Global Vehicle OEMs' New Online Retail Strategies, Forecast to 2025
NEW YORK, Aug. 14, 2019 /PRNewswire/ --
The definition of online retail in this research service refers to when a vehicle is purchased (part payment as a down payment/outright purchase) through an online portal, without interaction at a physical dealership; in this case, the sale is considered to be an online sale. The global online retail scene is prevalent in regions such as the United Kingdom, United States of America, and China.
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Online vehicle sales as of 2018-19 include both a platform where consumers can experience various features of the vehicle and a delivery centre for when the customer completes the entire purchase online on the sales platforms, apps, or websites of original equipment manufacturers (OEMs). The motivation for OEMs to take their products online can be summed up as:
-- To significantly reduce the time a customer spends at the dealership
-- To help enhance the customer experience and create a feature differentiation with other companies that have similar products to offer
-- To integrate and monitor dealer performance and backward integration and enhance production in logistics and marketing
-- To introduce several vehicles in a new market and to promote less expensive and lifestyle vehicles in some regions To help OEMs to go digital, multiple entities such as digitization and visualization companies, digital financing companies, and eCommerce providers have created products and services for immediate adoption, thus helping OEMs while they develop their own digital sales platform.
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