Leon Foong - CEO. Shared Boxes And The Future Of Mobility

Transcription

1 Leon Foong - CEO Shared Boxes And The Future Of Mobility

2 Life in Boxes They are born, put in a box; they go home to live in a box; they study by ticking boxes; they go to what is called "work" in a box, where they sit in their cubicle box; they drive to the grocery store in a box to buy food in a box; they talk about thinking "outside the box"; and when they die they are put in a box. Nassim Taleb The Bed of Procrustes

3 The lesson we learnt The Bed of Procrustes You do not crop your feet to fit in a short bed but you rather find someone who can provide you a larger bed. Modern customers Ever-changing needs Heterogeneous needs Multiple influences Innovative companies Customer centric Adaptable Customizable products Traditional companies Profit first Inflexible One product for all

4 Inside the vs Outside the Box Solutions Blockbuster Only three days to watch the movie You have to walk to the store Taxis You call it / wait on the street / pay cash You do not know who the driver is Retail Bookstores You have to walk to the store You can only buy books CD industry High prices Always force to buy the full length album Netflix Subscribe and watch from wherever All-devices integration Uber From call to payment is all in-app You know who is the driver Amazon You do all from order to delivery at home You can buy together a book, a pair of shoes and corn flakes Spotify Bundle price and all-device integration Instant access to all the music you want to listen

5 Did Amazon kill the retail industry? Alberto Brea Executive Director, Engagement Planning at OgilvyOne Amazon did not kill the retail industry. They did it to themselves with bad customer service. Netflix did not kill Blockbuster. They did it to themselves, with their ridiculous late payment fees. Uber did not kill the taxi business. They did it to themselves, with their limited number and fare control. Apple did not kill the music industry. They did it to themselves by forcing people to buy full-length albums. Airbnb did not kill the hotel industry. They did it to themselves with limited availability and pricing options. Technology itself is not the real disruptor. Being non-customer centric is the biggest threat to any business. Spoiled Every day different needs Modern customers Look for Instant gratification Customer centrism is the key Aware of the best solution

6 Technology & Consumer Choice - SOCAR case Existing car rental solutions Paperwork Booking at least 24h in advance Return Zones very limited Expensive You have to take and return a physical key Physical inspection car sharing No Paperwork Anytime 24/7 Anywhere 300+ parking zones Customizable service - car delivery and other additional services on demand Book your car, report possible damages, close your car and pay All in-app

7 Socar Customers 150K Registered members 64% Activated members Interests Lifestyle & Hobbies Autos & Vehicles Median Age Age Group Gender 80% Male 20% Female RM130+ Average transaction

8 Our community Signups Bookings Month Month

9 Business development Cars Deployed vs Booking per Car per Day

10 The Future - What we learnt from sharing economy Pay-per-use People only want to pay for what they actually consume Less is more Sharing economy allows more efficient allocation and less wastage Tech makes things easier Tracking customers behaviours Provide what they need when they need it Building trust is faster and cheaper Creating communities based on trust has never been so quick and cheap

11 The role of Insurances in Sharing Mobility Protection Opportunity Change Adapt New categories need insurance protection What is the risk they need to cover? What is the insurance product they are looking for? Growing volumes mean larger expenditure in insurance Insurance premiums account for 20% of e- hailing revenues 35 to 45% of p2p carsharing net revenues go in insurance premiums and car repairs Innovative Business Models need innovative coverage products Pay per use economy have to be backed by pay per use insurances Feeling safe has never been a good strategy Believe in the new Business Models before someone else do We need your protection but with the flexibility to grow

12 Come and join us Outside the Box. Thank You