boodmo, a start-up venture and a market place for genuine and aftermarket auto spare parts, in existence for more than two years, served more than 10,000 customers in the last financial years and targets to double this number in FY 2018-19, said a press statement.
Speaking on the rise in the number of online visitors, Yevgen Sokolnikov, Co-Founder and CEO boodmo said, “The number of online visitors reached 4 lakh per month, which was 200% higher than the last year, same period.” Yevgen added, “Almost 10,000 customers were served so fast. With approximately 40% of returning users and rising conversion rate, we optimistically look forward to the growth in next financial year.”
Speaking on the future plan of boodmo, Yevgen said, “We are going to open new hubs in Tier 1 cities to serve quicker delivery in one to two days, to wider our vendor and customer base. This will require large capital and boodmo already secured funds for next year expansion.”
Digitization of information and money movement are the core business proposition of auto spare parts marketplace and connectivity facilitates new business opportunities. As the e-commerce automotive ecosystem is opening to powerful non-traditional players, digitisation is truly a disruptive trend right from sales, payments to the entire supply and delivery chain. Digitization is a stepping stone to promote transparency and curb counterfeit in the business.
Speaking on the challenges for the auto component industry, CEO of boodmo said, “One of the main challenges has been to fight the problems of counterfeit products. Counterfeit spare parts not only pose threat to a vehicle’s performance, but jeopardize the vehicle’s and driver’s safety. It is commonly known that as they are about 20%-30% cheaper than genuine parts, and find easy access to the market.”