Guide to Automotive Digital Retailing Platforms
Automotive digital retailing platforms are online tools that offer customers the ability to research and shop for vehicles from the comfort of their homes or offices. These platforms provide users with a convenient way to easily compare different models, pricing, features, and more.
The process of shopping for a vehicle through an automotive digital retailing platform usually begins with research. Customers can quickly search and compare models, features, prices, financing options, and more. Many platforms also allow customers to narrow their searches by brand or style, making it easy to find exactly what they’re looking for.
Once customers have narrowed down their choices and identified the perfect car for them, they can begin the purchase process through the digital platform. They can review various payment options including cash or financing as well as view quotes on available dealer incentives or additional warranty programs that may be available. Once all details have been finalized on the platform, customers can complete their purchases without having to visit dealerships in person.
In addition to offering convenience and transparency when it comes to researching and purchasing cars online, many automotive digital retailing platforms include other helpful services such as delivery options for new vehicles or servicing reminders for existing vehicles. This is especially useful during times when many physical dealerships are closed due to pandemics or natural disasters since customers are still able to get help with their vehicle-related needs no matter where they are located.
The use of automotive digital retailing platforms is becoming increasingly popular among consumers due its convenience and ease of use compared to visiting a dealership in person. Not only does it provide customers with freedom while choosing their perfect ride but also enables them make informed decisions when it comes time to buy without having any sales pressure from dealership employees present which is often what stops people from buying cars altogether.
Features of Automotive Digital Retailing Platforms
- Online Shopping: Automotive digital retailing platforms provide consumers with the ability to shop online, allowing them to choose from a variety of vehicles, customize their vehicle by selecting different trim levels, colors and options, and even purchase tires and service packages. Consumers can also request appointment times for test drives and find certified pre-owned vehicles.
- Finance Tools: These platforms provide finance tools that allow users to estimate monthly payments on a particular car and apply for financing online. They also provide payment calculators that help customers determine what they can afford based on their current financial situation.
- Trade-in Valuation: Many automotive digital retailing platforms include trade-in valuation tools that allow users to obtain an easy and accurate estimate of the value of their current vehicle if they decide to trade it in for another one.
- Vehicle Comparison: With these platforms, users can compare cars side-by-side in order to make informed decisions about which model is best for them. They can view features such as safety ratings, interior features, exterior dimensions, fuel economy ratings and more.
- Reviews & Ratings: Automotive digital retailing platforms provide access to reviews from other customers who have purchased or leased similar vehicles in order to give buyers a better idea of how the car performs in real life settings. Additionally, many of these platforms include ratings given by third party organizations such as JDPowers so users can get an unbiased opinion on the vehicle they are considering purchasing.
What Types of Automotive Digital Retailing Platforms Are There?
- Online Shopping Platforms: These platforms allow customers to purchase vehicles online and have them delivered directly to their home or a preferred dealership. Customers can search for vehicles, compare prices, financing options, and view images of the car all from the comfort of their own home.
- Mobile Retail Platforms: Automotive mobile retail platforms allow customers to complete transactions on their smartphones or tablets. It allows customers to browse cars, request quotes, apply for financing, and even schedule test drives right from their device.
- Social Media Platforms: Companies are now using social media outlets such as Facebook and Instagram to promote car sales. Car dealers can post pictures of vehicles they have in stock and provide links that lead customers back to their website or an online store.
- Video Chat Platforms: Video chat platforms are becoming increasingly popular as more dealerships embrace technology. They allow customers to communicate with sales staff via video call which removes the need for physical meet-ups at the dealership.
- Virtual Reality Platforms: Virtual reality (VR) is being used by some automotive companies to provide a fully immersive experience for customers interested in buying a car. VR technology allows users to walk around a virtual showroom, customize features on a car model, and take test drives - all from their own home!
Automotive Digital Retailing Platforms Trends
- Online Sales Platforms: Automotive digital retailing platforms are increasingly using online sales platforms, such as websites and mobile applications, to make the car-buying process more convenient and efficient. These platforms allow customers to browse and manage inventory, compare vehicles, obtain financing, and even complete a purchase without ever stepping foot inside a dealership.
- Personalized Shopping Experiences: Automotive digital retailing platforms are leveraging data-driven insights to create more personalized shopping experiences for customers. By utilizing customer data and preferences, dealerships can offer customized vehicle recommendations, streamlined financing options, and targeted promotions that cater to the individual customer's needs.
- Remote Services: Automotive digital retailing platforms are enabling customers to receive services remotely. This includes offering virtual test drives, remote trade-ins, online finance and lease applications, and delivery of vehicles directly to the customer's home or office.
- Automation: Automotive digital retailing platforms are focusing on automation to streamline processes and enhance customer service. Dealerships are using automated systems to answer customer inquiries quickly and efficiently, as well as to provide targeted offers based on customer preferences.
- Enhanced Security: Automotive digital retailing platforms are incorporating enhanced security measures such as biometric authentication and secure payment processing to protect customer information. These measures help ensure that customer data is kept secure throughout the entire car-buying process.
Automotive Digital Retailing Platforms Benefits
- Increased Convenience: Automotive digital retailing platforms provide a convenient means of shopping for cars that allows users to research, choose, configure, and finance a vehicle without ever having to step into a dealership. This can be done from the comfort of home or on the go through the use of connecting mobile apps.
- Abundance of Resources: Automotive digital retailing platforms make it easier for car shoppers to access an abundance of information about various makes and models. They also provide an array of tools that can help consumers compare specs and features in order to narrow down their search criteria.
- Competitive Pricing: These types of digital platforms enable users to comparison shop more effectively with access to competitive pricing from multiple dealerships. This gives them power when negotiating with dealers for better deals on their dream car.
- Transparency: Automotive digital retailing platforms allow buyers to be more informed by clearly displaying relevant details such as cost breakdowns, warranties and coverage options, trade-in values, financing terms, etc., so they have better clarity when making decisions.
- Streamlined Processes: With these kinds of online platforms, car shoppers can avoid many long waits associated with paperwork processing at traditional dealer locations because they’re able to upload documents and complete forms electronically in just a few clicks instead.
How to Choose the Right Automotive Digital Retailing Platform
Choosing the right automotive digital retailing platform is essential for a successful online car shopping experience. There are a few key factors to consider when selecting the best platform for your business:
- Automation Capabilities: A good automotive digital retailing platform should offer an array of automated features and services, such as lead generation, customer onboarding, paperwork processing, and payment processing. Automated features can help streamline the entire purchase process and increase efficiency.
- Integrations: Look for an automotive digital retailing platform that integrates with other software solutions you might already be using in your business such as CRMs or inventory management systems. This will help ensure that all of your data is stored securely and accurately while also allowing you to take advantage of existing processes.
- Security: Security should be a top priority when selecting a digital retailing platform so make sure whatever option you choose has robust security measures in place to protect customer data and transactions.
- Customizability: The ability to customize the user experience on the automotive digital retailing platform is important for providing customers with an optimal purchase journey from start to finish. Look for platforms that offer options such as customizable templates, progress bars, and other features that can be tailored to suit your specific needs.
- Support & Training Resources: No matter how great the automotive digital retailing platform may be, if it’s difficult or impossible to use or its support team doesn’t offer adequate resources it won’t do any good for your business in the long run. Be sure to check out what kind of online training resources are available with each option before making a decision so you know exactly how it works before investing in it.
Compare automotive digital retailing platforms according to cost, capabilities, integrations, user feedback, and more using the resources available on this page.
Who Uses Automotive Digital Retailing Platforms?
- Consumers: Those who use automotive digital retailing platforms to research vehicles, compare prices, and purchase cars online.
- Dealers: Automotive dealership owners or representatives who use automotive digital retailing platforms to list their inventory and communicate with consumers.
- OEMs (Original Equipment Manufacturers): Companies that design, manufacture, market, and sell automobiles through dealerships and other outlets in a given country. They often use automotive digital retailing platforms to manage the selling process and optimize sales opportunities.
- Technology Providers: Companies that provide the underlying software infrastructure for automotive digital retailing platforms (e.g., payment processors).
- Financing/Leasing Companies: Financial institutions such as banks or credit unions that offer financing options for automobile purchases on some automotive digital retailing platforms.
- Insurance Companies: Organizations that offer insurance policies for vehicles purchased through these types of platforms.
Automotive Digital Retailing Platforms Pricing
The cost of automotive digital retailing platforms varies depending on the complexity of the platform, its features, and the provider. Generally speaking, basic automotive digital retailing platforms may start at around $10,000 a year and can increase to several thousand dollars per month for more advanced packages that offer more features such as customer tracking tools, automated pricing tools, customized marketing campaigns, inventory management solutions, etc.
To get an exact quote for a particular digital retailing platform would require talking with the provider directly since they will be able to assess your specific needs and provide accurate pricing details. It's important to keep in mind that apart from the initial cost of implementing such a platform there may also be additional fees related to obtaining access to third-party data sources or integrating other services into the platform.
Automotive Digital Retailing Platforms Integrations
Automotive digital retailing platforms can integrate with a variety of types of software, including specialized automotive-specific software, customer relationship management (CRM) solutions, online appointment scheduling systems, marketing automation tools, analytics platforms, payment processing solutions, and document solutions. Specialized automotive software may include inventory management systems that track purchase and sales transactions as well as parts orders. CRM solutions are designed to help dealers capture leads and manage customer relationships and eCommerce across multiple channels. Additionally, online appointment scheduling systems allow customers to quickly book service appointments via the dealership's website or mobile app. Automotive digital retailing platforms can also be integrated with marketing automation tools to streamline campaigns and monitor results. Analytics platforms offer insights into customer behavior and engagement levels so that dealerships can identify areas of improvement in their processes. Payment processing solutions facilitate the quick completion of transactions while document solutions enable the secure storage and retrieval of important records like contracts and receipts.