Advertisement feature from iVendi
Darren Sinclair, CCO, iVendi
Research from Deloitte says that while an e-commerce solution is essential for car buyers today, just 5% currently undertake a genuine end-to-end online purchase with the vast majority using a blended approach. This evolving picture presents a sizable opportunity for retailers and lenders. The question is how to maximise it?
Changing consumer preferences and how to meet them are at the heart of this challenge. The problem is how to cater for all buyers, whether it is those who want to buy digitally, those who prefer in-person, or the vast majority of channel hoppers, who dip in-and-out of both channels?
The answer lies, we at iVendi believe, in solutions designed to join the dots between online and offline, opening a range of fresh sales opportunities and approaches that enable motor retailers to create a seamless, effortless, high-quality experience that exactly meets evolving customer expectations; however, those vary from person to person.
For example, transparency over the motor finance process can be delivered digitally by offering a wide range of sophisticated but easy-to-use tools. We see a higher penetration of sales where consumers are shown not just a range of finance products but a range of lenders too, enhancing engagement with increased choice and meaningful comparisons. With recession looming, pre-qualification checkers are becoming essential.
Of course, it’s not just about digital. A physical forecourt supported by effective technology is a major advantage for dealers in building trust, providing flexibility over the final stages of the buying process and offering the opportunity for potential buyers to look at the vehicle in person. There remains a relatively high proportion who want to test drive their prospective purchase, even when they have already decided to buy. Additionally, it’s worth remembering that 65% of finance applications are still completed in the showroom.
Both online and offline, your people are also an amazing asset. Effective systems will help sales staff make the best use of their skills and talents, whether that means identifying the best vehicle for buyer needs at the right price, sending a digital deal tailored to the requirements of each customer, checking a detail on a specific car, offering a dedicated walkaround video, or discussing the subtleties of a higher specification trade-in.
One thing is clear – in creating a buying journey that delivers in terms digital and showroom excellence, dealers and lenders can offer vehicle buyers the best of both worlds, while understanding how the two complement each other will allow these businesses to definitively meet their future potential.
- Darren Sinclair will be speaking at AM Live on 10th November. iVendi’s latest white paper, Better Buying Journeys, can be found at www.ivendi.com/whitepaper.
iVendi at AM Live
We’ll be exhibiting at AM Live on stand B2 at the NEC on 10th November, talking about the iVendi Connected Retailing range including:
ENGAGE is designed to help consumers find the right vehicle by rewriting the rules for online car, van and motorcycle search using the natural language adopted by the majority of vehicle buyers.
CONVERT facilitates the process of transforming initial online consumer interest in a vehicle into a sale through a range of essential features.
TRANSACT develops online consumer interest in a specific vehicle through to a final transaction while managing the complexities of the sales process and includes iVendi’s innovative Digital Deal.
Founded in 2009, iVendi is the market leader in connected motor retail technology, creating digital products that help customers to buy vehicles more easily and dealers to sell them more efficiently, both online and in the showroom. The company’s technology interacts with around five million consumers every month and thousands of motor retailers, manufacturers and finance providers.