CARS24 onboarding project | By Apoorv Kumar
Introduction :
Can you relate to these two when you think of used car buying :
Now think of a platform which can solve your above two problems
What is CARS24 :
CARS24 is your trusted one-stop solution for buying and financing quality used cars, offering transparency, convenience, and competitive pricing.
It's a place where you enjoy a hassle-free experience with comprehensive inspections, easy financing options, and exceptional after-sales support
USPs of CARS24 :
- Comprehensive car inspections and verified history reports insuring trust and transparency.
- Seamless online platform for browsing, comparing, and purchasing used cars from home.
- Extensive inventory of quality used cars across various models and price ranges.
- Easy financing options with loan approvals and EMI plans tailored to fit user's budget.
- Dedicated customer support and after-sales services, including warranties and return policies.
User Studies:
- All users interviewed downloaded app 2-3 days before call
- Interviews was focused on understanding user's background, goals, how did they find cars24, their onboarding experience, features they liked and difficulty faced
Defining our ICPs
ICPs | First time car buyer | Repeat car buyer |
Demographics | Age : 23-32 Working professionals or small business owners | Age : 30-60, working professionals, retired persons, business owners |
Needs | Good quality used car options , trusted source, financing option, Clarity and help on which car to buy | Good quality options, car exchange options, fast delivery |
Pain Points | Confused with multiple options, lack of trust on used car quality , not able to find easy financing | Multiple options to choose from, not aware about refinancing |
Apps they use most | Youtube, instagram , whatsapp | Youtube, instagram , whatsapp |
Avg. Monthly Earnings | 30-40k monthly | 50-60k monthly |
Features that they use most in cars24 | Search, filter, car search Assistant, EMI calculator, pre approval eligibility | Search, filter, car exchange |
Frequency of usage of cars24 app | twice a week until they get a car | Once or twice a week for mostly 1.5 weeks |
Time and money spent on platform | 1 hr on an average with car amount in case of buying a car else paying token amount | 20-25 mins on an average Paying car amount in case of buying a car |
JTBD for our ICPs :
Arjun | Priya | Rohan | |
Why are they chosen | First time buyer ; Willingness to Pay : High ; Likelihood of cross selling : High | Repeat buyer : Car exchange prospect ; Knows about used car buying process >> WOM; willingness to pay : High | First time car buyer ; financing buyer ; willingness to pay : high |
Functional | When I decide to buy a used car, I want to be able to find a reliable and affordable vehicle , so I can use it to ease my commute | ||
Financial | When I decide to buy a used car, I want to buy it on financing so I can take care of my finances | ||
Social | When I decide to upgrade to a used car, I want to showcase it to my peers so I can attain a high social status | |
Onboarding teardown :
CARS24 onboarding teardown.pdf
Activation metrics :
- Hypothesis 1 : Users who sign up at least once in 3 days of onboarding are more likely to convert i.e. book test drive with cars24
- Reasoning : Signed up users who do it early in the journey are more likely to interact with our customer service agents and also are more likely to receive personalised CRM comms related to price drops and new arrivals over whatsapp thus making them more likely to convert
- Hypothesis 2 : Users who uses search at least thrice in 1 week of onboarding or uses 2 or more than 2 filters are more likely to book test drive with cars24
- Reasoning : Users who are using search and filter are more likely to land on car that they are thinking of thus making them more likely to move ahead and do a test drive with us
- Hypothesis 3 : Users who initiates pre approval at least once in 1 week of onboarding are more likely to book a test drive
- Reasoning : Users who are initiating pre approval process have 50% chance to get pre approved, and pre approved users have 135% more likelihood to book a test drive with us as compared to non pre approved customers
Detailed Metrics to track :
Cuts to be checked on New Users (users who are landing for the first time on platform) , Repeat users (Users landing on platform post 7 days of their first landing) ,
cuts to also be checked on acquisition channel, platform (App,web,Mweb)
- Users2Impressions i.e. how many cars users are seeing on listing page
- Homepage2 listing page land number
- % users using search or filter
- Average TAT of user to initiate booking with us bifurcated on non search vs search user
- Users initiating pre approval process
- %pre approved users
- Listing page to CDP view
- CDP view to book test drive CTA click
- Push and Whatsapp subscribed rate
- %CRM delivery rate on user level
- click rate of buy car , sell car and financing options
- Financing form fill rate
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