5000+ HAPPY CUSTOMERS in the Span of just One Year
About- CredR India
CredR was founded by a team of IIT-Bombay graduates, Sumit Chhazed, Nikhil Jain and Nittin Mittal in 2015. CredR is an online marketplace for listing and purchasing verified, pre-owned vehicles at the fairest value. CredR was founded with the founder’s personal bad experience in the purchase of a used bike. With a strong technological impetus, the company aims at making inspection and appropriate price determination, dynamic and easy. The company provides services like test rides at the home of the buyer, a 6-month warranty, 1-year roadside assistance and fair pricing system. CredR India Initially started its functioning in Mumbai but within an year CredR India have expanded themselves to more cites like “Pune , Hyderabad , Bangalore, Delhi”.
CredR India Business Objectives
As per the Census Conducted in the year 2001, this data have revised over a one and a half decade and today it is assumed that nearly 50 % of the total population will falls under the age group of 0-30.
Any firm came into existence with a preliminary objective of selling a product. But before initiating Targeted Marketing we need to answer these basic question’s. what to sell? AND Whom to Target? CredR India has utilized these demographics as their tool to target their customer. As we can conclude from above graph India is considered to be the young Country in the world as most of its population lies in age group of 19-30(obliviously those who are eligible to drive :p, in our case )
Now thinking about, what to sell? CredR might have thought about what young India Need’s.. Any Guess!! Hmmmm…. Yes you are right young India need Speed, Adventure, Fun, Comfort,at the same time need to consider one major factor… the reality, tight budgets… He /She can be any person, working in a corporate or group of friends Staying in a hostel. Now if you can’t opt for a brand new two-wheeler you always have an option to buy a used one. Buying a used Bike always involve risk around like is that a stolen one or is it an accidental case or Xyz stuff. Keeping this very stuffs in mind CredR Indian Minimize half of your tensions by ensuring that the products (bikes in this case) are genuine. Besides this, CredR India provides one year Road Side Assistance and 6 months Comprehensive Warranty on Gear Box. CredR is also planning to Come up with Loan Option besides they also provide assistance such as paper transfer to avoid your visits at RTO office and many more. The company website claims that they add 150+ vehicles daily this mean they provides the costumer with wide range of options to choose from.
Approach Strategy Adopted by CredR India
CredR India has utilized Platforms Such as Facebook, LinkedIn, Twitter to approach their potential customer. CredR runs many online and offline campaigns one of their Facebook campaign read as “Har monument ka sahi naam aapko #MaloomKya? Match the names of the monument and win amazing CredR prizes!” they have run many such in the name of “MALOOMKYA?” its in bit Mumbaiya language which means “do u Know?” campaign to engage users, and ask them to tag with their friends. This is the online or a digital campaign which is conducted by CredR. CredR also uses the Olx platform to upload their advertisement and let their client approach them this is what we call inbound marketing.
Image of one of the campaign run by CredR..
CredR has come up with a one of its kind, referral program Captain Campus, for its young patrons. The initiative was launched simultaneously in several colleges of Pune, where students were asked to enroll themselves as referees, to help connect potential buyers with CredR. This program shared incentives with both the buyer and referrer on the closing of a deal, through CredR. Within a short span of two weeks, the activity garnered enrollment from over 450 students that led to an unprecedented spike in its overall sales.
Through the Captain Campus program, referees get a chance to earn Rs 1500/- on each bike sold through CredR and a win cash prizes of up to Rs. 75000/- along with a grand Trip to Bangkok on the reference of 50th bike sold. CredR also promises to give away a bike worth Rs. 30,000/- free of cost on the reference of 30th bike sold through CredR.
This was the reason why everyone was talking about CrdeR. As said “everyone does… what everyone does” it also acted as mouth to mouth publicity for CredR and eventually added more Credibility into its basket . This is what CrdeR was expecting and actually achieved.
As a result in time span less than a year, CredR has witnessed an aggressive Uplift in the sales and popularity among the bikers community. The conversion of sales through the website increased from 31% to a whopping 45% , by just functioning in three cities Mumbai, Pune and Bangalore. Now CredR have Expanded them self to Delhi and Hyderabad within the coming year we may see them serving in more cities. With the growing popularity and outstanding response gained for Captain Campus program in Pune, CredR plans to take this activity further to its young patrons residing in other parts of the country too.
Result Achieved By CredR India And Conclusion
Talking about the success of this initiative, Mr. Sumit Chhazed, Co-Founder, CredR.com commented, “We are overwhelmed with the phenomenal response received from our patrons, across markets. Increasingly, we are looking at strengthening our approach towards listing verified and tested bikes for buyers. Our Captain Campus initiative, along with the exclusive services offered by CredR, has been as a catalyst in enhancing the overall experience of buyers and sellers of used bikes. This will help us build trust amongst our valued patrons, and thereby, increase our customer-base across markets in India.”
A number of online automobile classified portals such as CarDekho, Carwale, and CarTrade, which deal in used four wheelers, have attracted investor interest of late. CarDekho and CarTrade have jammed up $50 million and $30 million respectively since October last year. CarDekho also fastened an investment from Ratan Tata, chairman emeritus of Tata Sons. The used two wheeler markets in India is mostly dominated by online classified portals such as Quikr, which has so far raised about $345 million and OLX, which is backed by South African multi-national mass media corporation Naspers. OLX and Quikr are, however, listing platforms connecting buyers with sellers and do not partake in price determination or the actual transaction.
During my school days I remember teachers saying us “keep it simple don’t mess it…” in Hindi there is a Idioms “ek time pe ek hi nau me pair rakho” which means “Keep both feet on your boat” CredR followed this basic rule of targeted marketing as a result CredR India has achieved a decent amount of growth owing of the strategies adopted by them in terms of targeted marketing not in term of their audience but also with respect to their product category I.e. restricting themselves to only two-Wheeler segment.
Experts believe ventures such as CredR, CarTrade and CarDekho will have plenteous boom in future since they are focused on a particular category.