E-commerce portals have focused on the automobile market such as Droom, Kar Dekho and OLX are doing much better work to attract customers and users.
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According to advisory firm Grant Thornton India, the strong acceptance of e-commerce and digitization is expected to accelerate the growth of India’s auto sector. Accordingly, India’s automobile market is projected to grow from ’22x billion’ to more than ‘2.3X’ by 2026 at present to reach $ 512 billion.
In particular, the analysis of Allied Market Research, Market Line, Reserve Bank of India and Grant Thornton India revealed that e-commerce portals have focused on the automobile market. Like Droom, Kar Dekho and OLX have brought the experience of customers and users into the spotlight to help developers attract more and more users.
In addition, the increasing base of Internet and smartphone users will lead to digital transformation and will increase in increasing the market size of e-commerce portals.
Spokesperson of Grant Thornton India said, “The strong emergency and acceptance of the online channel has encouraged seamless solutions, price discovery, transparency, digital real-time payments, along with certification on vehicle quality for customers in the auto sector.”
Maruti’s cell increased through digital medium
According to the analysis report, since last year, Maruti Suzuki has seen a five-fold increase in sales through digital mediums, which is now 20 percent of their total sales. The report said, “These changes in customer buying and research preferences indicate a major change for the auto sector as Covid19 played a major role in gaining traction in the online channel.” Technology-enabled innovations such as Secure Digital Payments, Hyper-Logical Logistics, Analytics-Driven Customer Engagement, Increased Customer Awareness and Digital Advertising are likely to propel the auto sector further. ”
According to the report, with increasing disposable income, other factors such as rising middle class and young population will prove to be helpful in growing this sector. In addition, in many states, due to regulatory rules, the reduction in the tenure of vehicle ownership, as well as the availability of many finance options, led to a shift in the purchase of vehicles.
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