The ROI of Modern Retail

It’s old news that consumers today browse and research potential vehicle purchases online before coming into a car dealership. Ninety-five percent of vehicle buyers use digital as a source of information. Two times as many car buyers start their search online versus at the dealership according to research from Google.

And if they choose to, they can complete their purchase and have their new car delivered right to their home. Without stepping inside your showroom. But, this isn’t the path consumers are taking. Why? Consumers want more than an opportunity to buy a car; they want a smooth and reliable dealership experience. According to a CDK study, 77% of consumers appreciated the expertise provided and had trust in their dealership after the car-buying process.

Today’s technology plays a pivotal role in giving consumers the experience they seek. A comprehensive digital retail platform that seamlessly pushes data into the automotive CRM, and back, offers tremendous opportunity to understand and connect with customers on a personal and emotional level before they come into your showroom.

When we look at the impact of CDK’s digital retail tools, the ROI becomes clear:

• Online engagement increases more than a minute per user compared to a standard dealer website
• Average session length is 160% longer

Equally, a digital solution that tracks vehicle preferences, search patterns and propensity to buy provides your Sales staff with valuable insights to their customer engagement approach. If you offer more frequent and consistent customer interaction, you’ll deepen the relationship and bridge emotional gaps in the buying and selling process. The importance of experience has become nearly as important as price since one in three consumers rank a fast, easy and convenient buying experience over price.

While you may believe that your dealership staff already provides this experience, recent CDK dealership CRM metrics found that customers continue to wait over three hours to be contacted by someone. With consumers seeking a trusted car-buying experience today, this amount of time significantly reduces their confidence with the dealership and leaves your store vulnerable to lost sales.

As the digital market continues to evolve, vehicle sales are no longer just transactions but partnerships where the customer and dealer work together to build the deal and complete the car sale. So, how do you make this happen? Use a single platform to drive your data and workflow with AI and you can provide the consumer experience today’s car shopper expects.

Customer experience is an investment, not an expense. Invest in a seamless consumer-centric software solution and you can differentiate your dealership and build long-term customer loyalty and engagement.