Responding to Changing Consumer Trends and Buying Behavior
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Cars Online 07/08
Responding to Changing Consumer Trends and Buying Behavior.
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New automotive study from Capgemini identifies changing buying habits driven by growing web sophistication, emerging online tools and "green" issues.
Competitive pressures and increasing complexity have led automotive companies to look for an edge wherever they can find it. Improved consumer insight into vehicle shopping and buying behavior can provide that valuable advantage.
Capgemini’s Cars Online report contains insight that can help vehicle manufacturers and dealers develop and execute more effective strategies in areas such as sales, marketing and advertising, aftersales service, Customer Relationship Management (CRM) and manufacturer/dealer collaboration.
Cars Online 07/08: Understanding Consumer Car Buying Trends
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Cars Online 07/08,Capgemini’s ninth annual automotive study, explores trends within the retail side of the automotive industry, focusing on consumer buying behavior, environmental issues, web usage, lead management and customer loyalty. In total, nearly 2,600 consumers were surveyed in five countries: China, France, Germany, the United Kingdom and the United States.
Online Buying – Untapped Opportunity?
This year’s study found that one in five consumers said they were likely to buy a vehicle over the Internet were this service fully available, having grown increasingly comfortable with buying online. This compares to only 2% in 2001; a tenfold increase over the period.
“Consumers are becoming increasingly knowledgeable about vehicles as web sophistication grows, often putting them one step ahead of dealerships and automotive companies,” said Nick Gill, Global Leader, Automotive Sector, Capgemini. “Though it’s difficult to predict exactly how the online channel will develop, there is clearly an untapped opportunity that merits closer investigation; companies seeking to capitalize on online sales should re-evaluate their channel strategy.”
Use of New Online Tools Grows
Cars Online shows that the Internet is at the top of the list of information sources for consumers when researching car purchases; 80% of those surveyed now use the web, but the way it is being used is changing. New online tools such as search engines, automotive blogs and web forums have become key information sources for vehicle buyers who are turning to user-generated websites to obtain a more objective view. Of web users questioned, 29% referred to consumer-to-consumer (C2C) sites when researching information, up from 21% a year ago; while 78% of respondents rely on search engines.
“Manufacturers must take a close look at these powerful new online tools,” said Gill. “Significant product and market intelligence can be gleaned from these channels and they should be given an increasing ratio of the marketing mix by automotive companies.”
