Driver-less cars pave the way for the A.I. salesman: The top 5 trends of Next Gen Automotive Retail.
Advancement in technology has become a catalyst in the paradigm shift for buyer behaviour. Contemporary consumer nature is to access information and research brands and retailers before buying a product. To cater to this need for informed decision making, Many automotive manufacturers and dealerships are using the latest AI and machine learning technologies and voice-activated retail technologies to make smarter marketing decisions and stay ahead of the competition in today’s fast-changing marketplace.
From IBM Watson’s partnership with the General Motors OnStar platform to Toyota’s $1 billion investment in AI-based self-driving technology, the confluence of AI with automotive technology has started to transform the automotive retail landscape. It seems that every stakeholder in the automotive industry is looking for a way to capitalize on recent advances in AI technology.
The era of the suave, smooth talking salesman is now passe’ and Artificial intelligence is helping automotive dealers to communicate, analyze, and personalize the car purchase experience for their customers.
Here are some practical ways AI can help an automotive dealership marketing “smarter”
1. The Personalized Power Shift
Buying a vehicle is one of the most important decisions that people make in their lifetime. They do a thorough research on the make, model, and features before making a buying decision.
A vehicle tells you about the personality of a person. For example, a youngster would go in for a more stylish, sporty vehicle, while a married person would prefer a family car or an SUV. The automotive dealer should have complete details about their customers likes and dislikes, preferences and the changing taste. Today’s buyers expect a highly personalized customer experience when they come to the dealership.
To meet the changing customer demands, investing in the AI and machine learning tools can help a dealership offer the best to their customer. The machine learning model of customisation through accessing social and online data will play a significant role in automation or augmentation of the processes for the automotive retail industry. It would be like having a salesperson who is built specifically for that particular customer without the costs associated with training and reduced chance of human error.
2. Chatbots for Customer Service and Customisation
The tech-savvy millennial customers want all the information on the go – car buying and dealership information included. A voice-activated Chabot can interact with customers providing 24/7 assistance, answering their queries, fixing appointments and getting customers contact information. In addition, they can analyze large information present in the database and provide tangible insights to improve customer experience.
This means that the customers would get the information they need to make their purchase decision and not be bombarded with unnecessary trivia. An AI system ensures that customers get a standardised experience through each touchpoint and their purchase isn’t dependent on the competency of a salesperson.
3. Leverage Data Insights with Automation and Machine Learning
More than 80% of customers make the purchase decision before they go to a dealership. They spend significant time researching online beforehand. Reaching these potential customers is essential for the dealership.
Combining machine learning and natural language processing, AI tools help analyze the data available at the dealership, providing more insights that can help provide a better solution to bring the best outcome for the customer.
4. Inventory Sourcing through Augmented Reality (AR) is now a Reality
Voice-activated technology makes inventory sourcing for clients more efficient. Well, you get the details of the products in stock, when you need to reorder, how many sales happened the previous week or month. You don’t need to scroll through the listing online. The voice-activated app is fast gaining popularity.
AR along with a mobile phone will make the automobile shopping a breeze. Whether you see a car online or on a parking lot, customers can upload the picture of the car they like and instantly get details of the vehicle, its price, features, and availability. This is just the beginning.
5. Tracking Online Behavior
Its common knowledge that social media sites like facebook and instagram utilise AI to customise their news feed to the tastes and likes of their customers, hence by tracking the search behavior of online customers, dealers can show them products and ads that will be of interest to them. Artificial Intelligence helps increase the visibility of your brand, encouraging them to come back and buy. AI tracks, and analyzes data, and acts on it in real-time.
For example, if AI determines someone is considering taking their business elsewhere, dynamic offers could reel them back in. In the future, all marketing will be powered by AI. The days of 1-2% conversion on mass campaigns are over, all thanks to AI.
The Bottomline :
In summing up we can say, dealers are transforming their customer’s purchase experience and improving their business by investing in a marketing platform that uses Artificial Intelligence. AI simplifies the customer experience by the added personalization and efficiency brought to it. The customer will have the required information at every stage of the buying lifecycle and the company will understand their customers better. In the age of self driving cars, smart, AI-driven automotive car salesman is increasingly becoming an eventuality.
Watch a sneak peak of how Winimy AI is pioneering this trend in the South East Asian market.