 "The offline automobile industry will move to the online platform: Anurag Jain")
With virtual showrooms and augmented reality, internet-enabled connected cars are fast becoming a reality, Anurag Jain tells Sangeeta Tanwar
When people buy big-ticket items such as a car, touch and feel, brand reliability and trust matter a lot. As a pure-play online player, how do you reassure prospective buyers that what they see is what they get?
Our brand has been built with trust and transparency as its central tenets. We recently launched our "Feel the Car" virtual showroom to improve the transactional transparency as well as the reliability of our services. We are recreating the entire feel of test driving a car for our users and empowering them with the tools to make the most informed decisions. We are investing in virtual showrooms to provide a "fuller" car buying experience complete with 3D viewing, car sound on ignition-revving and embedded videos with expert information about the car.
Operating in an extremely consumer-centric business, we are focused on delivering the best and most tailored solution. Our products and services are aimed at improving user convenience and safety. The TrustMark warranty is meant to protect our used car buyers, while the platform also allows online booking of roadside assistance packages for owners to secure them against car emergencies. We have tied up with 100-plus service centres so far to facilitate this.
What have been the key learnings for you as a start-up and an early entrant in the online auto classified space?
Being a start-up in a highly competitive sector such as the online automobile industry exposes us to many learning experiences, as every day brings new challenges and opportunities. A few key insights, however, have stood out for the impact they have had in driving us to the next level of our business evolution.
First, the consumer is always the king, regardless of the industry a start-up is associated with. No matter how revolutionary a business idea is, consumer adoption is essential for it to be a success. Creating an awesome product that is simple to operate, works smoothly and solves a real consumer problem can help achieve this aim. The focus, therefore, should always be on investing in product and technology to provide a complete and highly satisfactory user experience.
Sound business fundamentals are also essential for start-ups as, at the end of the day, a start-up is a business and has only a limited amount of funds available. As such, entrepreneurs must ensure that their business spending is in sync with their unit economics and revenue streams to prevent cash burnout and operational instability. By placing a robust business model in place, start-ups can ensure sustainable operations without compromising on growth and scale.
The role of business agility and innovation in driving success must also not be discounted. Start-ups thrive on innovative, ground-breaking ideas for creating an impact. However, effective implementation is just as crucial for success as the ability to respond and adapt to frequent changes in the market. A start-up with a flexible business model will always be in a better shape to navigate the challenges in case of a market fluctuation than those that have a rigid model of operation.
Last but not the least, start-ups and entrepreneurs must always look to offer something extra to their major stakeholders. From OEMs to dealerships, consumers to finance and insurance companies, we have developed technology that benefits all key stakeholders within the auto ecosystem.
What are the emerging trends that will redefine the online auto classified space?
With newer and better technology constantly adding newer dimension to the consumer experience, we will soon witness complete migration of the offline automobile industry to an online platform. With virtual showrooms and augmented reality, internet-enabled connected cars are becoming a reality.
We will also see an increased adoption of mobile technology by dealerships and OEMs that will enable them to develop a seamlessly ubiquitous business approach and increase their productivity. Moreover, the used car business models are also set for massive overhauls as online marketplaces look to shift from just classifieds (C2C/C2D) approach to differentiated business models to optimise their operations. We will also see the peripheral auto ecosystem comprising verticals such as accessories, servicing, insurance and finance occupying a larger share of the business online.
What would be your major areas of investment?
Ever since our launch, our focus on cutting-edge technology has been one of the key differentiators that have set us apart from the competition. With a dedicated technology facility already in place in Jaipur, the latest investment will be used to fuel more tech-based innovations to build the perfect product for our consumers.
That apart, we will continue to invest in human capital. We have grown from 600 people to more than 2,500 in the last one year. As people are the cornerstones upon which our success so far has been built, we will continue adding both fresh talent as well as experienced professionals to our team at twice the momentum to support our exponential growth.
When people buy big-ticket items such as a car, touch and feel, brand reliability and trust matter a lot. As a pure-play online player, how do you reassure prospective buyers that what they see is what they get?
Our brand has been built with trust and transparency as its central tenets. We recently launched our "Feel the Car" virtual showroom to improve the transactional transparency as well as the reliability of our services. We are recreating the entire feel of test driving a car for our users and empowering them with the tools to make the most informed decisions. We are investing in virtual showrooms to provide a "fuller" car buying experience complete with 3D viewing, car sound on ignition-revving and embedded videos with expert information about the car.
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What have been the key learnings for you as a start-up and an early entrant in the online auto classified space?
Being a start-up in a highly competitive sector such as the online automobile industry exposes us to many learning experiences, as every day brings new challenges and opportunities. A few key insights, however, have stood out for the impact they have had in driving us to the next level of our business evolution.
First, the consumer is always the king, regardless of the industry a start-up is associated with. No matter how revolutionary a business idea is, consumer adoption is essential for it to be a success. Creating an awesome product that is simple to operate, works smoothly and solves a real consumer problem can help achieve this aim. The focus, therefore, should always be on investing in product and technology to provide a complete and highly satisfactory user experience.
Sound business fundamentals are also essential for start-ups as, at the end of the day, a start-up is a business and has only a limited amount of funds available. As such, entrepreneurs must ensure that their business spending is in sync with their unit economics and revenue streams to prevent cash burnout and operational instability. By placing a robust business model in place, start-ups can ensure sustainable operations without compromising on growth and scale.
The role of business agility and innovation in driving success must also not be discounted. Start-ups thrive on innovative, ground-breaking ideas for creating an impact. However, effective implementation is just as crucial for success as the ability to respond and adapt to frequent changes in the market. A start-up with a flexible business model will always be in a better shape to navigate the challenges in case of a market fluctuation than those that have a rigid model of operation.
Last but not the least, start-ups and entrepreneurs must always look to offer something extra to their major stakeholders. From OEMs to dealerships, consumers to finance and insurance companies, we have developed technology that benefits all key stakeholders within the auto ecosystem.
What are the emerging trends that will redefine the online auto classified space?
With newer and better technology constantly adding newer dimension to the consumer experience, we will soon witness complete migration of the offline automobile industry to an online platform. With virtual showrooms and augmented reality, internet-enabled connected cars are becoming a reality.
We will also see an increased adoption of mobile technology by dealerships and OEMs that will enable them to develop a seamlessly ubiquitous business approach and increase their productivity. Moreover, the used car business models are also set for massive overhauls as online marketplaces look to shift from just classifieds (C2C/C2D) approach to differentiated business models to optimise their operations. We will also see the peripheral auto ecosystem comprising verticals such as accessories, servicing, insurance and finance occupying a larger share of the business online.
What would be your major areas of investment?
Ever since our launch, our focus on cutting-edge technology has been one of the key differentiators that have set us apart from the competition. With a dedicated technology facility already in place in Jaipur, the latest investment will be used to fuel more tech-based innovations to build the perfect product for our consumers.
That apart, we will continue to invest in human capital. We have grown from 600 people to more than 2,500 in the last one year. As people are the cornerstones upon which our success so far has been built, we will continue adding both fresh talent as well as experienced professionals to our team at twice the momentum to support our exponential growth.