We are publishing the interview of Sumit Chhazed, Co-Founder, CredR.
The idea was born out of our personal experience. My friend and I were hunting for a used bike after our college days. We thought it would be a smart and economical decision to buy a second hand bike. We explored every means possible to find the bike we needed- local dealers, online listings, friends, family, neighbors, but nothing worked out for long. The whole process was very hectic and troublesome; we kept running from one dealer to another to find a used bike that fits our requirement criteria. Finally we found one, after a lot of searching and seeking.
Unfortunately we faced another set of problems with the vehicle post its purchase. The bike started creating problems every now and then. We realized how painstaking the process of buying a used two wheeler is. That’s when we decided to create an easy and simple experience for buyers and sellers of used vehicles. We came together to put an end to all problems that come in the way of buying and selling used vehicles. The solution that we came up with was CredR.
What is your corporate vision? Where is your company headed?
Our initial focus was on getting our processes right. It’s a complex business. We spent our time in understanding the business and behaviour of people. We are optimistic in creating a strong brand image for CredR and ensure more traction from consumers willing to transact online.
Now, we want to create an ecosystem of evolved automobile of owners and interfacers, who use mindfulness and perceive used automobiles optimistically. This ecosystem will elevate the experience of using, buying and selling automobiles. It will bring in efficient and progressive transformation at every touch point. Be it buying selling or dealing, CredR inspires everyone to be optimistic and mindful while using automobiles. It aims to elevate the entire second- hand automobile ecosystem to higher standards.
What does your brand promise? As it grows and evolves, what can stakeholders count on you to deliver?
We aim at providing a seamless experience to customers with an overall convenient process – on the platform and at the store. Bringing in technological competence in this unorganised market has solved major problems like uneven pricing and product quality. With strategic tie-ups and getting strong business partners onboard, we strive to make the purchase process as delightful as a new vehicle purchase.
What is your solution’s unique selling proposition (USP)? How do you differentiate in the marketplace? Why do prospects choose your solution?
CredR is an online marketplace for pre-owned two-wheelers. CredR is built on the foundation of making pre owned vehicles buying process as convenient and delightful as a new vehicle purchase. Some of our key differentiators are:
Technology – Bringing in technological competence in this unorganized market has solved major problems like uneven pricing and product quality.
- Inspection – All bikes are inspected on 80+ quality checkpoints before listing on the website. We also share a detailed inspection report for each bike, on the site allowing the consumer to read through and make an informed decision.
- Bike Rating & Standardized Pricing – A dynamic rating algorithm which considers the inspection report and generates a rating for the bike. Bikes with a rating below 3 are rejected. Standardized pricing is generated for all bikes as per our proprietary rating algorithm.
End to end fulfillment– CredR assists the buyer right from selecting a bike to providing paper transfer assistance to providing post-sale services. CredR facilitates transactions between b2c, c2b. The technology integrated ecosystem is used to manage the supply and demand.
Unmatched benefits– Some of the other unique features we offer, include free test ride, online bike reservation, post sales services like warranty and other value added services like accidental insurance, loan facility on used bikes are some of the exceptional benefits.
What are your strengths, weaknesses, opportunities and threats (SWOTs)?
Strengths: CredR is a convenient, reliable and transparent online marketplace for used vehicles, which is easy to use and has sufficient information to help any customer in making an informed purchase.
Weakness: In India, people are used to transacting offline; hence it’s a very big challenge to bring a ‘transaction led business model’ from offline to online. Second challenge is the diverse audience we cater to, with some being tech savvy while some absolutely tech ignorant. Communicating to this varied group of audience and thereby building credibility and trust towards pre-owned product purchase is tactically challenging, albeit exciting.
Opportunity: The pre-owned 4-wheeler segment already has big ecommerce players present in India, while the current pre-owned market for 2-wheeler is not so organized. Moreover the bike to car sales ratio is 4:1 and hence there was a larger market to cater to in the two wheeler segment. Hence, we want to create an ecosystem wherein the customer is the winner.
Threat: There are multiple players in the four-wheeler segment and also several classified portals that provide open marketplaces for buying and selling. However, our offering is unique and our listings are carefully curated so that we can offer the best.