Navigating Automotive Retail: Insights from our Studies
In the dynamic field of automotive retail, where innovation and consumer preferences intersect, not only foresight but also a deep understanding of market dynamics is required. As part of our studies, we have compiled valuable insights from the automotive retail sector for you.
In our studies, you will find interesting and insightful results in the areas of digitalization and the future of automotive retail. We have summarized the contents and results of the studies for you:
Recap of 2021 Study
- OEMs are not fully exploiting the potential for digitalization in automotive retail sales. Online sales possibilities are still limited, with lack of digital sales consultation, limited configurator capabilities, and lack of digital interaction between seller and buyer.
- OEMs should enable a fully integrated digital customer journey from initial interest to vehicle delivery, by linking configurators, customer IDs, online sales options, consultation, test drives, and e-signing.
Our 2022 Study:
History of Automotive Sales
- The sales process has evolved from physical stores to e-research, multichannel, omnichannel, and now towards an integrated customer ecosystem placing the customer at the center.
- Customers now expect relevant products and services available anywhere, with reduced channel distinctions and price transparency.
Exemplary Customer Journey Elements
- Key digital touchpoints include portal accounts, mobile apps, online sales options, build process tracking, loyalty programs, digital showroom experiences, and in-car payments.
- An app and portal account enables connectivity between brand, smartphone, home, and dealership across the entire customer journey.
Vision for Customer Journey
- A holistic customer and vehicle data management system is needed to deliver a seamless, integrated 360° customer experience across all online and offline touchpoints.
Key to Success
- Breaking down organizational silos and taking a systemic, holistic approach is crucial for delivering relevant offerings and efficient customer service.
- Consolidating customer information into unified systems and aligning interests of OEMs, sales companies, and dealers is essential.
- Small steps towards digitalization, systemic thinking, and breaking down structures are needed to transform the customer journey.
- Challenges include managing isolated solutions, aligning different stakeholder architectures, and addressing dealer concerns about losing customers.
- OEMs are not fully leveraging digital capabilities in automotive retail sales, lacking integrated online sales, consultation, configurators, and digital customer interactions.
Our 2023 Study:
Panoff Consulting x CarQall – Automotive Retail in 2030
- Customers now demand tailored solutions with intensive communication, transparency, flexibility, and velocity that fit their needs at their desired place and time.
- The customer expects a customer-oriented and hassle-free experience throughout the vehicle's lifecycle or mobility demands, requiring dealers to redefine operations.
- OEMs are introducing new direct-to-consumer and agency models to increase direct customer communication while minimizing retail partners.
- Automotive retail has evolved from physical stores to an omnichannel environment, with the future being customer-centric ecosystems providing a 360-degree view.
- The three major automotive distribution models are the classic model (OEM->NSC->Dealer), agency model and direct-to-consumer model
If you want to get a deeper understanding of the insights, don’t hesitate to download our studies.
If you want to get a deeper understanding of the insights, don’t hesitate to download our studies.
Berend Hoitink
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