Modix Insight

30.04.18

Retail Innovation Webinar

Sign up today to discover our 4 key principles for successful digital marketing.

***STOP PRESS*** 

Sign up to our Retail Innovation webinar on 15th May to gain a deeper understanding of what needs to be done to embrace digital at all levels of operations and create a digital retailing future that meets consumer expectations.

Sign up here>

***STOP PRESS***

At Modix, we’re all about finding ways to SELL CARS FASTER – and recently, we’ve been collating research to calculate which steps we need to take next and what solutions we need to provide to help your dealership be the best it can possibly be.

What we’ve found is that the world is changing – and the way people use and engage with it is too. On the go and in the car, we’re always connected. It was no surprise when we found out that there has been more than an 85% increase in mobile searches for ‘where to buy (product)’ – have you searched for something similar yourself recently? Chances are, you have.

As a nation, we are hard work! We are curious, demanding and impatient, which is a key reason why car buying is changing – Google research shows that there has been a 2x increase in same-day shopping searches, a 150% increase in travel searches for ‘today’ and ‘tonight’ and a 3x increase in ‘open now’ searches*. We want everything now.

It’s common knowledge that online is king – but more specifically, mobile is the top dog when it comes to car buying. 90% of car buyers research online, 65% research on their smartphone and 66% watch online videos^. These kind of statistics can’t be argued with. And because of this kind of online research, car buyers are more prepared than ever before when they make contact with a dealership. You’ll be pleased to hear though that although 42% of dealers have reported a drop in footfall, 60% of dealers actually reported a rise in conversion**!

Even so, the purchase process hasn’t changed, as 95% of purchases still happen at a dealership^^. But customers are still open to influence, with 64% swayed by something they saw in the media and 60% influenced by their partner, wife or husband. 20% began with one car in mind but bought something else and the average number of brands a buyer will consider is 3+! We need to change and make sure that your dealership is on the right side of these statistics.

Cox Automotive’s 4 Truths of Digital and Connected Retail in 2018 tells us that customers now want to do one or more steps of the buying process online; that dealerships are still essential to complete the sale; that dealership staff are valuable consultants; and that dealers gain a competitive edge by putting more of the process online***. So it’s safe to say that these four things are what dealerships need to be able to offer.

And as a key driver of dissatisfaction is the length of the process^^^, the more streamlined we can make the car buying process, the better. With almost two hours spend doing the ‘deal’ in a dealership, it’s important to do all that you can online to get more people into your dealership in the first place and to make the process once they’re in your dealership as streamlined as possible.

Customers are generally satisfied with their test drive, the salespeople, the finance and insurance process and the length of the process – if you can go to your customer, provide simple tools, let them do more online and make the dealer experience count, you’ll be onto a winner. And here at Modix, we have a wide range of solutions to help.

It’s time to enter a brave new world – are you ready? Make sure you are with Modix.

Sign up to our Retail Innovation webinar on 15th May to gain a deeper understanding of what needs to be done to embrace digital at all levels of operations and create a digital retailing future that meets consumer expectations.

Sign up here>

Sources:

  1. *Google Jan-June 2017 v Jan-June 2015
  2. ^Google/TNS, The Drive to Decide, 2016
  3. **McKinsey/NADA, 2016
  4. ^^McKinsey/NADA, 2016
  5. +Google/TNS, The Drive to Decide, 2016
  6. ***From 28th July – 7th August 2017, 2.550 demographically diverse shoppers
  7. ^^^Cox Automotive, Car Buyer Journey, 2018. Sample size = 1,755 people