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According to McKinsey’s Automotive Retail Consumer Survey, just 1% of consumers describe the car buying journey as “ideal”. Automotive retailers urgently need to adapt, or face being left behind, as changing consumer preferences require the industry to evolve.
There are several challenges for the industry to address, with a particular focus on improving efficiency. According to research from OC&C, retailers’ main pain points include dealing with disjointed and lengthy customer journeys, data re-entry and inconsistencies across systems and processes.
Traditional Dealer Management Systems (DMS) previously promised to solve these inefficiencies. Yet, as technology evolved, many of the systems used across the industry have become outdated, and are no longer truly capable of delivering a frictionless, connected experience. Data has become locked down or siloed, inhibiting the ability to connect consumer touch points and personalise their experience.
If automotive technology providers are to continue to deliver the right solutions to retailers, who in turn are looking to provide stand out experiences for consumers, something must shift.
The need for transformation
In many industries, businesses know their customers inside out. Take online retailers such as Amazon as an example – from past purchases to browsing habits, they use data to ensure that every transaction is tailored to the individual.
For the automotive industry, there’s a significant opportunity to adopt this same approach. The key is not just collecting data but using it in meaningful ways to improve every interaction with every customer.
Deeper insights can, when leveraged correctly, enable a hyper-personalised experience, driving loyalty and increasing both customer and vehicle lifetime value. Gone are the days of generic marketing blasts and one-size-fits-all communication. Consumers expect more. Unlocking the data automotive sector has worked tirelessly to collate and integrating it with a seamless data flow is vital for delivering the personalisation required to meet their standards. Combining personalisation and efficiency-driving automation to best serve consumers, is where the right technology partner can help you stand out from the crowd.
Introducing Fusion
At Keyloop we’ve created the industry’s first Automotive Retail Platform (ARP)– Fusion, centralising every aspect of the automotive retail ecosystem into a single, powerful solution.
Structured around four critical domains, Fusion encompasses every aspect of the automotive retail lifecycle, from engaging customers throughout the journey, to managing inventory and operations.
- Demand: helps Retailers and OEMs achieve optimal deal profitability with convenient ecommerce tools, omnichannel-enabled sales operation software and intelligent retention initiatives.
- Supply: helps Retailers, OEMs, Financiers and Fleet suppliers achieve maximum profit per unit by enabling them to proactively manage their vehicle supply via intelligent inventory and asset risk management software
- Ownership: helps Retailers and OEMs achieve ultimate resource yield by offering omnichannel-enabled resource and workshop management tools that increase efficiency as well as customer satisfaction.
- Operate: helps Retailers and OEMs achieve peak operational efficiency with advanced DMS and other data capabilities, enabling them to make faster, more informed business decisions.
Built with Experience-First at its heart, Fusion enables retailers to move away from managing transactions and towards fostering relationships. It prioritises both experience and operational efficiency, delivering exceptional outcomes for customers and retailers alike.
As we look towards 2025, and uncertainty remains across global markets, it is paramount for retailers to recognise the toll that inefficiency can, and will, have on their business. By leveraging data, businesses can make smarter, proactive decisions, and at the same time, personalise engagements for customers at every touchpoint.
In an increasingly competitive market, the winners will be those who understand the importance of and deliver the ultimate consumer experience, delivering exceptional outcomes, future-proofing their business and therefore increasing their profitability.
Please visit the Keyloop website for more information on its new ARP, Fusion.
