CredR Sells 250+ Used 2Ws in Lockdown 4.0, Sales Expected to Return to Pre-COVID

 

CredR Sells 250+ Used 2Ws in Lockdown 4.0, Sales Expected to Return to Pre-COVID Volumes by June

 

Its online-to-offline model allows customers to discover used bikes  and buy at the Showroom or get contactless doorstep bike delivery

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 Omni channel used two-wheeler consumer brand, CredR, has recorded sales of over 250 used two-wheelers in the Lockdown 4.0 phase that started mid-May, amid the changing consumer behaviour due to the coronavirus pandemic. The Company expects to return to its pre-COVID sales figures by as early as June this year due to the introduction of novel products such as contactless doorstep bike delivery and assured 12 months Buyback, which have acted as catalysts for consumers in the decision making process. These sales numbers were clocked from only 40% of its showrooms that were made operational in Bangalore, Delhi NCR and Hyderabad as the lockdown was slowly eased. The Company expects to return to its pre-COVID numbers by July.

 

To ensure the safety of customers, CredR has implemented a contactless delivery mechanism for its two-wheelers and processed over 30% orders during this period via this channel. The Company has also seen a sharp increase in online sales enquiries, a jump of almost 400% from the initial phases of the lockdown.

 

"Consumer behaviour is increasingly being altered by the ongoing COVID-19 pandemic. This change in consumer behavior has brought in an entirely new segment of customers who were earlier, either looking to buy new bikes or were using shared mobility or public transport. As health and hygiene is at the paramount, it has required us to have strict protocols at every touch point. We are witnessing a sharp increase in contactless doorstep bike delivery. We are expecting to be back to pre-COVID sales numbers by July,” said Sasidhar Nandigam, Chief Strategy Office, CredR.

 

The extended lockdown and the constant rise of Coronavirus cases in India has created restrictions on public transport and a serious liquidity crunch for buyers all across India. A widespread shift from shared mobility and public transportation to privately-owned mobility will no longer remain a luxury but will become a pressing need. The current wave of consumers is definitely cautious and value driven and want to safeguard their financial interests, while still having access to quality private-owned mobility.

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About CredR

CredR is India’s most trusted and only omnichannel consumer brand for buying, selling and services for used two-wheelers. Founded in 2015, CredR, aims to simplify the entire process of transacting in used two-wheelers, by offering industry’s-first-in-class products/ services for building trust in a segment which is highly unorganized and fragmented. The company operates India’s first and largest chain of CredR branded retail showrooms across major cities like Pune, Bengaluru, Delhi NCR, Jaipur, Kota, and Hyderabad through the franchise model. These showrooms offer customers with a wide range of used refurbished two-wheelers at the best prices. Using its proprietary technology and full-stack vertically integrated business model, CredR is revolutionizing the entire customer experience.

 

The company is backed by marquee blue-chip funds such as Eight Road Ventures (Fidelity's proprietary investment arm), Omidyar Network, AngelList, K Ganesh (GrowthStory) and angel investors like Amit Agarwal (CEO, Amazon India), Rohit Bansal, Kunal Bahl, Sameer Sawhney and Deb.