Based-out of Gurgaon, Droom is India's most trusted online marketplace to buy and sell new and used automobiles and also for automobile services. Founded in 2014, this rapidly growing mobile-first entity is the only Indian online company enabling end-to-end transaction with cutting-edge tools transparency and facilities such as auction and pricing engine as its unique attributes.
Driven by the humongous growth of mobile-only Internet users, mobile wallet is no longer a luxury, but a necessity for all monetary transactions, because of its varied offers and convenience. Not only mobility, but the other technological breakthroughs which include cloud computing, Big Data and open source technologies are now the enabling centerpieces of a successful business. The rapid growth has also compelled the industries to outrun others and automobile domain is no different. While the Indian automobile realm has been hovering around the global market as the third largest, the growth is also fraught with several challenges in it fold.
However enticing a technology be, its complexity can often serve as a hindrance. They have to be robust, yet scalable and easy-to-use. In addition, India - bound by the old-fangled thinking and the increasing scams - is relatively a low-trust market, which makes the task of establishing a business tougher. Especially in e-Commerce domains like used and new car markets, which strives to eliminate the middlemen and craft a paramount transactional experience, people tend to demur in buying a vehicle from an unfamiliar individual, despite e-Commerce's capability in bestowing a better experience with its return and refund policies.
Further, the risk is accompanied by the meager policies, unlike in U.S., where they have Lemon Law to compensate for the defective consumer goods, Kelly Blue Book for the best pricing, a separate vendor for inspecting vehicle history and tighter law enforcement that binds all the aforementioned criticalities together, while India is set a mile back in pursuing those.Furthermore, India needs one lakh trained technicians who can perform independent inspection chains. According to me, not just the scrutiny, but there should be an integration of the disparate systems like police, insurance, service logs and registration records, that would serve as a window into the complete history of the vehicles, which in turn helps the buyers to alleviate the risks of falling prey to a web of deceit.
A Catalyst to the Transformation