Maruti Suzuki Registers 292% YoY Growth In Car Subscriptions
Backed by the assurance of over 25 million customers, Maruti Suzuki India’s value-added initiatives such as Smart Finance, Subscribe and Rewards have registered remarkable growth in FY23. These initiatives are consistently evolving to adapt to the changing needs of customers and redefining the automotive experience for car buyers in India.
Maruti Suzuki Subscribe
With the objective of offering new-age car ownership experiences to all, the Company launched Maruti Suzuki Subscribe in 2020, a unique initiative that allows a customer to use a brand-new Maruti Suzuki vehicle without owning it.
In the financial year gone by, Maruti Suzuki Subscribe registered a Y-o-Y growth of 292 per cent in car subscriptions. Catering to rising demand, its presence was extended to 25 cities, with 5 leasing partners, 2 of these new leasing partners were onboarded in FY2022-23.
Present across 25 cities pan-India, Maruti Suzuki Subscribe has five partners (Orix, ALD Automotive, Quiklyz by Mahindra Finance, Myles and SMAS) offering a range of Maruti Suzuki vehicles. The Company recorded cumulative retail of 5,001 Car Subscriptions since its initiation.
Maruti Suzuki Subscribe provides a comprehensive ownership experience for customers, inclusive of Vehicle Price, Registration & RTO Expenses, Insurance (New & Renewals), Service & Maintenance, along with Roadside Assistance. Customers choose from multiple tenure options at an all-inclusive fixed monthly rental.
Maruti Suzuki Smart Finance
The Company introduced Maruti Suzuki Smart Finance in 2020 with the objective of providing easy and convenient car financing solutions. With 23 financiers on board, the platform has helped disburse over Rs. 52,000 crores worth of loans to over 8.3 lakh customers within 3 years of its launch.
In comparison to the previous year, Maruti Suzuki Smart Finance registered growth in excess of 68 per cent with a high volume of customers availing car finance.
Seven new PSU Banks were onboarded on Smart Finance platform during FY 22-23. Future plans include onboarding more finance partners in FY23-24, to provide customers with a superlative digital marketplace experience.
Maruti Suzuki Rewards
The 100 per cent digital, cardless customer loyalty program Maruti Suzuki Rewards, celebrated its second anniversary with its customer base reaching more than 8.2 million members.
Maruti Suzuki Rewards comes with a range of benefits on the purchase of additional Maruti Suzuki - Cars, Insurance, Genuine Accessories, service etc. Benefits are also awarded for customer referrals, servicing a car at authorised Maruti Suzuki service centres.
The program is fully integrated in the form of the Maruti Suzuki Rewards mobile app (available for both iOS and Android users) and the Maruti Suzuki Rewards exclusive webpage which serve as a unified platform to engage and enrol customers.
Recently, it rolled out an exclusive collaboration with Indian Oil Company (IOCL) to offer XtraRewards points to customers for refuelling at IOCL pumps.
Maruti Suzuki’s Digital Ecosystem
The Company has digitised 24 out of 26 car buying steps and empowered its ecosystem to adapt simultaneously for a seamless end-to-end experience. In doing so, the company expanded its digital presence into the Metaverse by launching NEXAVerse and ARENAVerse platforms for its NEXA and ARENA showroom network.
Through this initiative, the company has equipped over 1,119 Maruti Suzuki ARENA and NEXA outlets spread across India with Oculus devices. By integrating technological innovation with the vast network across India, Maruti Suzuki is now able to reach customers across geographical boundaries and time zones.
Commenting on the ever-growing relationship with their customers through various programs, Shashank Srivastava, Senior Executive Officer, Marketing & Sales, Maruti Suzuki India, said, “I am delighted with the response these new initiatives have received from customers. With an increasing number of sales outlets, digital platforms and path-breaking products and services, Maruti Suzuki is confident that it will be able to empower more people with new ways of owning a car.”
