Product dealers in the industry are hardly considered as visionaries but the emergence of data has turned them into oracles which made them read consumers’ mind.
The data generated by shoppers’ browsing activity on an automotive website, provides some serious sales lead to dealers. The insights derived from those data are the most precise and accurate.
The smart exploitation of data can track the sorted search history of an online shopper. Also, AI-centered systems can identify which photos of products they were concentrating on.
The personalized content benefits have made customers accustomed to those perks that they call for personalized deals elsewhere too.
Supporting shoppers to buy the product they exactly want is one way how dealers can utilize the benefits of big data to increase their sales. With such datasets, they can learn about their rivals and their tricks and offers to lure customers.
However, data can be misleading sometimes. When it comes to online browsing to account for customers’ total shopping time, dealers can get misguided with the data of total time spent on-site.
Bill Feinstein, president of Planet Honda in Union said, “What I want to do is provide really a relevant experience and a somewhat customized experience to get the consumer what they want fairly quickly.”
How Big Data is Availing Perks to Auto-Industry Dealers?
The basic use of big data has been here in the industry for a while now. In the beginning, dealers could pull customer data to observe, for example, the miles he/she covered in the first year for a particular lease.
Big Data for Tracking Vehicles
Some dealers in the industry are employing big data tools to keep better track of their products.
A New-Jersey based auto-related organization, Holman Enterprises has invested a great sum in the deployment of data tools.
Some dealers are using big data tools to keep better track of their inventory.
Additionally, data-oriented telematics devices called Lynkd is being used for fleet-management which tracks the location and status of vehicles. With these tools, dealers would know when the vehicle’s battery is running low and where it is parked or moving.
These technological efforts are placing the auto-companies for transportation’s evolution for sure.
Keeping A Check on The Rivals
Big data tools can be used to keep a check on the market competition. The data perks can be leveraged to track the rival actions and offers towards customers.
A company named Thinknum specializes in such task which gathers the residual information when a company does online business.
After 5 years since its inception, Thinknum ventured into tracking vehicle transactions. The company has a tool that can scan and shave websites to get VINs adding/removal time from web pages. The general practice of scanning and scraping of a website is termed as web crawling. But the company officials believe that Thinknum’s system is way more complicated than web crawling.
Thinknum specializes in used vehicles, can shave the data from the webpage and later analyze the trends and produce emails to throw an alert to dealer clients about the rising sales of certain automobile in the industry market.
Dealers Delving In To Data Strategy
• Dealers use tracking data to determine their progression towards the target which they get from automakers.
• Data depicts the market trends – if the market has softened or not, or the store is lacking behind in selling products and should consider more spending on market.
• A number of dealership groups have sufficient amount of data but what really matters is what they do with it. Some larger companies have a benefit to using such data for better customer experience in the long run.
• With the continuous evolution of auto retail and models, data that lies with the dealer can better add value to customers in providing them the vehicle which is best suited for them.