In his session: Online property through the eyes of a digital native, PropertyGuru CEO Hari Krishnan told delegates at the PPW Bangkok Conference how he has digitized everything from travel to entertainment and the lessons he’s learned along the way.
“People expect rich digital experiences because they are being trained by Uber.” Krishnan said. “Consumers are getting trained and they are expecting personalisation; Netflix helps to influence this.”
These businesses are changing the way consumers think and property seekers are also bringing these expectations to the table when they search for houses online, Krishnan maintains. This is particularly true for Generation Y who expect results based on information they’ve divulged.
“Millennials are bringing their values to the digital space and they don’t care that their data is gone,” he says. “They say: ‘you have my data now, and I want you to deliver it to me.'”
This way of thinking also stems from trust that consumers have with certain business models. They part with information if they believe it’s going to improve their lifestyle and they’re heavily reliant on rating systems and the power of numbers, often trusting strangers than other forms of advertising. This is what Krishnan calls codified trust.
“What would possess us to invite someone into our car or share our house keys with someone?” he says of businesses such as Uber and Airbnb. “We don’t let people eat snacks in the car and now we’re letting strangers in.
“Consumers expect complete control and people want to know what others think,” he says.
Krishnan’s experience in working at a range of digital businesses has seen him through many changes in the industry, but PropertyGuru’s success is built on a simple strategy:
“We just want to help people make confident property decisions,” he says. PropertyGuru focuses on this in a number of areas but Krishnan says one vision that the company has is an emphasis on beautiful products.
“We focused on the visual experience for the consumer and we have over 2000 new product reviews that we’ve generated from our editorial team,” he says. In addition to this, PropertyGuru has also set up drones so consumers can see what a high-rise apartment might look like from the 38th floor.”
“It’s aspirational to help people make confident property decisions,” Krishnan asserts. “When we look at our strategy the important things are beautiful products,” he says.