A recent consumer sentiment study for retailers documented the growing importance of digital technology in automotive purchasing. The study, conducted by Boston Consulting Group, assessed 47,000 individual customer reviews across 220 dealers. Here are some key takeaways:
- Approximately 65% of people said that ease and convenience are the most important factors in deciding which car to buy and where to buy it, and they expect digital channels to facilitate the process.
- Over 90% of US consumers do research online before they visit a dealership: They select models that interest them, verify prices, and schedule appointments to see and test-drive cars. Once they have selected a car, they increasingly expect to be able to secure financing and complete paperwork online.
- When it comes to delivering a seamless experience across online and offline elements of the purchase journey, the gap between customer expectations and actual dealer performance remains large.
- Though experiences vary from dealer to dealer, digital transactions don’t always make car buying easier; rather, they sometimes create redundant processes.
- Systems are not always fully connected and synced with the OEM’s digital offerings, so dealer staff and sales reps interacting with consumers don’t always have access to their prior activity in digital channels.
- To build an end-to-end experience that can rival, if not exceed, what customers can currently experience at DTC OEMs and at some digital dealers (like Carvana), dealers and OEMs will need to resolve customer pain points along the journey.
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