Automobile retail has never felt the need for digitalization so strongly.
The ongoing COVID-19 crisis has crippled the automotive businesses, supply chains and demand all over the world. Recovery from this turbulent phase should be a well-thought out process, as organizations also need to work on crisis management and building resilience to prepare for such events in the future. In such a scenario, digital is emerging as the universal hero across industries.
Post the COVID-19 crisis, there is no denying that customers would lean further towards online and contactless modes of purchasing. Vehicles may very well fall in the same category too. While Indians are already more inclined towards researching online while buying cars, online sales, itself is a rare phenomenon due to limited awareness, options and flexibility.
Today, some parts of the consumer’s passenger car purchase journey such as a pre-test drive and consumer touchpoints have already migrated to an online ecosystem. There is a segment of consumers preferring ‘contactless’ digital touchpoints in their purchase journey like comparison, consultation, selection and booking, which need to be seamlessly enabled by Original Equipment Manufacturers (OEMs), aggregators and dealerships. However, the final purchase step involving negotiation, financing and registration is still not a completely contactless process.
This report explores a true contactless car sales channel, and how the various ecosystem players can provide integrated digital offerings across the awareness, consideration and purchase phases of car purchase. This will have multiple benefits for customers in terms of ease of information access and seamless contactless interactions. The OEMs, dealers and BFSI companies will benefit from the data and insights that will be captured along this digital journey.