A survey conducted by TrucksDekho, the only digital platform for trucks in India and part of the CarDekho Group, shows the likelihood of a big disruption in the commercial vehicle segment. The survey was conducted to understand the digital buying behaviour of commercial vehicle customers in the aftermath of the Covid outbreak. According to the survey, nearly 85% of customers are willing to buy new CV products after the lockdown, while the rest may opt for a used truck/vehicle.
A significant number of respondents are ready to buy new trucks within a month of the lockdown being lifted. Further, 50% of customers are interested in booking their next truck online, and this percentage is bound to increase.
With a sample size of 800 ‘in-market’ (lead- droppers) audience, the survey further splits its respondents according to the product segments: mini-trucks, pick-up trucks, intermediate and light commercial vehicles (ILCV) and medium and heavy commercial vehicles (MHCV). It included young business owners who are also decision-makers. Traditionally young business owners (experience less than 20-30 years) are synonymous with small commercial vehicles (SCV) and ILCVs.
While 85% of customers are still willing to buy new CV products post lockdown, the remaining may be considering buying a used truck. Many CV buyers are now looking forward to online financial solutions and special online price offers. Viewership on TrucksDekho is dominated by FTB across segments. Traditionally, FTBs and SFOs have always been segmented with a vehicle mix of SCV and LCV. But this survey highlights contrasting buyer trends that are possibly a factor of the infrastructure and regulatory disruptions in the CV industry. Such buyer groups, e.g. first-time buyer of MHCV range of trucks, are growing in number and can become a major buyer base in the future.
Says Mr Manish Harodia, Chief Business Officer, TrucksDekho, “It is indeed exciting to see the rate at which the driver and fleet owner community has adopted to the digital information. We get customer requests from the remotest parts of India. Earlier, the digital prospecting and lead generations would happen only around Small Commercial Vehicles and the Pickup categories. Last year saw a strong uptick even in the higher tonnage categories, which makes it imperative for OEMs to focus on digital transformations & augment their sales efforts by using innovative technology and communication solution. Post the Covid era, with physical roadshows being far and few in between, we foresee OEMs use digital medium even for their product launches and to engage in virtual Product Expos in days to come. Measurability on digital also makes the proposition compelling as there is tangible ROI on any investment made.”
TrucksDekho site has over 7 lakh+ unique visitors per month. The survey was conducted across India through its various offices and the results showed a combined analysis of all the responses received.