figures show that Peloton is set to be a winner in the home fitness market. Peloton expanded the free trial to its app up to 90 days during the pandemic to give consumers more access to home fitness solutions. One of Peloton’s biggest obstacles is getting customers to pay the one-off fee of roughly $2,400 for a bike or $4,400 for a treadmill. Peloton’s different financing options allow customers more flexibility, allowing them to pay smaller monthly payments. Being flexible and offering convenient solutions is hugely beneficial for consumers.
6. Lululemon and Mirror
The activewear brand Lululemon is dipping its toe into the home fitness market. Back in June, the company bought interactive home fitness brand Mirror for $500 million. This gives Lululemon the chance to compete against Peloton in the smart home fitness equipment sector.
The new purchase may encourage other brands in the smart home fitness area, such as Tonal, to continue developing their product portfolio and services. Mirror can really accelerate the growth of personalized home fitness and is tapping into the market share of high-tech home equipment.
TrueCoach is a mobile fitness app that allows trainers and coaches to teach clients online. Before the pandemic, the company predicted a 100% increase in user growth. The actual increase in user growth was 200% in Q2. Similar healthcare and fitness apps saw a rise in use during and following the pandemic.
This shows that it’s not just hardware companies that are seeing more sales and customers; the software has a massive part to play as well. Digital fitness can deliver home workouts and classes from the comfort of your own living room. These services tend to be more cost-effective than an in-person membership. By leveraging both digital and in-person services, you can access a wider target base.
The popular running and cycling app, Strava, experienced double the number of downloads during quarantine. As COVID-19 spread, many people looked to outdoor exercise to stay fit and manage their mental health concerns.
One way that Strava really succeeds is the way it focuses on the community like social media. When you sign up for Strava, you can see your contacts who have the app, which encourages you to compete with friends and stay active.
FightCamp is another fit-tech startup that sells high-tech interactive home fitness equipment to provide users with access to world-class exercise routines. During the peak of lockdown, FightCamp experienced six to seven times the normal amount of sales. Sales then plateaued, but still at a rate much higher than before COVID-19.
It’s clear that many companies that are succeeding during this time are thinking that home fitness is not a trend. With many people choosing to workout from home after the pandemic, digital fitness and connected home fitness solutions could be the future.
10. Tone & Sculpt
Tone & Sculpt is a workout and nutrition app that offers a subscription-based service to increase muscular strength and cardiovascular health. The app has seen an 88% increase in growth in April 2020 compared to the previous year. Turnover has also tripped over the last year.
Home-based exercises help people to stay active. Although home fitness has been shaping the fitness industry for decades, the coronavirus pandemic has squashed a lot of progress into an extremely short period of time.
Tips for being a successful business:
- 1) Be Passionate.
- 2) Start While You Are Still Employed.
- 3) Don’t Do it Alone.
- 4) Get Clients or Customers Lined Up.
- 5) Write a Business Plan.
- 6) Do Your Research.
- 7) Get Professional Help.
- 8) Make Sure the Money Is Lined Up.
The health and fitness industry has taken a hit during the coronavirus pandemic with some businesses suffering huge financial losses. As more people resort to home fitness to stay fit and active, some companies are seeing a massive increase in sales and revenue. Some of the best home fitness brands adapt quickly to change, keep up with changing consumer behaviour, and nurture their community. You can apply all of this to your strategy and tap into the home fitness market effectively. The1Coach