Automotive Digital Retailing 101
Digital retailing has taken the auto industry by storm, but for many dealers it begs the question, “What is digital retailing and how does it help my dealership?” COVID-19 has forced more consumers to search for and buy vehicles differently, and businesses must adapt to the new normal of conducting business. With digital retailing, you are allowing your customer the option to move the buyer journey online , thereby putting them in the driver’s seat. Despite uncertainties on how the automotive industry will evolve, one certainty is that digital retailing currently is, and will continue to be, more important than ever for businesses.
What is automotive digital retailing:
Automotive digital retailing is a game-changer for the way customers can research and purchase their new vehicles. In simple terms, this creates a seamless customer buying experience by advertising precise, customized and compliant payments on every vehicle across all customer touchpoints. An automotive digital retailing system lets the customer find a specific car, get a guaranteed offer on their trade-in, and decide on a loan. Companies are able to utilize the virtual marketplace and lock in more sales than the traditional buying process utilizing Penny Perfect Payments. Digital retailing then provides consumers with convenience, comparison shopping, and most importantly, a unique and customized experience.
So, why is automotive digital retailing so important for dealerships?
Why is Automotive Digital Retailing important?
In such a digitally driven era, it is imperative that companies pivot to the online shopping marketplace to make the car-buying experience as painless and accessible as possible. A company’s technology (CRM, DMS, Website) and other tools need to work together to bring the in-person “showroom” online. More and more companies will continue to notice the surge or increase for online vehicle shopping. Even more, the ability to complete the entire process virtually. In the simplest of terms, OEMs and dealers want to sell vehicles and customers want to buy them. The sticking point – the car payment. If you successfully eliminate the sticking point, both the dealer and the customer win.
Creating a consistent virtual customer experience is no longer a luxury but a necessity for companies to thrive. Convenience is key in any market whether that be from OEM to manufacturing. It also is extremely important that clients build the same trust virtually that they would if they were purchasing a car the traditional way. Combining standard sales practices with the ease of virtual car shopping creates the best customer experience at any level.
Importance of vendors providing accurate payments for customer experience:
One of the most important pieces of the new online retailing system is accurate payment for the customers. As the consumer goes through their car buying journey online, they are going to be looking for the same consistent pricing that they receive in-person. Accurate advertising of a car’s price is one of the most important factors in seeing a larger gross profit. Advertising tools could include online information on different finance options and calculators that determine monthly payments. OfferLogix offers PaymentLogix, a fully-automated payment calculation platform that reflects unique factors like regional incentives, rebates, lender affiliations, and dealer pricing.
Bottom line; companies need to utilize tools that aid in a frictionless customer experience when shopping online. This means companies need to provide accurate payments in digital retailing to create consumer trust. The increasingly high number of consumers finding their vehicles online isn’t going to slow down any time soon. The faster companies make the switch to better digital platforms, the faster they can see an increased ROI.
How OfferLogix can boost your Digital Retailing platform:
- Our patented, single-call API solution, APILogix generates penny perfect payments to ensure accurate and compliant payments
- APILogix integrates seamlessly within your existing technology framework, complete with Reg M and Reg Z disclosures
- Customize structured and compliant payments personalized to each buyer.
As companies continue to shift and adapt, OfferLogix will be there to offer customized technology to get the job done. Whether that means utilizing our patented process to build an offer or providing the ultimate payment advertising solution, OfferLogix has it all.