Learn more about the benefits of Guided Selling and its possible applications.
Future Sales – The digital transformation of sales
What do Future Sales mean? How does it affect the car industry? Read on to find out how you can keep up with the trends.
To ensure that your company remains successful on the market, you have to successfully close the gap between the virtual and the physical world. When it comes to sales, the Future Sales approach tackles this very transformation.
What Are Future Sales?
Future clients will spend their daily lives in the office or at home. On top of that, they also spend time on the web and social media networks. Thus, there are certainly more touchpoints in retail and during the entire sales process. The points of sale (POS) are increasing and the difference between online and offline is increasing. An efficient connection might be the biggest challenge you face in the nearest future. A perfect balance between customer benefits, your profitability and other regulations needs to be created.
Until now, with few exceptions, the POS has been in the stationary retail and sales. Customers went to the retailer first to get initial informations and sometimes also did some additional research before buying. But nowadays, your customers use all kinds of media to get information, they compare different products and finally make a purchase.
Chances are, they won't go to the stores at all. People increasingly look for information on the internet and prefer to order there because it offers so much flexibility and a big selection. Many people don't even mind if the product isn't available immediately.
This makes it increasingly difficult for your business to clearly assign your customers to one specific sales channel: stationary or online. And it's very likely that information behaviour and the sales process will change even more. You have to be prepared to adapt to your customers' needs and keep up with these changes if you want to stay successful in the future.
The interplay and also the connection between the location, the situation and the person will determine the sales in the future. It's been a long time since consumption has been linked solely to stationary trade. The importance of online advice and a strong online presence is therefore more important than ever.
You can prepare your sales team for the upcoming with the Future Sales approach. Thanks to the integration of customer and product management, your company can become more successful in sales.
What Do Future Sales Mean For The Car Industry?
Future Sales has become a very relevant topic in the car industry. In the last few years, the automotive industry has developed very dynamically and there are many new technologies that appeal to more and more customers. Therefore, planning and staying up to date with future sales is essential for companies in the car industry.
First, you need to check whether you have a strong brand image. If so, you should build on your existing customers to achieve further increases in sales. You should also implement new marketing strategies to reach out to new consumer groups.
Furthermore, car manufacturers should develop innovative product ideas and ensure that their product offer is up-to-date to keep up with the competition. Car companies need to pursue different strategies to rise to this challenge.
As a car manufacturer, it'd be a good idea to establish your own sales channels online and to expand your direct business without involving traditional car dealerships. You can thus reduce distribution costs, prevent competition between your dealerships, and increase your own profit margin in sales.
Online sales offer many advantages in the car industry: The online market for new cars is still at a very early stage and is barely tapped. However, it's clear that the use of online shopping is steadily increasing. In this way, you can offer your customers many new possibilities, from simple personalisation to the delivery of the dream car to their doorstep. The customer doesn’t even have to leave their house and go to countless local car dealerships.
What Will Change In The Future?
Forecasts indicate that profits in the car industry will drop by 50% by 2035. This is partly due to emerging online platforms and growing direct sales. According to the Deloitte study "Future of Sales and Aftersales", car dealerships will be among the victims of technological advancements and will gradually disappear. This also includes workshops and dealers for spare parts, who are likely facing hard times. Only the manufacturers are less affected by this.
Hence, it's very attractive for the car industry to expand car sales via online channels. Buying clothes, books or electronic devices on the internet has become the standard these days. Some people even prefer this option to stationary retail. Why shouldn't it also be possible for buying a car?
With these changes, it's important to stay ahead of the game and adapt your business to change in time. You need to keep an eye on the status quo and the expectations of your customers. Find out what your customers' needs are and identify the retailer's needs.
You can also draw conclusions on planning the design of your distribution models in the future. Use existing data and the internet to analyze research on this topic.
We can already see a trend towards online car buying, with 9% of the customers buying their car online in 2020. The latest Online Car Sales Study 2023 shows that 22% already bought their car online. This study also indicates that car dealers are rather unaware of the possibilities of online sales solutions. So one thing’s for sure: There's a lot of potential here that you can exploit.
How Can You Respond Best To This Change?
Looking forward, your company should rely on a coordinated sales strategy and organisation in order to be successful in the market. You can implement sales goals in a goal-oriented way and improve the cooperation of customer-oriented departments. The market is clearly changing – and an entrepreneur should be ready for the change.
Guided Selling can be the key to this change in the car industry. In the future, sales representatives will be called on less frequently. The buying decisions will lie solely with the customer – without any advice. But a Guided Selling solution like Neocom's still provides your customers with the best possible support.
Another advantage of digital buying advice is that it’s always available at the right time. The customer chooses the time that suits them best, and they aren't bound to the stationary opening hours.
With Neocom, customers can find the perfect product. Interactions, discoveries, analyses and connection are effectively combined in one platform. With just one software, you can improve and simplify the entire purchasing process, while enhancing the user experience.