The Automotive Race To Phygital
Embracing your phygital brand identity is both critical and overwhelming. As an automotive dealer, or any retailer, It’s easy to get swept up in the frenzied race to harness customer data, streamline your channel strategy and employ the latest tools and apps to increase sales and customer experience. The technology race that is our current world is enough to send you running for the hills (or flying to the islands).
We cannot flourish without technology. Whether it’s a comprehensive DMS, CRM, CX, Fintech, Real-time appraisal tool or any other APP, the surge of essential technology necessary to attract a prospect into your store is mind-boggling.
Based on a recent comprehensive survey of automotive trends, StartUs analyzed 4,859 Automotive startups with information-centric technologies playing a central role in the future of the industry. The startups include segments of; AI, autonomous vehicles, Shared Mobility, as well as the internet of things (IoT) and blockchain used to find numerous applications in automotive. In the mix of course is also a wide array of martech and fintech companies.
In fact, one of the hottest technology sectors in retail automotive is digital marketing. Digital spend will reach $13.29 billion in 2021 according to eMarketer translating to an average of $205 for the cost of an automotive lead according to the Lion Tree Group. No wonder there is such a frenzy in the marketplace with new technology competing for your business, all promising to deliver the greatest ROI to attract, engage and convert consumers.
And still the most profitable department of any automotive retailer, the phygital finance and insurance department is on board the transformation trend and refining the customer journey. As reported by FINSMES, fintechs are partnering to lower costs and speed up transactions to satisfy the needs of today’s rushed buyers. A good example is the momentum surrounding in-car payment technology, a collaboration between OEMs and payment solutions enabling customers to make their car payment from the vehicle. It won’t be long before the car will be able to make its own payment. I encourage you to pause and consider the upside for independents as well as franchise dealers.
Putting phygital into perspective: For the moment, no matter how slick the technology, successful dealerships are traversing the bridge of retail to Phygital by embracing the ever-growing digital components while also maintaining the ‘basics’ of having a team of quality, trained personnel engaging prospects by executing a structured, tailored customer experience; still the Holy Grail of retail automotive, whether brick and mortar, digital or Phygital.
Automatic is a leading automotive fintech serving independent dealers by providing fast, automated, secure and transparent solutions enabling your customers to enjoy their vehicle more quickly with a seamless customer journey. Learn more at https://www.automaticusa.com/