Need Of A Multi Brand EV Online Retail Marketplace In India

Samarth Kholkar Jun 12, 2021

The Indian EV category will be led by growth in the 2-wheeler market. The electric vehicle (EV) market in India is expected to hit over 63 lakh unit mark per annum by 2027, according to a report by the Indian Energy Storage Alliance (IESA.) The EV market is expected to grow at a CAGR of 44 percent between 2020-2027. The electric two-wheelers were the highest selling in the entire segment last fiscal.

The forecasts indicate exponential growth in the coming years. The policies and initiatives undertaken by the Indian government to drive the adoption of electric vehicles in the country is going to serve as the force behind rapid adoption in the forecast period. India is one of the largest untapped markets for electric vehicles, which has led to an increase in the number of brands launching electric vehicles in the country. E-commerce companies (Amazon, for example) are launching initiatives to use eMobility for last-mile deliveries to reduce carbon footprint.

However, there was a clear gap when it came to an end consumer’s selection and comparative analysis – there were brands that had launched their electric bicycles but there was a need for a marketplace, providing the necessary expertise and guidance to the consumer, and an immersive buying experience for faster adoption to the EVs.

While customers can experience EVs in multiple ways, there is a dearth of channels where they can list down different attributes of different eBikes and e2Ws and compare them against each other before making a buying decision. An omnichannel online retail marketplace addressing this growing demand is the need of the hour.

The omnichannel online retail marketplace for EVs essentially should offer 3 key value propositions:

Experience – whether it is the online store or offline stores, a marketplace should offer a seamless and customer-centric experience. Coupled with guidance from EV Experts who could offer their unbiased advice to ensure that the customer gets the right product with the right information and best offers to purchase the vehicle.
Choice – The EV Segment is increasing day by day, with an increasing number of choices available to the buyer. The online or offline marketplace should look to provide an immersive experience of purchase to help customers understand the benefits of purchasing an EV vs a fuel-based vehicle.
Ease of Ownership – A deep understanding of customer behavior helps in building and offering multiple ways to customers to purchase a vehicle. One could exchange an old vehicle and upgrade to a new electric one or opt for one of the many options of loans, finance, or lease.

The pandemic has given rise to a unique proposition, where owning a personal vehicle becomes of the utmost importance. However, the need to go eco-friendly is not lost on many which are positively impacting the adoption of EVs in the country. A retail marketplace just makes it easier for the customer to further analyze their needs and requirements and enable a customized purchase journey, instead of blindly buying the most economical or expensive EV available.

With India seeing a growth in the EV manufacturers, there is an urgent need for more such platforms that not just enables the customer journey but empowers the customer in further understanding the various reviews of the vehicle they are interested in buying, just like they would do when buying a fuel-based vehicle. To combat another predicament on the consumer's mind, top companies in India have taken up the task of setting up robust charging infrastructure across the country to meet the demand of the rising electric vehicle users. In the last few years, we have seen a multitude of companies, established as well as start-ups focussing on building two-wheeler brands or focussing on the charging infrastructure needed.