The Southeast Asia’s largest integrated car e-commerce platform said the use of data would allow Carsome to power its business at all stages while supporting strategic decisions.
The combination of auction and market data, and machine learning (ML) model backs Carsome’s proprietary vehicle pricing optimisation and inventory support system.
Carsome Co-founder and Group CEO Eric Cheng said company had amassed a wealth of data after six years in business, where data of hundreds of cars pass through Carsome’s platforms every single day.
“By setting up our data COE, we are on full throttle in implementing data science solutions, along with data-driven insights to increase operational efficiency," he said.
Cheng.
Internally, data digitalizes workflows and processes by improving internal products with artificial intelligence (AI) and ML capabilities.
To underscore the importance of a data-driven business, Carsome has appointed former Head of Data at iflix and subsequently WeTV iflix (part of Tencent Holdings which acquired iflix), Piyush Palkar as its Chief Data Officer (CDO).
Palkar, a construction engineer by qualification but ventured into data since varsity days, brings along vast experience in data and analytics across banking, energy, media and entertainment, and retail.
“We will leverage on data to improve customer experience via personalization, customer segmentation and propensity models,” Palkar said.
Palkar.
For used car dealers, the most apparent is ML-powered auction optimisation, which provides personalised recommendations when bidding for cars.
Dealers on Carsome’s platform will find the most relevant cars curated and ready to bid on for them before they even start browsing.
This allows them to make more bids that increase the likelihood of winning.
For consumers, they benefit greatly from Carsome’s pricing engine, from which car sellers can gain data-backed proposed reserve pricing when selling their cars through Carsome.
Data helps them get the best selling price based on market movements and subsequently increasing the chances of their cars being sold via bidding.
