The World is changing. It’s largely becoming a world of data driven recommendations, non-intrusive suggestions and reach-out mechanisms. As Artificial Intelligence and Machine Learning gains ground and has started touching our lives across multiple facets, it is important for us to know how AI and ML can touch our vehicle ownership experience and also the entire Indian automobile aftermarket.
While a lot of discussions have taken place around use of AI and ML in autonomous cars etc, it is also important to understand the role that these technologies will play on ground and around the support systems and infrastructure that will make this future possible.
Today, buying a two wheeler is just the beginning of a string of hassles one has to face through the ownership lifecycle. Starting from visiting authorized service centres for periodic maintenance, Staying in touch with your authorized service centres for updates and finding a buyer to sell their used bike at the right price and in fastest time and also finding the best offer to buy your next vehicle (yes offers are different at different dealerships). Not to forget the the additional hassles around renewing insurance on time and a host of other mandatory things.
Now when we look at the auto aftermarket in India, the industry itself is fairly fragmented. The different players include Authorized Service Centers, Independent garages, spare part distributors and retailers, Accessories distributors and retailers, Used vehicle buyers and seller and many more. When it comes to preventive maintenance, half of the market is fairly organised by the Automobile Brands through their authorized dealerships and the other half is just getting organised by players like Castrol Bike Point, MyTVS and others. However, the experience is largely broken and most of these independent workshops operate in silos.
In the middle all of this confusion, there is a lot of data play that is possible to make your life more easy, transparent and simple. That’s where the role of AI, ML and IoT comes in. Now imagine a future like this with me. Imagine you buy a new vehicle from a dealership, you buy an IoT enabled device that comes layered with a subscription program that covers your periodic maintenance with timely reminders based on distance you travel coupled with doorstep pickup and drop facility to ensure you don’t sweat at all, Usage based insurance premiums by keeping a tab on the way you ride your vehicle everyday (good smooth usage meaning lower insurance premiums and vice versa), GPS based Roadside Assistance to ensure faster service, Sell your used vehicle in one click with automatic catalog creation, Pay your vehicle EMI from one single app through ECS online, Vehicle usage based next vehicle recommendation (mileage vehicle for a power user Vs Lifestyle Vehicle for a lite user) and many more such wonderful features. All of this happens in the background through the power of AI and ML while you are focused on living your life and making the most of it. This equation also presents an opportunity to link a host of tailor made services and offerings which you will just love when presented to you in a very non-intrusive way, just like “happenstance”.
There have been a lot of traction around this space over the past couple of years and you will find 2 types of companies. One with a great IoT strategy but no ecosystem, second a great ecosystem but no IoT strategy. This is chasm which companies like Let’s Service Automotive is bridging. We have built a great ecosystem powered by technology across various ecosystem players like Authorized Dealership Networks (Sales and Service), Used Vehicle Agents, Vehicle upkeep players like bike wash etc, Roadside assistance players, Insurance Companies and emergency healthcare providers. Our IoT strategy is ready to launch into the market in the near future. Now when a Tech Powered and Reliable ecosystem meets the best IoT strategy ever played, Magic Happens!
(The author is the Co-founder and CEO of Let’s Service Automotive Technologies Pvt Ltd – India’s Largest Artificial Intelligence led Two Wheeler Ownership Assistant for the rapidly growing base of middle income Indians whose primary mode of transportation is two wheelers.)