GroupWe: Changing the Way New-Age Indians Buy Their New Cars
When shopping for a new vehicle in India, one must consider both the emotional and the practical aspects of the purchase. It is often the first significant investment that a person makes, marking the first meaningful step into adulthood, independence, and being able to provide for oneself.
GroupWe: Changing the Way New-Age Indians Buy Their New Cars
When shopping for a new vehicle in India, one must consider both the emotional and the practical aspects of the purchase. It is often the first significant investment that a person makes, marking the first meaningful step into adulthood, independence, and being able to provide for oneself. Despite the fact that this sounds like an exciting event, the reality is that purchasing a car is fraught with enormous inconveniences and features a trip that is filled with numerous ups and downs along the way, which frequently leaves buyers dissatisfied.
Difficulties When Buying a New Car
The manner in which Indians have been purchasing new automobiles has, for the most part, stayed essentially same over the course of the past five decades. The procedure is cumbersome, time-consuming, and outdated in addition to being inconvenient. According to Vivasvaan Srivastava, "Customers spend an average of 75-90 days in the process of purchasing a new automobile" (Co-Founder & CBO, GroupWe). "Most buyers, in their never-ending search for the greatest deals or the quickest availability on their favourite cars, lose sight of the enormous search cost they spend," Customers generally go to a number of different vehicle dealerships, travelling roughly 20–30 kilometres between outlets. This is followed by a laborious process of haggling with salesmen, despite the fact that they are still unclear as to which offer is the greatest one available on the market. In addition, there is a lack of clarity regarding the quantities of stock that are available.
In addition, the majority of young clients appear to lack knowledge regarding the various financing and insurance alternatives for brand new vehicles. Customers will additionally spend time calling or going in person to a number of different banks in order to inquire about the most competitive interest rates. In a similar vein, buyers searching for economical options for new automobile insurance should check with insurance agents or visit multiple websites to gather information about their available coverage options.
When the total cost of the customer's search during this entire journey is taken into account, they lose more than Rs. 15,000 in cash. In addition to that, the opportunity cost of missed time is sometimes disregarded," elaborates SaiyamPabreja (Co-Founder & CEO, GroupWe). "The final discount that the majority of buyers wind up with after all of this agonising searching would be far less valuable! Some people aren't aware of it, but those who are wish there was an easier, less time-consuming answer!
Origin of the Concept
Back in February of the year 2020, Saiyam and his family were shopping around for a new vehicle to add to their household. Unfortunately, much like the experience of the majority of customers, theirs was marked by inefficiencies and a lack of transparency. To find the greatest deals, he contacted four or five dealerships in the Delhi–National Capital Region (NCR). In order to complete his investigation, it took him several weeks of travelling over large distances. This turned out to be a laborious procedure, and it suddenly occurred to him that it is physically impossible for the majority of clients to be aware of the availability and best deals that are currently available on the market. A one-stop solution that provided a complete answer for the entire car-buying process would have been extremely helpful in making this experience far less difficult overall. This experience ultimately laid the groundwork for the idea and vision behind GroupWe.
Presenting GroupWe – The Solution
GroupWe was developed with the goal of making life easier for customers. One of its primary functions is to make it possible to buy a car without leaving the comfort of one's own house and with the use of only one button. "GroupWe delivers an end-to-end automobile buying adventure to customers," explains Vivasvaan. "Starting with car research, booking your new car online, new car financing, insurance, and used car exchange – all in one spot!" In addition to its practicality, GroupWe offers an additional benefit known as "Grouping," which consists of group sales and bulk discounts that can help you get the best value possible on your new vehicle. According to Saiyam, "Grouping is our primary Unique Selling Proposition (USP)," which means that "we use the power of economies of scale to secure higher-than-market discounts for our consumers." "We cluster consumers together in weekly 'grouping cycles,' and as a result, they are eligible for discounts on their new automobile that are up to thirty percent greater,"
Offerings and Features from GroupWe
Researching vehicles is the first step in the process of purchasing a new vehicle. GroupWe provides its customers with a sophisticated user interface that allows them to compare vehicles and models from a wide range of automakers. GroupWe, in contrast to OEM platforms, is a multi-brand platform, which enables users to compare products from different brands in order to arrive at well-informed judgments.
The next step is to go for test drives in the vehicles you have narrowed your search down to: GroupWe makes it possible for you to conduct test drives in the comfort of your own home, at any time that is convenient for you. This helps you save time and, as a result, reduces the overall cost of your search.
After narrowing down your choices for automobile brand and model, the next step for the consumer is the "grouping cycle," which is where things get very exciting.
Our in-house technique known as the Grouping Algorithm brings consumers who have "like-minded" interests together on a weekly basis. At the conclusion of each cycle, customers are sent price quotations that include "grouping incentives," sometimes known as discounts based on the size of the group. Each week, our offerings go through a process of dynamic change in response to the size of the group. Customers who participate in a grouping cycle can receive discounts that are up to thirty percent more advantageous under this approach.
At the conclusion of the cycle, a connection is made between the group of clients and a partner authorised vehicle dealership that provides the greatest discounts and the quickest availability. In the meantime, the procedures for acquiring auto insurance and auto financing get began.
Finance for New Automobiles
We are able to assist consumers in obtaining new car loans at the most competitive interest rate because of our partnership with prominent nationalised banks, private banks, and private financiers. GroupWe assist in aggregating the numerous rates that are made available by various banks and assisting the consumer in selecting the rate that is most suitable for them. In addition, our team assists clients in making well-informed decisions by guiding them through issues such as foreclosure, partial payments, and other similar topics.
Insurance for Brand-New Automobiles
We collaborate with all of the most reputable insurance companies. Customers are given the ability to select the most cost-effective insurance plan, together with the additional coverage options of their choosing, thanks to the platform. Because our insurance rates are substantially lower than those offered in showrooms, we are able to assist customers in realising significant cost savings when purchasing new vehicle insurance.
Best Price for your Used Cars
Used car exchange is made easier by our collaboration with a number of local dealers and channel partners specialising in used automobiles. We assist customers in obtaining competitive pricing for their used vehicles by assisting them in obtaining various price quotations for their vehicles.
Once your vehicle has arrived at the dealership, you will have the option of having it delivered to your residence or of picking it up directly from the showroom. Buying your new car in a stress-free and convenient manner while remaining in the cosiness of your own home with GroupWe has already been successfully completed!
When It Comes to Buying Cars, Look No Further
Even if the process of purchasing an automobile is complete, your experience with GroupWe has only just begun! For the next five years, we are going to provide our GroupWe clients with special discounts and offers in the form of cash prizes and gift coupons whenever they refer new customers or renew their insurance policies. In addition, clients may continue to take advantage of exceptional deals on the repair and maintenance of their vehicles by going via GroupWe.
Young people living in urban areas in India have become more accustomed to the practise of purchasing goods and services online as a result of the pandemic. As a result, many of us now prefer services that completely remove the need for us to interact with actual people by digitising the entire process from beginning to end and do not require us to leave our homes in order to access them. The vast majority of consumers living in metropolitan areas, particularly millennials, have a solid understanding of online transactions and payment gateways.
The new automobile business will be the next major sector to embrace digital technology. The steps involved in purchasing a new vehicle have, for the most part, not been altered. GroupWe's mission is to modernise the age-old practise of purchasing automobiles through dealerships by moving the process online, thereby aiming to disrupt the status quo. GroupWe intends to get a first-to-market advantage in this arena by providing customers with a streamlined experience for purchasing automobiles at the touch of a button.
Vivasvaan, commenting on GroupWe's competitive advantage, notes that "most online platforms are present in the saturated used car market or car-research segment, as most haven't cracked the formula of how to get the best deals on a brand-new car." This is in contrast to GroupWe, which has "cracked the formula of how to get the best deals on a brand-new car." "However, thanks to our 'grouping' method, GroupWe is able to provide a rational strategy for acquiring better deals on new cars."
GroupWe work hard to maximise the benefits of economies of scale by providing new car buyers with a wide range of value-added services and advantages to make the purchase more appealing. GroupWe is able to give clients with savings on new automobiles that are unmatched in the industry thanks to a vast network of tie-ups with other businesses, including dealerships, banks, insurance providers, used-car exchange channel partners, and many more. In addition, the goal is still to lower the cost of the search and get rid of any problems that arise along the way for the customer.
"In the future, we hope to be as dominant in the new-car sales market as Amazon and Flipkart are today."
GroupWe plans to launch several new automakers and models in the near future. According to Saiyam, the future of purchasing a car in India seems bright. Any new car model or car brand that is joining the Indian market will be introduced through GroupWe with special promotional offers, as was done for the launch of exclusive platforms for the sale of consumer electronics in today's market. GroupWe is encouraging a mentality shift and making it possible for people to understand that even the purchase of a car can take place online. People did not believe it was possible to purchase fresh produce, pharmaceuticals, clothing, or furniture over the internet until just a few years ago. However, as of today, this is no longer the case, and urban Indians are increasingly making use of internet platforms to facilitate the purchasing experiences they have. The automotive business is on the cusp of experiencing the same paradigm upheaval as other industries. Buying a car online will soon be the standard thanks to comprehensive solutions offered by companies such as GroupWe.
The purchase of something as big as a new car shouldn't be accompanied with problems that completely take away from the experience's potential for happiness. We at GroupWe want to make the process of purchasing an automobile as stress-free and simple as possible for our customers by making it possible to complete each stage of the transaction simply by clicking a button.