The Used Car Market Is Shifting Gears to Online Platforms

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The Pre-Owned Automotive Industry

The automotive industry has drastically changed over the last couple of decades. Even more, after the pandemic, there has been a rise in the pre-owned car market. Today, statistics show that the used car market has plunged further than the very new car market! The evolution of India's used car market over the last few years can be credited to factors like affordability, resale value, and a growing network of dealers of second-hand vehicles. At the same time, online sellers like Gaadi Bazaar have helped in increasing the sales of used cars by making them more accessible to buyers.

Automobile Industry Playing E-commerce

Automotive e-commerce refers to buying and selling vehicles like cars, bikes, and more on the internet. Everything has become digitalized today and so has buying and selling of vehicles. You can now list your old used car or two-wheeler on online portals like Gaadi Bazaar and genuine buyers from your city will propose deals that can help you sell your used vehicle easily. This has not just promoted increased vehicle usage among people and enabled convenience in the selling experience, it has also boomed the used vehicles industry with rocket speed!

Especially after the pandemic, people are more interested in doing things without being physically present at all times. This is one major reason why online apps that sell groceries and other household things online did their best during and after the pandemic. Everything has become just a click away!

What Has the Internet Done for the Used Cars Market?

Vehicle merchants are revving up their online selling/buying strategies and are showing no signs of slowing down the pace. However, as a fresher retail category in the e-commerce space, the industry has found some exclusive ways to excel online.

Personalized Customer Experience

Automotive organizations and dealerships can better mold their customer experience with an e-commerce business model in a universal way. This model is also less prone to salesman-dependent variances.

A company can increase and improve the buying experience through an e-commerce platform with things like a personalized e-commerce site or independent storefronts.

With the rise of the internet in the shopping business, instead of looking at one car or brand per showroom, customers can now simultaneously view cars and compare brands, look through product data and product pages, or even order car parts easily at the convenience of their homes. All this viewing, streaming, buying, and listing is monitored and controlled by the automotive e-commerce platform.

Customer Base Expansion

Earlier, the car dealerships have mainly focused on the local market, with targeted radio and TV advertisements built to get localities to understand they exist in their area.

This is where e-commerce breaks down the limiting geographic barriers and expands sales across different horizons. A customer no longer has to drive to their local dealership – they can do their car shopping on various websites online throughout a region or even the whole of India.

An e-commerce model like an application or website allows automotive companies to expand their business into newer markets and segments, making it more convenient than ever for a bigger number of audiences to shop from anywhere.

Cut Costs and Streamline Operations

Creating sales online and shifting gears to the e-commerce channel has presented a drastic shift for automotive organizations, not simply in expanding their branches and target audience, but in changing how they view their supply chain as well.

Before all this came into action, in the regular dealership model, cars and vehicles were kept in lots until purchased, taking up valuable real estate – literally space! Well, with an online purchasing system, organizations can increase their inventory to include vehicles not only on the lot but in the factory itself.

This allows companies to cut down on dealerships while saving a lot of money in terms of lot space and real estate. It gives customers a bigger slew of options when it comes to car-buying.

Omnichannel Selling Opens Doors to Newer Ways to Drive Revenue

The omnichannel approach to sales has reinvigorated many industries across India in the wake of the pandemic, and the automotive industry is no different! The omnichannel model blends the two in synchronization, as opposed to the siloed efforts of a local dealership or even an online shop. Customers who are interested in a vehicle can view it online and, before purchasing, set an appointment to test drive the car personally.

This eventually gives both the customer and the dealership better options along the path to conversion, raising potential revenue and elevating user experience.

How to Boost Automotive E-commerce Sales?

• Social media
• Digital advertisements
• Integrating into marketplaces
• Customer reviews
• Virtual showrooms

The Final Word

This digital move within the automobile industry is not a new event but a steady shift that has been long in the process of existence and use for common people.

In an AutoTrader Car Buyer of the Future Study, more than 99% of consumers stated that they were dissatisfied with the present automobile buying process.

This data enlightens the changes that have been needed in the automobile market. The pandemic may have served as the last push that many automobile companies needed to innovate and modernize the way that they reach customers and sell their products.