The auto industry in India is one of the largest in the world has been growing at a
steady pace. It is largely dominated by two wheelers with over 80% market
share. The fact that we are the second largest manufacturers of two wheelers
and the largest for motorcycles says a lot about the importance of two wheelers
in the country.
Two wheelers have been traditionally sold through the brick and mortar model
setup by dealerships of various manufacturers. While the customer gets to have
a look and feel of the bike, the biggest disadvantage is that the desired
variant/colour option may not be available with the particular dealership. Let
alone the pain of visiting several dealerships to explore the models available to
find the best option for you. Add to that all the paperwork that you would have
to go through if you were applying for a auto loan. Its safe to say that the
experience was not a very pleasant one.
With the rapid rise of online retailing in India, it was only a matter of time before
automobiles could also be bought online. Snapdeal launched the category
allowing its customers to purchase two wheelers online. While the sale
continued to be at the dealer point, the customer could now browse through all
the option, variants & colour to finalize the dream bike and book it for a small
amount. Just like that, at the click of a button.
In the 10 months that the project has been live, Hero Motocorp has sold about
300,000 bikes through the online model. With acceptance growing and new
manufacturers jumping on board, this number is only going to explode further.
Well, this simplifies the bike buying process. Banks and financial companies are
already providing the option for customers to apply for their auto loans online.
However, there is no seamless buying experience for the customer where he can
do all this on one platform. Besides, the customer is not sure if he is getting the
best deals on his financing.
That is about to change. Customers will soon be able to choose their dream bikes,
decide to apply for a auto loan (if required), see the best loan quotes from
various financiers and get an instant loan approval. All this in under 5 mins!!
What will be left is going to the choosen dealer and riding out on your bike. This
smooth process is going to re-define the way people buy two wheelers