CARS24 Facilitates Hassle-Free Car Purchasing Online: its Sales Increased 4 times during Pandemic
The present pandemic has taught us many things, as to how we move, how we work and so on. In India, there has been always huge demand for used cars...
The present pandemic has taught us many things, as to how we move, how we work and so on. In India, there has been always huge demand for used cars and car dealers are cashing on it, by conducting the above business both online and offline.
CARS24, a tech-enabled used car platform, is aggressively using modern technology and making both car buying as well as selling experience hassle-free online. During the lockdown period, the company has been preparing for the post-pandemic period. They have massively scaled up its Home Inspection Infrastructure, by making the desired changes in its product as well as tech back end so that, the buyers experience fast and efficient service online.
Previously, on the buyer front, there was a hybrid model for online and offline transaction and financing. The present pandemic have changed everything and the company offers completely online buying journey beginning from discovery to financing and within 48 hours, it is successfully delivering the car brought by the customers to their home. Everything happens in real time, earlier in mid 2018; only 5000 online monthly transactions would take place but now CARS24, records around 20,000 monthly transactions online, this has helped the company push unit economics and its margins.
Sell online concept, this is another major tech innovation that has been introduced. CARS24 provides the binding offer to the seller on the website basis, wherein few questions, help establish car details as well as existing conditions. After that, there is contactless selling experience, the company's evaluation engineers picks the car as well the document and to validate the accuracy of recorded 15 parameters, after completing these steps satisfactorily, the next step, payment is done in the seller's account.
Naresh Mehta, Vice president, Data Science and Machine Learning, CARS24 has stated, we are not just an aggregator or classified platform to buy or sell cars. We almost own the transaction to the last step of RC transfer.
Sometime back, research has been conducted by CARS24, they have stated that a fair number of individuals prefer to buy contactless when comes to car purchases rather than conventional car buying. Almost entire products at CARS24 are made only in-house starting from their 200 points proprietary inspection app, to buyer apps to consumer facing seller apps.
Recently, the company has launched 1st of its kind voice based car evaluation initiative by partnering itself with Google Assistant, this feature enables the customers to sell their cars online by using the convenience of voice. By using the above functionality, customer can also know exact valuation for their cars by using CARS24 algorithm based tool, this tool also helps them sell their car with more ease and in less time.
The company also has come up with in-house refurbishment and photo studio, which needed developing strong inventory management, quality control products and cataloging. Mehta added, the company has entirely overhauled the catalogue to ensure there exist highly detailed 360 view of the cars, which is significant to further enable completely online purchasing behavior.
CARS24 has stated that it has got success because of its continued investment in technology and data sciences.