Consumer behaviour is constantly evolving particularly in a volatile and fast-changing market so it has never been more vital to deliver a bespoke car buying experience, says iVendi’s chief commercial officer Darren Sinclair.
Sinclair is set to deliver iVendi’s seminar about ‘Better Buying Journeys’ at Automotive Management Live 2022 on November 10 at Birmingham NEC. as part of the event’s digital theatre stream.
Whilst an e-commerce solution is essential, around just 2% of car buyers undertake a genuine end-to-end online purchase with the vast majority conducting a blended approach, iVendi has found.
Sinclair said: “It is almost like we have come full cycle. Two years ago, when we were in the midst of the pandemic, the ability to deliver a complete online e-commerce buying experience was absolutely critical.
“Together with retailers battling to retain market share from online disruptors, it meant online retailing was dominating our discussions.
“Now, we are seeing very individual buying journeys taking place, so retailers need to be agile and responsive in real time to successfully deliver tailor-made experiences.
“It means enabling the consumer and the business to glide flawlessly between online and in-store as well as combining digital processes in face-to-face scenarios.
Sinclair (pictured) will also draw on latest iVendi data to provide insights into up-to-the-minute consumer behaviour in the AM Live session
“The ability to provide such a bespoke, smooth and unbroken buying journey has become an art form requiring exemplary customer service from sales staff who are confident deploying sophisticated technology whilst retailers must also provide the digital tools necessary to give consumers the control they demand.
“And all this needs to work together effortlessly.”
Already, the company is seeing an increase in finance applications as consumers react to the cost of living crisis by preferring to spread payments rather than making high capital outlays.
However, this is compounded by the increase in interest rates which in turn has led to more caution from lenders resulting in an uptick in finance application rejections.
Consumers are also reacting to current market forces and iVendi’s system is now handling more financial soft searches as car buyers gauge the likelihood of lender approval before speaking to retailers.
Sinclair added: “Consumers are now asking more questions and expect an immediate response. They also bring with them expectations from other buying experiences that their used car purchase will be turned around in just a few days.
“Our data is telling us that retailers have to keep their fingers on the pulse of the constantly shifting market and the behaviours from consumers, which are changing all the time according to those market forces.
“The buying process has become almost organic in the way it is evolving in line with the market which in turn is heightening the already embedded trend for tailormade retailing.”
AM Live is free for retailer and manufacturer delegates who register in advance at www.automotivemanagementlive.co.uk and, outside of its digital theatre session, iVendi can also be found at stand B2.