By Natesh Muthalan and Kedar Tamhankar of Infosys
As consumer preferences continue to evolve, it’s safe to say that Artificial Intelligence (AI) is here to stay. While the shift from the traditional buying model continues, customers still prefer the human interaction component of the buying process— making AI more important than ever.
According to IBM, nearly 40% of companies report that they are already using AI in some capacity. We use AI in our day-to-day life. For example, AI is used for Google Maps to provide information on road closures and efficient routes, and Alexa uses AI to convert text to speech. AI will continue to have a role in the future of automotive, providing personalized recommendations and offers, among other applications.
AI is not just chatbots or a simple automated programmed rule but rather a technology that enables you to predict results with better accuracy and greater probability.
Altering the Retail Experience
AI can completely transform the sales process for both the customer and dealership – providing a personalized shopping experience for the customer while delivering business insights to the dealership.
AI can help to:
- Deliver in-depth insights to your sales team about the customer’s preferences, interests, and likelihood/readiness to purchase, directly impacting the bottom line for your dealership
- Enhance the customer experience by making it faster and smoother
- Improve targeting and personalization for each person and marketing channel
- Boost aftermarket sales
- Optimize inventory campaigns and reduces expenses for dealerships by taking away the guesswork
- Improve sales operational efficiency by indicating where a customer is in the buying process
- Decode the customer sentiment about the dealership and their satisfaction with their experience
- Analyze social media posts, messages, and emails, and provide insights
Factors to Consider with AI
When AI is used to serve relevant content and responses, the chance of closing a deal is significantly higher. But to best leverage AI, your sales staff needs to understand how to utilize these insights when dealing with prospects/customers.
AI offers many benefits for dealerships and customers. And as the modern-day customer is already well versed with AI in their day-to-day life, dealerships must be as well. Embracing AI will better position your dealership to increase sales and customer satisfaction.
About the Authors
Natesh Muthalan is a senior consultant with Infosys and has extensive knowledge in the manufacturing domain, especially in the automotive sector related to dealership operations, learning management, and master data management.
Kedar Tamhankar is a lead consultant with Infosys and has extensive knowledge in the manufacturing domain, especially in implementing DMS systems for the dealerships and their subsidiaries.