Most retail companies have adopted e-commerce, and the auto industry should be no exception. Car dealerships have a chance to restructure their business processes and incorporate supporting technologies to enhance the customer experience for car buyers. Many leading dealerships, in fact, are taking major steps toward improving their customers’ retail experience.
Adapting to Shifting Customer Expectations in the Auto Industry
People want a simple and convenient car-buying experience. Sure, some consumers want an exclusively online purchasing process. However, most people still prefer to buy a car from a dealership that provides a personalized experience and human touch.
Therefore, car dealerships must develop new ways of taking advantage of digital technology while providing impactful customer service. Thankfully, even as technology disrupts the traditional business models of car dealerships, there still exist several opportunities for ushering the auto industry into a digital future.
For example, digital tools can eliminate much of the grunt work dealerships have to handle while engaging car buyers. Consequently, dealers have more room to provide car buyers with concierge-like personalized services and expert guidance throughout the car-buying process. Everyone benefits from this new model.
Researching and Understanding Shifting Car-Buying Demographics
Another important consideration for car dealerships going forward is the changing demographics of car buyers. According to this source, over 45% of the potential car buyers in 2025 will be comprised of millennials, i.e., people born between 1981 and 1996.
As a result, millennials will form the majority of the car-buying demographic, so the auto industry must understand and accommodate their preferences. Likewise, gen-Xers are not as excited about visiting car dealerships as the previous generations. By researching these evolving demographics, car dealerships can gain the insights they need to bridge the gap between customers’ expectations and their actual experiences.
Recommendations for Improving the Buying Experience for Car-Buyers
Car dealerships can make the car-buying process more pleasant and exciting by:
- Offering A Flexible Yet Seamless Purchasing Experience. Car dealerships can use automated platforms to complement the in-person buying experience. They can give customers information to guide them through the process of buying a car, showing them when it’s a good time to buy.
- Improving Transparency. Car dealerships can also provide information that makes the car-buying process more transparent. They can make it easier for customers to schedule a test drive, compare financing options and get real-time used car updates.
- Improving Efficiency. Complete paperwork related to financing and waiting for financing approval can make the purchasing process tedious. Car dealerships can improve the customer experience by streamlining these processes.
Ultimately, the dealerships that prioritize efficiency in their back-end and customer-facing operations will shape the future of automotive retail. The industry’s digitization is long overdue. It promises to streamline customers’ experiences online and in-store while empowering car dealerships to transform their business models.
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