Hundreds of thousands of new and used automobiles will need to be upgraded, repaired, serviced, and maintained in both traditional and growing markets, which is why the following trends can be a critical element in deciding your success if you work in the automotive industry.
The Rise of Artificial Intelligence
The investments in innovative technology demonstrate the automotive industry’s fervent interest in artificial intelligence (AI) development. AI implementation in the automotive industry is not limited to self-driving capabilities. The lion’s share of AI solutions in the automotive industry is built on advanced driver-assistance systems (ADAS), the combination of edge computing and IoT devices, voice recognition, and other technologies.
The industry is implementing AI to create a better driving experience for the customers and in collision repair. For instance, when an accident occurs, users can upload pictures to the app, which then, in turn, assesses the damages, secures multiple quotes from relevant insurance agencies, options for body shops in which to repair, and scheduler where people can schedule their repair appointment. The current demand from the millennial and generation Z markets is for an exceptional user experience: fast, seamless, and available, which means traditional automakers must adapt or risk losing out.
Accelerating Digital Transformation
Perhaps no industry has been more disrupted than the automotive industry in the last decade. Electric vehicles, autonomous driving, pollution control, the shared economy, digital-only auto vendors, and changing consumer needs are just a few of the industry’s recent upheavals. To succeed in 2022, the automotive industry must be proactive, invest in the latest and most effective tools, equipment, and technology, and ensure that their service technicians are properly trained.
Improved Customer Experience
Buying a car online has grown in popularity in the last year. Buyers are still looking to the internet following Covid-19 lockdowns that temporarily shuttered dealers, even as in-person shopping becomes available again. Almost 60 per cent of potential car buyers under 45 prefer to buy their vehicles online.
The automotive industry has been transformed by digitising the purchasing experience, from vehicles to aftermarket parts and services. Embracing this new way of shopping is critical for the automotive industry’s future success and resilience. The automotive sector must reimagine the consumer engagement model to gain traction in a world of decentralisation and digital-first engagements. It must discover more about how digital technology can be used in the automobile industry to improve stakeholder experience.
Customer expectations have shifted over the last few years, and the current pandemic has accelerated this process significantly. As part of the car-buying process, customers expect to digitally interact with the retail channel. They want to find a reliable digital channel to meet their car-buying needs. The parts and accessories are a second category which is gaining popularity on the internet. This is primarily for dealers that buy aftermarket components and accessories to resell. 2021 has demonstrated how swiftly the customer purchase process can evolve. The car sector must meet customers where they are and embrace the new method of shopping. OEMs, Captives, and Dealers risk falling behind if they do not stay up with client buying behaviors.
The mistrust around e-commerce and reliance on a digital marketplace stems from a fundamental premise of human nature: our fear of the unknown obstructs our progress toward more streamlined and straightforward processes. Dealers greet customers with a smile and help them complete deals.
However, the new generation is increasingly preferring to socialise online. That is why Gen Z is reversing the trend, as they are not antisocial but rather social digital natives. One of the essential keys in returning the automotive industry to its former glory could be including Gen Z into their future plans.
News Source: Gulf Business
