Submission BCS
Swoosh - A Revolutionary Indian EV Startup with a vision to provide electric mobility aimed at serving the humanity and nature, fully charged to 100%
Submission Date & Time: 2021-10-19 03:56:07
Event Name: NMO S4 Sprint One
Solution Submitted By: Karunakar Mahanty
Assignment Taken
Consumer behaviour trendsCase Understanding
To start a startup of EV with a plan to sustain over a long timeBCS Solution Summary
Building a full-scale model and using it as proof of concept with the investors and raising the funding.Using the funding to meet the daily operations, promotional costs and setting up an manufacturing plantSolution
In India, a survey of more than 9,000 respondents from 13 countries including 1,000 respondents from India, was conducted by EY Mobility Consumer Index (MCI), Electric vehicle (EV) sales are expected to boom over the next 12 months, according to the latest),
Nearly 90% of consumers in India are willing to pay a premium for buying an EV with over 40% of respondents ready to pay the upfront cost of up to 20%. A majority of the respondents surveyed in India consider acceptable a driving range of 100 to 200 miles from a fully charged EV. Existing and future EV owners who intend to buy a car have a relatively higher preference for digital channels compared to the existing and future ICE owners.
The survey also reveals the top reason for buying an EV is an environmental concern, with 97% also stating that the COVID-19 pandemic has heightened awareness and concerns about environmental issues. 67% of those looking to buy an EV feel it is their responsibility to reduce their personal environmental impact, and 69% feel buying an EV is one way to achieve this goal. This is mostly seen in Urban areas
While visiting dealerships and showrooms continues to be the dominant choice for buying the car, innovative/digital retail channels are becoming popular among respondents. As per the survey, potential car buyers desire an evolved retail experience with a mix of online and offline channels across different stages of their car-buying journey as they seek a seamless OMNI channel experience, price transparency, superior purchase experience and visibility into financing options. 49% of respondents in India strongly agree to complete all the paperwork online rather than at the dealership, while 69% seek an opportunity to get a quote and secure vehicle financing online. For all countries, the MCI reflects that a relatively higher percentage of Gen Z and millennials prefer online channels for car purchase; respondents in medium-sized cities are inclined towards online channels for a final car purchase.
Conclusion
This way we can build a good consumer understanding which can be used to build a resilient and longlasting business ecosystemAttached File Details
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