Frost Radar : Vehicle Retail Visualization Solutions in Europe, 2023

Frost Radar : Vehicle Retail Visualization Solutions in Europe, 2023

A Benchmarking System to Spark Companies to Action - Innovation that Fuels New Deal Flow and Growth Pipelines

RELEASE DATE
05-Dec-2023
REGION
Europe
Deliverable Type
Frost Radar
Research Code: MH2F-01-00-00-00
SKU: AU_2023_367
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SKU
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$4,950.00
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Description

Original equipment manufacturers (OEMs) and dealers are exploring different approaches to reach out directly to customers to reduce the overall retail operating costs These approaches should be effective enough to market and sell their inventory in the competitive retail arena. Automotive eCommerce transformed during the COVID-19 pandemic. Many OEMs and dealerships relied on online sales channels to sell their inventories. In that context, visual digitalization played a crucial role in providing detailed product information, enhanced customer experience, and, most importantly, addressed the need to reduce physical interaction. Post- pandemic, online/digitalization retail still grows at a fast pace as tech-savvy millennials and Gen Zers become the largest car- buying groups—expecting a seamless and digital purchase journey.

Visual digitalization also results in a reduction in inventory management costs with limited real-estate and human resources requirements. These reductions in retail cost per vehicle sales are directly transferred to customers without compromising on OEMs’ or dealers’ profit. As virtual vehicle tours provide detailed visualization of vehicles and features, they also provide the retailer with an opportunity to upsell without allocating additional human resources to explain to the customers.

Frost & Sullivan analyzes numerous companies in an industry. Those selected for further analysis based on their leadership or other distinctions are benchmarked across 10 Growth and Innovation criteria to reveal their position on the Frost Radar™. The publication presents competitive profiles of each company on the Frost Radar™ considering their strengths and the opportunities that best fit those strengths.

Table of Contents

Vehicle Retail Visualization Solutions in Europe 2023

  • Vehicle Retail Visualization Solutions in Europe
Original equipment manufacturers (OEMs) and dealers are exploring different approaches to reach out directly to customers to reduce the overall retail operating costs These approaches should be effective enough to market and sell their inventory in the competitive retail arena. Automotive eCommerce transformed during the COVID-19 pandemic. Many OEMs and dealerships relied on online sales channels to sell their inventories. In that context, visual digitalization played a crucial role in providing detailed product information, enhanced customer experience, and, most importantly, addressed the need to reduce physical interaction. Post- pandemic, online/digitalization retail still grows at a fast pace as tech-savvy millennials and Gen Zers become the largest car- buying groups expecting a seamless and digital purchase journey. Visual digitalization also results in a reduction in inventory management costs with limited real-estate and human resources requirements. These reductions in retail cost per vehicle sales are directly transferred to customers without compromising on OEMs or dealers profit. As virtual vehicle tours provide detailed visualization of vehicles and features, they also provide the retailer with an opportunity to upsell without allocating additional human resources to explain to the customers. Frost & Sullivan analyzes numerous companies in an industry. Those selected for further analysis based on their leadership or other distinctions are benchmarked across 10 Growth and Innovation criteria to reveal their position on the Frost Radar . The publication presents competitive profiles of each company on the Frost Radar considering their strengths and the opportunities that best fit those strengths.
More Information
Deliverable Type Frost Radar
Author Jagadeesh Chandran
Industries Automotive
No Index No
Is Prebook No
Keyword 1 Automotive Retail Technology
Keyword 2 Vehicle Retail Visualization Solutions Analysis
Keyword 3 Vehicle Retail Technology
Podcast No
WIP Number MH2F-01-00-00-00