Transformation Toward eCommerce in Automotive Retailing
The way the world buys and sells vehicles is changing. It’s not happening all at once and the changes vary by retailer and consumer, but the industry is currently at a major tipping point in its transformation toward eCommerce.
Why? In large part it’s because digitally savvy Millennials and Gen Xers now represent larger living populations than the generations that preceded them. Additionally, these consumers feel they can trust the process, get a fair price, and return the product when buying online. Consumers have been waiting with various degrees of patience for the auto industry to catch up, and an increasing number are ready to apply these conveniences to the car buying experience.
While retailer processes and approaches have evolved, consumer buying preferences and patterns have evolved even further. Dealerships must continue their evolution and when it comes to eCommerce, they must also transform.
1. Explore why this transformation is occurring
2. Address how retailers should approach this change
3. Identify what retailers should be doing to succeed as the industry changes