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Digital Strategy - Automotive and changes in customer behaviour

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Digital Strategy - Automotive and changes in customer behaviour

  1. 1. Changes in Customer Behavior Online Research to Dealership Visits
  2. 2. Multiple visits to a series of dealers are out, while the trend of consumers doing more advanced research ahead of buying a car is in. "This is the most dramatic change we've seen in the auto industry and how people buy cars in the last 50 years" Hans-Werner Kaas, McKinsey's senior partner 5+ visits 1 Visit 10 years ago 2013 Present Dealership visits before purchase.
  3. 3. Many Canadian are more comfortable and expect to do much of their research and shopping online. Millennials entering the market and expect a different experience. B2C Ecommerce Growth: 2012: 18.6 Billon 2015: 29.6 Billon (projected) 1. Online (Shopping) Customer are looking to save money, save time and self serve quickly online. Much of this behavior is driven by how they shop in other verticals. 2. Customer Needs 3. Customer Perception How a dealer would like to be perceived How a dealer is commonly perceived Customers are looking for a no-haggle shopping experience coupled with reduce need to physically visit a dealer. Again, much of this behavior is driven by how they shop in other verticals. Online auction, reverse auction, online offers and variations, price comparisons, offers comparisons online and research on done online. Why the change in behavior?
  4. 4. Market Response to Change in Customer Behavior 1. OEM - Dealership Re-envisioning 2. 3rd Party Digital Disruption 3. OEM - Drive to connect Digital to the Dealership Journey 4. Do nothing
  5. 5. OEM Dealership Re-envisioning
  6. 6. 3rd Party Digital Disruption “Excellent program. I saved more than if I was on my own, and I did not have to haggle.” – C. C., Hollywood, FL No to haggling. I like the stated Tesla model. I will lose faith in the pricing if haggling occurs. - William13 (online forum) The last two cars I bought were from Fixed Price dealerships, and it completely changed the experience for the better. I intend to buy that way from here on out. - Mittar (online forum) 1. Consolidated Research & Build Options 2. Defined Discounts 3. No Haggling 4. Connection to Dealer Through Online Experience 1. Consolidated Research & Build Options 2. Reverse Auction (Dealers do the work) 3. No or limited haggling 4. Connection to Dealer Through Online Experience “It's a great way to avoid unwanted Negotiations at dealerships and receive the most competitive pricing from the start" - David Palazzo 1. OEM to Consumer Direct 2. Fixed price (next person pays the same) 3. No Haggling 4. Online Ordering and Dealership Advice Channeling an Apple Store / purchase experience.
  7. 7. OEMs to connect Digital to the Dealership Journey 1. Digital is key to driving premium perception. 2. Digital channels dominate the purchasing “journey.” 3. Digital customers demand seamless integration. 1. Integrate digital into every aspect of the customer journey 2. Create seamless sales experience from the online interactions 3. deep and rich customer experience Brands have begun to follow the “experience centre” model.
  8. 8. Emerging Opportunities
  9. 9. Emerging Opportunities Automotive customer journey
  10. 10. Digital Dealerships Guiding Principals 1. Innovate to get ahead of the competition / customer behavior 2. Keep dealers in business • Digital to facilitate more of the customer journey • Connect the digital(consumer) and dealership(dealer) • Answer the demand for haggle-free shopping • Change Perceptions - Dealers more approachable
  11. 11. Private

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