SHOPSMART AUTOS – CUSTOMER INFORMATION – DECEMBER 1, 2020
SHOPSMART AUTOS – CUSTOMER INFORMATION – DECEMBER 1, 2020Some
of the best experiences people have in their lives are those that are customized and connected to them on a personal level. These days, people increasingly expect to have such experiences across all of their brand interactions, whether it’s paying for coffee, ordering groceries online, booking travel, or buying a car. One way that companies are meeting this challenge is by integrating advanced digital technologies into the buying process—and automotive companies are no exception. Many automotive manufacturers and dealers in the United States are making significant investments in a variety of consumer-focused digital technologies, ranging from tablet-based product guides to virtual reality (VR)-enabled applications with an eye to increasing customer engagement on the showroom floor. The intent is to update and improve a sales process that has not changed for the better part of a century. But which digital investments will yield the most significant returns? This question is the more difficult because manufacturers and dealers differ in the outcomes they need from digital transformation at the retail level. Generally, manufacturers are looking to large digital investments to drive overall mobility strategies aimed at reshaping the way consumers engage with their brand. On the other hand, dealers are typically pursuing much more immediate digital solutions to drive operational efficiencies, reduce overhead, empower sales staff, and increase transparency while reducing friction in the sales process. Whereas manufacturers are investing to create omnichannel customer experiences, dealers are more focused on tactical solutions that integrate disparate data systems to ease information flow across the dealership. This lack of common ground often leads to disagreement between manufacturers and dealers on the best approach to digital implementation. However, our experience suggests that both parties could benefit from thinking more collectively about digital transformation, particularly in the “upper-to-mid funnel” where consumers are still researching a potential purchase online. Results from the 2018 Deloitte Global Automotive Consumer Study indicate that, out of all sources of information, brand and dealer websites have the greatest impact on new car-buying decisions (tied with input from family, friends, and coworkers; see figure 1). The importance of identifying, intercepting, and influencing potential buyers online is underscored by the fact that half of US auto buyers do not engage in any dealer cross-shopping after they first visit a showroom. Indeed, 30 percent buy a vehicle the very same day they step onto a dealer’s lot. Being top of mind when people first head out to kick some tires can thus significantly increase the odds of a sale. Make It A Champion Day!
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