The unstoppable shift to omnichannel retailing
Consumer sentiment towards online retailing is evolving quickly, with more car buyers than ever adopting a digital first mentality. In our latest insight report ‘Digital Journeys, Physical Retailing: How the most successful retailers are unlocking the potential of omnichannel’ we explore the expectations of more than 3,000 car buyers when considering their next purchase.
The last ten years have seen consumers progressively turn to the digital marketplace when shopping for their next car. In a recent Auto Trader study, 94% of car buyers say that they research online as part of their buying journey. They also prefer to shop ‘car first’, with just 7% of consumers knowing which retailer they want to buy from at the outset.
This existing shift towards digital has been amplified by the investment of disrupter brands in challenging the traditional car buying experience and accelerated further by physical dealerships being forced to close during the pandemic. Whilst pure online sales have plateaued since physical dealerships were able to reopen, it’s no surprise that consumer appetite for completing more of the buying journey online has remained strong.
The emergence of new digital tools that enable consumers to complete key jobs in their buying journey online will provide choice and build awareness that will intensify this shift to digital first. Almost 3 in 4 consumers now go online to get a valuation for their current car before visiting a retailer and consumers have more choice than ever in how they dispose of their vehicle. When consumers are exposed to more viable solutions and choice in the buying space, it’s reasonable to assume the shift to omnichannel with gather further momentum.
If you’re not already, retailers need to be thinking about how they adapt to meet these evolving consumer expectations. There are some fundamental foundations that retailers should be focusing on today, to offer a seamless omnichannel buying experience for their customers:
Think digital first - To convert more online browsers into purchase ready buyers, retailers must focus on creating a strong online presence where consumers are searching for their next car.
Use data to produce better quality adverts - Accurate vehicle data can make the creation of compelling adverts easier and lead to improved margins by not undervaluing vehicles.
Use technology as an enabler - Utilise technology to overcome key consumer pain points and drive process efficiency within your business through tools like Auto Trader Connect
What do retailers have to say?
Watch leading retailers discuss changing consumer demands and why they believe the traditional sales process has to adapt, as well as their views on how the digital buying journey has and will continue to evolve.
Want to learn more?
Whether you're just starting your journey into digital retailing or looking to enhance your existing strategies, our insight report offers the knowledge you need to thrive in an ever-changing omnichannel marketplace.