Adaptation of Adjacent Retail Initiatives Driving Automotive Retail Digitalization

Adaptation of Adjacent Retail Initiatives Driving Automotive Retail Digitalization

Future Growth Potential via Customer Engagement and Digital Tools Creates Growth Opportunities

RELEASE DATE
19-Feb-2021
REGION
Europe
Research Code: MEE7-01-00-00-00
SKU: AU02118-GL-MT_25165
$2,450.00
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$2,450.00
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Description

The COVID-19 pandemic shows the automotive retail industry’s dependence on physical stores. While these physical stores are expected to continue being relevant in the future, the pandemic has brought digital tools’ role in customer engagement to the forefront.

Every automotive retail stakeholder can transform its customers' appeal by embracing digital transformation and maintaining the customer journey at the crux of digitalization across in-store and online touchpoints. As consumers buy groceries, electronics, and fashion online and depend on digital influencers to guide their purchase preferences, automotive companies are slowly inching closer to giving customers a truly differentiated vehicle purchase experience. While the automotive industry continues to be responsive rather than proactive regarding digital retail innovations, customer delight forms the core of other industries’ existence and survival. Digitally native automotive customers expect the same ease of purchase and experience they find with consumer goods. The challenge lies in identifying the right tools and partners to impact the customer journey positively. This research looks at avenues where new customer-facing tools pioneer customer experience and efficiency and narrows them down to the top 12 non-automotive best practices for potential automotive adoption.

The COVID-19 pandemic has brought the automotive industry’s focus to digitalizing its retail practices, which was long due. Other factors contributing to automotive retail digitalization are electric vehicles and discussions on the agency model in multiple markets. This continual automotive retail refresh is expected in differentiating a brand or dealership from the competition. The research introduces some of the most efficient and impactful non-automotive digital experiences.

Key Issues Addressed

  • What are current and future trends in the automotive retail industry?
  • What drives and challenges automotive retail digitalization?
  • Which non-automotive digital retailing trends are relevant to the automotive retail industry?
  • How can automotive retail apply cross-industry digital retail innovations?
  • How are changing customer engagement methods shaping the automotive retail landscape?

Author: Isaac Abraham

RESEARCH: INFOGRAPHIC

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Table of Contents

Why Is It Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top Three Strategic Imperatives on the Automotive Retail Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

Automotive Retail Scope of Analysis

Research Background and Rationale

Research Key Findings

COVID-19 Pandemic Accelerating Digital Automotive Retail Initiatives

Gearing Up for Future Retail Trends and Technologies

Automotive Stakeholders Looking for New Retail Tools and Formats

Agency Retail Model—Concept and Adoption

Agency Model Benefiting Both Manufacturers and Dealerships Despite Apprehensions

Rise of Digital Retail Tools—Impact on Customer Journey

Key Non-automotive Retail Initiatives for Automotive Retail Innovations

Best Practices from Non-automotive Retail and Tesla to Benchmark

Growth Drivers for Automotive Retail Digitalization

Younger Customers Driving Automotive Retail Digitalization

Personalized Digital Tools Aid Customer Engagement and Conversion

Growth Restraints for Automotive Retail Digitalization

Imperative to Adopt Digital KPI Metrics to Maximize Digital Retail Impact

Regional Preferences and Enablers Determine Type of Digital Tools

OEM Initiatives in Agency Retail Model

Personalized, Digital Content-based Engagement Helps Conversion

Online Retail Evolving Ecosystem of Integrators

Digital Retail Initiatives in 2020

Key Non-automotive Retail Initiatives for Automotive Retail Innovations

Feedback Factory—A Start-up Supermarket

Say Technologies—Making Individual Owner’s Voice Heard

ChargeItSpot—Phone Recharge Lockers

Target—Using Stores as Hubs

Unanimous.AI—AI-powered Collective Knowledge

Passarela—Personalized Multichannel Customer Experience

Amazon Go—Checkout Convenience

British Airways—Real-time Marketing Engagement

Threads Styling—Online Luxury Fashion Retail Without App or Website

Soul Machines—AI Customer Engagement

YouTube—Shopping Tool Strengthens Marketing Value Proposition

HERO®—Enabling Omnichannel Experiences (via Chat/Video)

Growth Opportunity 1—Customer Engagement Tools to Ensure Leads Retention and Conversions

Growth Opportunity 1—Customer Engagement Tools to Ensure Leads Retention and Conversions (continued)

Growth Opportunity 2—Digital Tools Provide KPIs Apart from Building Unique Customer Journeys

Growth Opportunity 2—Digital Tools Provide KPIs Apart from Building Unique Customer Journeys (continued)

Growth Opportunity 3—Control of Sale (and Potential Agency Model Rollout) Lies Mainly in Success of OEMs and Dealerships’ Digital Retail Tools

Growth Opportunity 3—Control of Sale (and Potential Agency Model Rollout) Lies Mainly in Success of OEMs and Dealerships’ Digital Retail Tools (continued)

Key Takeaways

Your Next Steps

Why Frost, Why Now?

Hot Topics Covered by Frost & Sullivan Retail Team

List of Exhibits

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Related Research
The COVID-19 pandemic shows the automotive retail industrys dependence on physical stores. While these physical stores are expected to continue being relevant in the future, the pandemic has brought digital tools role in customer engagement to the forefront. Every automotive retail stakeholder can transform its customers' appeal by embracing digital transformation and maintaining the customer journey at the crux of digitalization across in-store and online touchpoints. As consumers buy groceries, electronics, and fashion online and depend on digital influencers to guide their purchase preferences, automotive companies are slowly inching closer to giving customers a truly differentiated vehicle purchase experience. While the automotive industry continues to be responsive rather than proactive regarding digital retail innovations, customer delight forms the core of other industries existence and survival. Digitally native automotive customers expect the same ease of purchase and experience they find with consumer goods. The challenge lies in identifying the right tools and partners to impact the customer journey positively. This research looks at avenues where new customer-facing tools pioneer customer experience and efficiency and narrows them down to the top 12 non-automotive best practices for potential automotive adoption. The COVID-19 pandemic has brought the automotive industrys focus to digitalizing its retail practices, which was long due. Other factors contributing to automotive retail digitalization are electric vehicles and discussions on the agency model in multiple markets. This continual automotive retail refresh is expected in differentiating a brand or dealership from the competition. The research introduces some of the most efficient and impactful non-automotive digital experiences.--BEGIN PROMO--

Key Issues Addressed

  • What are current and future trends in the automotive retail industry?
  • What drives and challenges automotive retail digitalization?
  • Which non-automotive digital retailing trends are relevant to the automotive retail industry?
  • How can automotive retail apply cross-industry digital retail innovations?
  • How are changing customer engagement methods shaping the automotive retail landscape?

Author: Isaac Abraham

More Information
No Index No
Podcast No
Author Isaac Abraham
Industries Automotive
WIP Number MEE7-01-00-00-00
Is Prebook No
GPS Codes 9800-A6,9807-A6,9801-A6,9AF6-A6