Cyber-Crime: Where the real threats are for Auto CaptivesWhite Clarke Group
This document discusses fraud trends in the automotive industry. It provides data on the percentage of fraudulent applications, types of fraud, characteristics of fraudsters, geographic fraud patterns, and emerging cybercrime threats. Key points include that hidden adverse fraud is the most common type of automotive fraud, urban areas have higher rates of fraudulent applications, and cybercriminals are becoming more sophisticated in their methods. The document advocates balancing customer convenience with fraud risk mitigation through online verification processes and identity validation tools.
Next Generation Credit Decisions: Where big data outperforms the credit bureausWhite Clarke Group
This document discusses using big data scoring to improve lending decisions. It notes that 23% of the UK population and 25% of the US population are underbanked or non-prime customers. Traditional credit scoring uses limited data sources like loan applications and credit reports, but big data scoring analyzes additional sources like social media, online behavior, device info, and public records to generate more accurate risk assessments. The document presents two case studies where adding big data scoring reduced credit losses by 34.6% and 9.7% respectively for non-bank lenders while accepting the same number of loan applications.
The document analyzes the natural search visibility and paid search media market share of major automotive companies. Some key findings include:
- Ford has the largest share of natural search visibility at 22%, followed by GM at 17% and Chrysler at 15%.
- At the brand level, Ford has the highest visibility share at 18%.
- Many top keywords had no visibility for any brand, such as "used car" and "car loan".
- Ford and Toyota were the only companies with visibility for the highest volume keyword, "car".
- Honda's site had the highest ranking brand URL.
- Hyundai had the largest share of paid search media on Google at 30%.
1. Social media, websites, and mobile are becoming major influencers in the car buying process. Dealers are adopting mobile and social media marketing.
2. Search is the primary research tool but consumers experience fatigue if not finding what they want in the first 5-7 pages. Dealer websites are important for generating high quality leads.
3. Over 30% of internet leads still go unanswered, demonstrating the need for lead management solutions to handle inbound leads.
Mobile Marketing for Auto Dealers - Cars2Go - Bob Bentz - World Telemedia 2012Purplegator
Bob Bentz presents Advanced Mobile's Cars2Go mobile marketing products for auto dealers. The Cars2Go platform includes an auto dealer app, mobile website, text message marketing, custom QR Code, and Text Chat services. You can learn more about Cars2Go at http://www.advancedmobile.com . Seminars from the show can be seen here: http://www.wtevent.co.uk/wt_2012/seminars_Day1.html .
World Telemedia 2012 was held in Marbella, Spain. This was the fourth consecutive year that Bob Bentz was a featured speaker at the show. http://www.advancedtele.com/blog/2012/10/around-the-ats-office-spain/
Cyber-Crime: Where the real threats are for Auto CaptivesWhite Clarke Group
This document discusses fraud trends in the automotive industry. It provides data on the percentage of fraudulent applications, types of fraud, characteristics of fraudsters, geographic fraud patterns, and emerging cybercrime threats. Key points include that hidden adverse fraud is the most common type of automotive fraud, urban areas have higher rates of fraudulent applications, and cybercriminals are becoming more sophisticated in their methods. The document advocates balancing customer convenience with fraud risk mitigation through online verification processes and identity validation tools.
Next Generation Credit Decisions: Where big data outperforms the credit bureausWhite Clarke Group
This document discusses using big data scoring to improve lending decisions. It notes that 23% of the UK population and 25% of the US population are underbanked or non-prime customers. Traditional credit scoring uses limited data sources like loan applications and credit reports, but big data scoring analyzes additional sources like social media, online behavior, device info, and public records to generate more accurate risk assessments. The document presents two case studies where adding big data scoring reduced credit losses by 34.6% and 9.7% respectively for non-bank lenders while accepting the same number of loan applications.
The document analyzes the natural search visibility and paid search media market share of major automotive companies. Some key findings include:
- Ford has the largest share of natural search visibility at 22%, followed by GM at 17% and Chrysler at 15%.
- At the brand level, Ford has the highest visibility share at 18%.
- Many top keywords had no visibility for any brand, such as "used car" and "car loan".
- Ford and Toyota were the only companies with visibility for the highest volume keyword, "car".
- Honda's site had the highest ranking brand URL.
- Hyundai had the largest share of paid search media on Google at 30%.
1. Social media, websites, and mobile are becoming major influencers in the car buying process. Dealers are adopting mobile and social media marketing.
2. Search is the primary research tool but consumers experience fatigue if not finding what they want in the first 5-7 pages. Dealer websites are important for generating high quality leads.
3. Over 30% of internet leads still go unanswered, demonstrating the need for lead management solutions to handle inbound leads.
Mobile Marketing for Auto Dealers - Cars2Go - Bob Bentz - World Telemedia 2012Purplegator
Bob Bentz presents Advanced Mobile's Cars2Go mobile marketing products for auto dealers. The Cars2Go platform includes an auto dealer app, mobile website, text message marketing, custom QR Code, and Text Chat services. You can learn more about Cars2Go at http://www.advancedmobile.com . Seminars from the show can be seen here: http://www.wtevent.co.uk/wt_2012/seminars_Day1.html .
World Telemedia 2012 was held in Marbella, Spain. This was the fourth consecutive year that Bob Bentz was a featured speaker at the show. http://www.advancedtele.com/blog/2012/10/around-the-ats-office-spain/
The next 10 years in FinTech by Philippe Gelis from KantoxTheFamily
The document discusses trends in financial technology (fintech) over the next 10 years. It outlines how fintech startups are disrupting the banking industry through better user experiences, transparency, and efficiency. Fintech investments could reduce bank revenues and profits by 40-60% over the decade. New fintech banks are being built from scratch without legacy systems. Large tech companies like Google and Facebook pose a threat by potentially owning the customer relationship. To adapt, banks need to go fully digital, solve issues with younger customers, and partner with fintech companies through acquisition or integration rather than seeing them as competitors. An emerging co-operative ecosystem between banks and fintech is important for survival.
The document discusses trends in e-commerce for the fashion industry. It covers topics like the steps for a successful e-business, principles for e-commerce startups, e-business strategies including electronic data interchange, how e-commerce works with affiliate marketing, and how the apparel/fashion industry utilizes e-commerce. Categories of apparel commonly sold online are discussed, along with benefits of e-commerce for the fashion industry and trends like mobile commerce and personalization.
Connected Cars: Understanding Drivers In A Connected WorldMRS
This document summarizes research from a survey of over 3,700 connected car drivers across several European countries. It finds that while 60% of buyers consider connected car features important, 40% are unaware of their vehicle's connectivity. It also reports that premium brands have achieved higher awareness of connected features than volume brands, but demonstrates room for improvement across brands. Finally, it concludes that safety, navigation and entertainment are seen as the main benefits but that engagement during sales and on renewals can help carmakers better seize the connected car opportunity.
Presentation I gave at the Financial Services Forum at Yahoo in March 2009. Essentially a look at media and search issues around insurance aggregators.
Generation Connected car shoppers want information everywhere and all the time. Nearly all consumers now use the internet to research vehicles, though dealers are still cited as the most important information source by many. Shoppers utilize a variety of online sources like manufacturer and dealer websites, search engines, and social media. Positive reviews and recommendations on social media increasingly influence purchase decisions, with over 70% of consumers saying they are more likely to buy a specific brand if they find favorable social media comments. OEMs and dealers must meet shoppers' need for information across multiple online and physical touchpoints.
1) Mobile devices now outnumber people in the world, and consumers will have 3-4 connected devices by 2018. This mobile shift requires new measurement approaches.
2) Car research now happens everywhere, including on mobile devices. 71% of car shoppers plan to research on mobile, and buyers want control and information online before visiting dealerships.
3) Traditional marketing metrics like click-through rates correlate poorly with outcomes like purchase intent. People-based measurement across platforms is needed to understand consumer journeys from awareness to conversion.
Automotive Digital Advertising for Car Dealers...
For more information on various services available for car dealers, visit http://www.SocialAutoSales.com and join the online network set up by Ralph's ADP Social Media Reputation Management Team at http://www.ADPsocial.com
Philippe Gelis, CEO & Co-Founder of Kantox, talking about the next 10 years in Fintech; A new co-petitive eco-system starts emerging within the financial sector
The document discusses how and why the auto industry is shifting billions of dollars away from traditional offline media like newspapers and TV into online digital advertising strategies. It provides data showing that the majority of automotive research is now done online, with consumers spending many hours researching vehicles online. As a result, automakers and dealers are adjusting their advertising spending to better match where consumers are getting their information by moving much of their budgets from offline to online media like search engines, display ads, and video.
E-commerce in fashion industry
Apparel & accessories sales in US: Apparel has become an online success - Jeffrey Grau, eMarketer.
Fashion emerges as best-performing segment of ecommerce in UK - IMRG Capgemini e-Retail Sales Index.
Southeast Asia startup investments 2013: It’s all about e-commerce, fashion and women: Mobile commerce, online retail, payments, C2C marketplaces, flash sales.
eCommerce Benchmark for the Fashion Industry:
Where does the traffic come from in fashion? - Direct, Paid, Organic, CPS, CPC, Viral/Social, E-mail newsletter; social and viral media play a much bigger role in fashion.
Conversion ratios in fashion retail.
Platform for your e-store – why Magento?: Shopify, SquareSpace, Tictail, Magento; Bonobos, Nike, Christian Louboutin, MyTheresa.
Magento Enterprise Customer Success Story GANT: High performance and visual inspiration, Full screen experience, Custom campaign modules, Look book, Customized checkout, Flexible landing and content pages, Integration with multiple warehouse and ERP systems, Access rights management across multiple sites/stores, Localized payment and shipping methods;
290% increase in conversion rate, 13% increase in traffic, 35% reduction in page load time, 50% decrease in hosting costs.
Why choose Responsive Web Design?: U.S. Mobile Commerce Activities
Divante for fashion: SOLAR Company Case Study: http://divanteltd.com/blog/complex-e-commerce-implementation-fashion-brand/ .
The Future of Mobility: How We Connect to Our Cars by MRYDavid Berkowitz
MRY released new research in 2014 featuring first-party surveys and social listening to determine what people want out of connected cars, how their decision journey works when purchasing them, and how people value cars versus their smartphones.
Insurers warned about merely ‘playing’ with digital in ey report insurance ...Digital Insurance News
1) An EY report warns insurers that they need to take mobile and digital capabilities more seriously to avoid falling behind, as mobile usage grows exponentially.
2) The report found that only 43% of insurers provide mobile quotes compared to 72% online, and Asian insurers lag in using mobile apps and social media.
3) While most insurers aim to improve their digital strategies and investments, currently almost 80% see themselves as just "playing" digitally rather than being leaders, and two-thirds lack a long-term strategy to realize digital ambitions.
This document discusses strategies for marketing, selling, and servicing connected consumers. It begins with an overview of the auto body industry and how the marketing landscape has changed. Traditional marketing is compared to digital marketing approaches. New strategies discussed include focusing on the connected consumer, prioritizing websites and mobile optimization, utilizing search engine optimization, email marketing, social media, online reviews and reputation management, video, and customer relationship management systems. The benefits of these approaches are explained, such as increasing sales, referrals, and profits through engaging more customers digitally.
Lu global-mobile-consumer-survey-2018-resultsCéline Bayle
The document summarizes key findings from Deloitte's 2018 Global Mobile Consumer Survey, which polled over 50,000 respondents across 35 countries. The Luxembourg-specific findings show that 94% of residents own smartphones, with Android use increasing and surpassing Apple. Mobile banking is popular, with security and basic services ranking as top priorities for digital bank selection. Voice assistance and biometric authentication are gaining traction for smartphone access. Respondents expressed growing concerns about data privacy and sharing, though few saw 5G connectivity as an immediate priority. The survey highlights evolving trends in mobile adoption, banking preferences, and privacy/security awareness.
Customer management in used car businessThomas Dmoch
User generated content receives a special meaning in used car forums, blogs and social media platforms. Used car customers award a higher credibility to this sources than to advertising, brochures or sales talk. Sales expert Thomas Dmoch presents market research, best practices examples and factors for successful contact with used car customers whose purchase decision is mainly influenced by the judgment of other customers, i.e. eers from social media platforms.
Customers researching car purchases want personalized help from dealers alongside independent digital research, expecting seamless transitions between channels. They rely on a variety of information sources including websites, apps, and social media, and want very fast responses to requests. While dealers remain important sources, customers in growth markets also depend heavily on independent sources, search engines, friends and family for purchase information.
This document provides an overview and agenda for a workshop on e-commerce in the MENA region. The agenda covers:
- The three key phases of successful e-commerce: attract, convert, and retain customers.
- An overview of the attract phase, including defining a unique selling proposition, branding, research and marketing.
- An overview of the convert phase, focusing on user experience and obstacles to conversion like payment methods.
- An overview of the retain phase, including delivery of promises, customer satisfaction metrics, and bringing back return customers.
The document also shares some data on the MENA region's economy, demographics, and growth of e-commerce.
This document provides information on OSEVEN, a company that uses smartphone data and machine learning to analyze driving behavior and implement usage-based insurance. Key points:
1. OSEVEN aims to create safer drivers, reduce insurer risk, and redefine customer relationships by analyzing driving data collected from smartphones.
2. Their smartphone-only solution uses machine learning to model driving behavior, detect risky events, and recognize driver distraction.
3. By implementing usage-based insurance based on driving scores, OSEVEN estimates insurers could increase profits by 65% while reducing claims by 30% through safer driving.
Connected consumers are driving changes in the automotive industry. They demand constant access to information from multiple sources, including online reviews and social media. Many are open to new purchasing options like buying cars online or using alternatives to ownership. As consumers become more familiar with connected vehicle technologies, their interest is growing in cars that enable services like safety, maintenance and customer care features. OEMs and dealers must adapt to meet the expectations of these always-connected shoppers by providing information across multiple channels and being responsive to their preferences for flexibility and connectivity throughout the car buying and ownership experience.
The document provides an overview of disruptive forces facing automotive dealerships and scenarios for their survival. It discusses 6 disruptive forces including digitization of the car sales journey, changing customer expectations, rise of mobility services, decreasing need for car ownership among younger generations, advancements in electric and autonomous vehicles, and declining dealership profitability. It then outlines 5 elements of the dealership experience that may not be disrupted like test drives, used car sales, service, human touch, and good customer experience. Finally, it proposes 10 survival scenarios for dealerships with examples including experience centers, digital showrooms, brand flagship stores, and partnerships like Maserati's with Alibaba to create smart stores.
The document discusses how and why the auto industry is shifting billions of dollars away from traditional offline media like newspapers and TV into online digital advertising strategies. It provides data showing that the majority of automotive research is now done online, with consumers spending many hours researching vehicles online. As a result, automakers and dealers are adjusting their advertising spending to better match where consumers are getting their information by moving much of their budgets from offline to online media like search engines, display ads, and video.
The document discusses how and why the auto industry is shifting billions of dollars away from traditional offline media like newspapers and TV into online digital advertising strategies. It provides data showing that the majority of automotive research is now done online, with consumers spending many hours researching vehicles online. As a result, automakers and dealers are adjusting their advertising spending to better match where consumers are getting their information by moving much of their budgets from offline to online media like search engines, display ads, and video.
The next 10 years in FinTech by Philippe Gelis from KantoxTheFamily
The document discusses trends in financial technology (fintech) over the next 10 years. It outlines how fintech startups are disrupting the banking industry through better user experiences, transparency, and efficiency. Fintech investments could reduce bank revenues and profits by 40-60% over the decade. New fintech banks are being built from scratch without legacy systems. Large tech companies like Google and Facebook pose a threat by potentially owning the customer relationship. To adapt, banks need to go fully digital, solve issues with younger customers, and partner with fintech companies through acquisition or integration rather than seeing them as competitors. An emerging co-operative ecosystem between banks and fintech is important for survival.
The document discusses trends in e-commerce for the fashion industry. It covers topics like the steps for a successful e-business, principles for e-commerce startups, e-business strategies including electronic data interchange, how e-commerce works with affiliate marketing, and how the apparel/fashion industry utilizes e-commerce. Categories of apparel commonly sold online are discussed, along with benefits of e-commerce for the fashion industry and trends like mobile commerce and personalization.
Connected Cars: Understanding Drivers In A Connected WorldMRS
This document summarizes research from a survey of over 3,700 connected car drivers across several European countries. It finds that while 60% of buyers consider connected car features important, 40% are unaware of their vehicle's connectivity. It also reports that premium brands have achieved higher awareness of connected features than volume brands, but demonstrates room for improvement across brands. Finally, it concludes that safety, navigation and entertainment are seen as the main benefits but that engagement during sales and on renewals can help carmakers better seize the connected car opportunity.
Presentation I gave at the Financial Services Forum at Yahoo in March 2009. Essentially a look at media and search issues around insurance aggregators.
Generation Connected car shoppers want information everywhere and all the time. Nearly all consumers now use the internet to research vehicles, though dealers are still cited as the most important information source by many. Shoppers utilize a variety of online sources like manufacturer and dealer websites, search engines, and social media. Positive reviews and recommendations on social media increasingly influence purchase decisions, with over 70% of consumers saying they are more likely to buy a specific brand if they find favorable social media comments. OEMs and dealers must meet shoppers' need for information across multiple online and physical touchpoints.
1) Mobile devices now outnumber people in the world, and consumers will have 3-4 connected devices by 2018. This mobile shift requires new measurement approaches.
2) Car research now happens everywhere, including on mobile devices. 71% of car shoppers plan to research on mobile, and buyers want control and information online before visiting dealerships.
3) Traditional marketing metrics like click-through rates correlate poorly with outcomes like purchase intent. People-based measurement across platforms is needed to understand consumer journeys from awareness to conversion.
Automotive Digital Advertising for Car Dealers...
For more information on various services available for car dealers, visit http://www.SocialAutoSales.com and join the online network set up by Ralph's ADP Social Media Reputation Management Team at http://www.ADPsocial.com
Philippe Gelis, CEO & Co-Founder of Kantox, talking about the next 10 years in Fintech; A new co-petitive eco-system starts emerging within the financial sector
The document discusses how and why the auto industry is shifting billions of dollars away from traditional offline media like newspapers and TV into online digital advertising strategies. It provides data showing that the majority of automotive research is now done online, with consumers spending many hours researching vehicles online. As a result, automakers and dealers are adjusting their advertising spending to better match where consumers are getting their information by moving much of their budgets from offline to online media like search engines, display ads, and video.
E-commerce in fashion industry
Apparel & accessories sales in US: Apparel has become an online success - Jeffrey Grau, eMarketer.
Fashion emerges as best-performing segment of ecommerce in UK - IMRG Capgemini e-Retail Sales Index.
Southeast Asia startup investments 2013: It’s all about e-commerce, fashion and women: Mobile commerce, online retail, payments, C2C marketplaces, flash sales.
eCommerce Benchmark for the Fashion Industry:
Where does the traffic come from in fashion? - Direct, Paid, Organic, CPS, CPC, Viral/Social, E-mail newsletter; social and viral media play a much bigger role in fashion.
Conversion ratios in fashion retail.
Platform for your e-store – why Magento?: Shopify, SquareSpace, Tictail, Magento; Bonobos, Nike, Christian Louboutin, MyTheresa.
Magento Enterprise Customer Success Story GANT: High performance and visual inspiration, Full screen experience, Custom campaign modules, Look book, Customized checkout, Flexible landing and content pages, Integration with multiple warehouse and ERP systems, Access rights management across multiple sites/stores, Localized payment and shipping methods;
290% increase in conversion rate, 13% increase in traffic, 35% reduction in page load time, 50% decrease in hosting costs.
Why choose Responsive Web Design?: U.S. Mobile Commerce Activities
Divante for fashion: SOLAR Company Case Study: http://divanteltd.com/blog/complex-e-commerce-implementation-fashion-brand/ .
The Future of Mobility: How We Connect to Our Cars by MRYDavid Berkowitz
MRY released new research in 2014 featuring first-party surveys and social listening to determine what people want out of connected cars, how their decision journey works when purchasing them, and how people value cars versus their smartphones.
Insurers warned about merely ‘playing’ with digital in ey report insurance ...Digital Insurance News
1) An EY report warns insurers that they need to take mobile and digital capabilities more seriously to avoid falling behind, as mobile usage grows exponentially.
2) The report found that only 43% of insurers provide mobile quotes compared to 72% online, and Asian insurers lag in using mobile apps and social media.
3) While most insurers aim to improve their digital strategies and investments, currently almost 80% see themselves as just "playing" digitally rather than being leaders, and two-thirds lack a long-term strategy to realize digital ambitions.
This document discusses strategies for marketing, selling, and servicing connected consumers. It begins with an overview of the auto body industry and how the marketing landscape has changed. Traditional marketing is compared to digital marketing approaches. New strategies discussed include focusing on the connected consumer, prioritizing websites and mobile optimization, utilizing search engine optimization, email marketing, social media, online reviews and reputation management, video, and customer relationship management systems. The benefits of these approaches are explained, such as increasing sales, referrals, and profits through engaging more customers digitally.
Lu global-mobile-consumer-survey-2018-resultsCéline Bayle
The document summarizes key findings from Deloitte's 2018 Global Mobile Consumer Survey, which polled over 50,000 respondents across 35 countries. The Luxembourg-specific findings show that 94% of residents own smartphones, with Android use increasing and surpassing Apple. Mobile banking is popular, with security and basic services ranking as top priorities for digital bank selection. Voice assistance and biometric authentication are gaining traction for smartphone access. Respondents expressed growing concerns about data privacy and sharing, though few saw 5G connectivity as an immediate priority. The survey highlights evolving trends in mobile adoption, banking preferences, and privacy/security awareness.
Customer management in used car businessThomas Dmoch
User generated content receives a special meaning in used car forums, blogs and social media platforms. Used car customers award a higher credibility to this sources than to advertising, brochures or sales talk. Sales expert Thomas Dmoch presents market research, best practices examples and factors for successful contact with used car customers whose purchase decision is mainly influenced by the judgment of other customers, i.e. eers from social media platforms.
Customers researching car purchases want personalized help from dealers alongside independent digital research, expecting seamless transitions between channels. They rely on a variety of information sources including websites, apps, and social media, and want very fast responses to requests. While dealers remain important sources, customers in growth markets also depend heavily on independent sources, search engines, friends and family for purchase information.
This document provides an overview and agenda for a workshop on e-commerce in the MENA region. The agenda covers:
- The three key phases of successful e-commerce: attract, convert, and retain customers.
- An overview of the attract phase, including defining a unique selling proposition, branding, research and marketing.
- An overview of the convert phase, focusing on user experience and obstacles to conversion like payment methods.
- An overview of the retain phase, including delivery of promises, customer satisfaction metrics, and bringing back return customers.
The document also shares some data on the MENA region's economy, demographics, and growth of e-commerce.
This document provides information on OSEVEN, a company that uses smartphone data and machine learning to analyze driving behavior and implement usage-based insurance. Key points:
1. OSEVEN aims to create safer drivers, reduce insurer risk, and redefine customer relationships by analyzing driving data collected from smartphones.
2. Their smartphone-only solution uses machine learning to model driving behavior, detect risky events, and recognize driver distraction.
3. By implementing usage-based insurance based on driving scores, OSEVEN estimates insurers could increase profits by 65% while reducing claims by 30% through safer driving.
Connected consumers are driving changes in the automotive industry. They demand constant access to information from multiple sources, including online reviews and social media. Many are open to new purchasing options like buying cars online or using alternatives to ownership. As consumers become more familiar with connected vehicle technologies, their interest is growing in cars that enable services like safety, maintenance and customer care features. OEMs and dealers must adapt to meet the expectations of these always-connected shoppers by providing information across multiple channels and being responsive to their preferences for flexibility and connectivity throughout the car buying and ownership experience.
The document provides an overview of disruptive forces facing automotive dealerships and scenarios for their survival. It discusses 6 disruptive forces including digitization of the car sales journey, changing customer expectations, rise of mobility services, decreasing need for car ownership among younger generations, advancements in electric and autonomous vehicles, and declining dealership profitability. It then outlines 5 elements of the dealership experience that may not be disrupted like test drives, used car sales, service, human touch, and good customer experience. Finally, it proposes 10 survival scenarios for dealerships with examples including experience centers, digital showrooms, brand flagship stores, and partnerships like Maserati's with Alibaba to create smart stores.
The document discusses how and why the auto industry is shifting billions of dollars away from traditional offline media like newspapers and TV into online digital advertising strategies. It provides data showing that the majority of automotive research is now done online, with consumers spending many hours researching vehicles online. As a result, automakers and dealers are adjusting their advertising spending to better match where consumers are getting their information by moving much of their budgets from offline to online media like search engines, display ads, and video.
The document discusses how and why the auto industry is shifting billions of dollars away from traditional offline media like newspapers and TV into online digital advertising strategies. It provides data showing that the majority of automotive research is now done online, with consumers spending many hours researching vehicles online. As a result, automakers and dealers are adjusting their advertising spending to better match where consumers are getting their information by moving much of their budgets from offline to online media like search engines, display ads, and video.
Webchutney Digital Automotive Report 2010Sidharth Rao
Webchutney's Digital Automotive report, 'Inside the Mind of the Wired Car Buyer' is a definitive guide to understanding the influence of Online in driving consumers' car purchase decisions in India.
Disruptive changes in the automotive industry are currently occurring on several fronts. Besides the development of electric vehicles, connected car technologies, mobility services, and autonomous driving, new business models around selling cars online are on the agenda of automotive companies. This report looks at the opportunity ecommerce presents for the automotive industry, the challenges to adoption, and recommendations on what to do next.
The document discusses the growing demand from customers to purchase new vehicles completely online. A survey found that 72% of customers are willing to buy a new car online. However, automakers have been slow to implement online sales and most current initiatives do not meet customer expectations. Customers expect benefits like convenience, time savings, price transparency, and the ability to compare vehicles and negotiate online. While automakers face challenges in developing new online sales models, the document argues that responding to rising customer demand for online purchasing will be crucial for automakers to remain competitive as business models continue to evolve in the industry.
The document summarizes key findings from the 2003 JD Power Autoshopper.com study:
- 64% of vehicle buyers now use the internet in their shopping process, up from 60% in 2002.
- 49% were influenced by what they found online in deciding what make/model to buy.
- Dealers are affected by online shopping trends, as 49% said online info influenced the price they paid.
Digital marketing is poised to revolutionize the automotive industry as it transforms how consumers research, evaluate, purchase and interact with vehicles. While automakers have begun using social media and online platforms, the full potential of digital marketing remains largely untapped. Customers now rely heavily on digital channels for information gathering and half would consider online vehicle purchases. To understand digital's impact, McKinsey conducted a survey of 600 car buyers, dealerships, and experts, finding that a strategic, systematic approach to digital could significantly boost operations and revenues through opportunities like digital lead generation, product co-creation, and retail innovation.
Digital marketing is poised to revolutionize the automotive industry as it transforms how consumers research, evaluate, purchase and interact with vehicles. While automakers have begun using social media and online platforms, the full potential of digital marketing remains largely untapped. Customers now rely heavily on digital channels throughout their decision journey, from initial research to the purchase itself. To succeed, automakers must develop more integrated and compelling digital strategies that address the entire consumer experience holistically.
The document discusses opportunities for improving automotive aftersales revenue by offering finance options beyond new car sales. Some key points:
- New car registrations hit a record high in 2016 with over 2.7 million cars sold, over 80% through finance agreements.
- The value of UK car loans almost tripled between 2009-2016 to £31.6 billion, fueling growth in the automotive finance market.
- The total value of the UK aftermarket is £21.1 billion annually, servicing over 30 million vehicles. Independent repair shops and franchised dealers compete for this business.
- Offering finance options for vehicle repairs can increase approval rates for recommended repairs by 11-18%,
The document discusses observations of the top 25% of franchise car dealers, noting that they focus on selling cars online, turn inventory in 37 days on average by pricing to market from day 1 and regularly re-pricing, and achieve better profit margins through fast stock turnover while maintaining prices at market levels. It also outlines how the consumer car buying journey involves multiple research moments online and the importance of being present in these moments with useful information.
The document discusses the "Trusted Consumer" and how to target them effectively. It defines the Trusted Consumer as older, more cautious car buyers looking for value, transparency, and peace of mind. It recommends targeting this group through search marketing that considers demographics, social media content, and PR focused on both consumers and the trade. The Trusted Consumer is looking for information, reviews to validate choices, and options for new cars. Success is measured through engagement metrics like views per visit as well as harder metrics like call quality and postcode matching between inquiries and sales.
Automotive marketers are increasingly shifting advertising spending online, where it is growing faster than other media. Online ad spending by the US automotive industry is expected to increase 21.6% in 2008 to nearly $3 billion and continue growing to surpass $5.6 billion by 2012. Automakers are following consumers online, as many now research vehicles on the internet before purchasing. While overall automotive ad spending is declining with falling new vehicle sales, online represents a more cost-effective and measurable channel.
Automotive marketers are shifting their advertising spending online at a rapid pace. Online advertising spending by the US automotive industry is expected to grow 21.6% in 2008 to nearly $3 billion and continue growing to surpass $5.6 billion by 2012. This reflects automakers following consumers online, as research shows 8 in 10 consumers now use the internet during the car buying process. While overall automotive advertising spending is declining, the portion spent online is increasing as automakers move budgets from traditional media channels like newspapers and magazines to digital platforms.
Digital Marketing in India - Current State, Trends and Future OutlookSiddharth Sriram
Digital marketing in India is growing rapidly. Internet users in India are projected to reach 376 million by 2015, up from 120 million currently. Digital advertising spending is also increasing significantly and is estimated to reach 10% of total advertising spending by 2016. Search advertising and display advertising, including video, are two largest and fastest growing segments of digital advertising. Marketers are using digital media for lead generation, customer insights, and targeted reach to youth audiences. Measurement of effectiveness and ROI remains a key challenge for the industry. The future of digital marketing in India is bright with continued growth in broadband and mobile internet access.
Growing digitalization and technology advancements are reshaping the
global automobile industry. Digital Transformation acts as an enabler of
fundamental innovation and disruption in this sector by transforming it to a
digitally driven solutions focussed industry accelerated by the expectations
of the new generation customers.
MakeMyTrip (MMT) is an online travel portal focused on leisure and small business travelers to India. It was founded by Deep Kalra and offers competitively priced travel products for real-time booking of airline tickets, hotels, holiday packages, car rentals, trains and cruises for Indian and international destinations. MMT has expanded operations through offices in several cities and countries. While the business model has been successful in India, concerns include lack of timely customer follow-up and monitoring service quality. The document discusses MMT's operations, business model, customer segments, competition and strategies for growth.
Similar to Captives response to changing customer expectations (20)
This document discusses how blockchain technology can be used to improve the car leasing business network. It describes the current inefficient system where each participant maintains their own private ledgers, leading to slow, error-prone synchronization. Blockchain allows for a shared, distributed ledger that gives all participants visibility into the single system of record. This increases trust, reduces costs and risks compared to the current methods. Specific benefits highlighted include improved traceability, more efficient auditing and regulatory compliance, and near real-time execution of transactions like letters of credit.
Using Machine Learning & AI to Enhance Fraud DetectionWhite Clarke Group
This document discusses how machine learning and AI can transform the auto finance and car purchasing process. It notes that currently, many customers find negotiating car financing difficult and stressful. The document suggests that machine learning models could help automate and improve the car financing process by predicting when customers are likely to purchase a new car, enabling customers to manage financing online, and providing personalized offers. It emphasizes the importance of using granular customer data and integrating cross-channel information for effective machine learning models in auto finance. Overall, the document argues that AI and machine learning can help optimize the customer experience for car purchasing and financing.
Artificial Intelligence: Use of AI and Natural Language Processing to effecti...White Clarke Group
Inbenta is a company founded in 2005 in Barcelona that provides artificial intelligence solutions for financial services organizations. It has 6 offices worldwide with 80 employees serving over 100 key accounts. Inbenta uses natural language processing and machine learning techniques to understand language and instantly answer customer questions, reducing emails and calls to contact centers by 40% while improving customer satisfaction.
Implementing ELDs or Electronic Logging Devices is slowly but surely becoming the norm in fleet management. Why? Well, integrating ELDs and associated connected vehicle solutions like fleet tracking devices lets businesses and their in-house fleet managers reap several benefits. Check out the post below to learn more.
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What Could Be Behind Your Mercedes Sprinter's Power Loss on Uphill RoadsSprinter Gurus
Unlock the secrets behind your Mercedes Sprinter's uphill power loss with our comprehensive presentation. From fuel filter blockages to turbocharger troubles, we uncover the culprits and empower you to reclaim your vehicle's peak performance. Conquer every ascent with confidence and ensure a thrilling journey every time.
Fleet management these days is next to impossible without connected vehicle solutions. Why? Well, fleet trackers and accompanying connected vehicle management solutions tend to offer quite a few hard-to-ignore benefits to fleet managers and businesses alike. Let’s check them out!
The Octavia range embodies the design trend of the Škoda brand: a fusion of
aesthetics, safety and practicality. Whether you see the car as a whole or step
closer and explore its unique features, the Octavia range radiates with the
harmony of functionality and emotion
3. SO WHERE DOES THAT LEAVE THE AUTO
INDUSTRY?
Page 3
Freddie Hoyt giving a
staff briefing
4. “I JUST DON’T WANT ONE BALLOON TO A CAR”.
Page 4
To me, visiting a car showroom is a
job that has to be done, rather like
attending a funeral”
Tim, 29 Google Consumer Survey 2014
5. BMW REPORT INTO CONSUMER PURCHASING
BEHAVIOUR.
Page 5
2003
Dealership visits
Car buyers carry out
online research before
purchase
1% 92%
Car buyers
willingness to buy
cars online
<1% 42%
1.54
2013
Source: BMW Annual Report 2014
6. SO WHERE DO WE LOOK?
Page 6
A snap look at Financial
Technology:
• London accounts for 53% of the
total European Investment in
Fintech
• Fintech investment is growing in
the UK more quickly than in any
other market in the world
• Since 2008 UK fintech
investment has grown by an
annualised rate averaging a
remarkable 51%.
10. RESEARCH PRIOR TO PURCHASE
Page 10
In 2014, 97% of all consumers are
using the Internet to research cars.
Cars Online, 2014
11. DESTINATIONS ON THE PATH TO RESEARCH
Page 11
Almost 90% of customers use
dealer websites or OEM websites in
the early steps of their decision
making
Source: Innovating Automotive Retail, McKinsey, 2013
12. RESEARCH
Page 12
• Where can a
prospect find out
about finance on your
website?
• What kind of
indicative pricing do
you offer a prospect?
• Do you only use the
MRP?
19. MOBILE FIRST
Page 19
1.5BN Mobile Transactions
expected by 2020 up from 356
million today
Centre for Economic and Business Research (CERC)
20. MOBILE FIRST
Page 20
20 million adults will use their
mobiles to pay for goods and
services by 2020, with the value
of purchases tripling from current
levels to £14.2bn in 2018.
Centre for Economic and Business Research (CERC)
By 2025, Gen Y is expected to account for 75% of all vehicles purchased.
We live in a rapidly changing environment, pace of technology quicker than ever, if we don’t truly understand how gen Y’s and millennials consume goods, we will be dead in the water.
Instagram acquired for £1bn during which time it had 13 employees
3 months later Kodak filed for bankruptcy.
Facebook the world’s most popular media owner, yet it has no content.
Serial was ranked at No. 1 on iTunes even before it débuted,
leading iTunes rankings for over three months, well after the first season ended.[1][33]
It also broke records as the fastest podcast ever to reach 5 million downloads at Apple's iTunes store
1 month at Jeep dealership on Long Island.
Monthly target 129 cars
Follow the various characters in the dealership.
As captives, have we leveraged too much from the balloons? Does that point of sale advantage still exist?
What does the young consumer believe?
As Captives, when we see the competition coming, where do we look?
Is it one big circle of Ford -> Renault -> VW -> Audi -> BMW -> MB etc….
I think we probably do do that, but we’re lulling ourself into a false sense of security.
But what’s this all got to do with Gen Y?
73% would be more excited over new financial services from tech companies than from their actual nationwide bank
Alignment of qualities
Millenials rank all four of the biggest banks among the 10 least loved brands (http://dataconomy.com/like-bees-to-honey-millenials-and-the-future-of-fintech/)
Saving Global - SavingGlobal, based in Berlin, allows savers to open savings accounts around Europe without having to visit branches or learn the local language and they can manage their account quickly online. SavingGlobal allows Germans to ditch the paltry rates at home and put their cash in banks in other countries where interest rates are higher.
Ffrees – Unbank be ffrees. “UK’s first unbank – you and your money are first and the fat cats are last.” Sheffield based. 400 account applications per day. Online only!
Osper – mobile banking for young people. Targetted at 8-18 year olds. Prepaid mastercard with banking app. Parents have a separate login to keep an eye on things.
Centralway - Centralway Numbrs is the new bank branch. As one of the most popular mobile banking applications in Germany, Centralway Numbrs enables you to manage your financial life on the go. App first.
Squirrel – “Makes managing money easy”. Stagger disposable income into manageable amounts ensuring you stick to an agreed budget.
Nutmeg – Online investment management. Build a portfolio based on your preferences. Can start with £1,000 per fund. “Commitment to being open and transparent.”
Wikifolio - The idea being that, through Wikifolio, investors can put their cash into the trading strategies of professional traders via ordering wikifolios through various online brokerages — similar to existing investment products.
eToro- the world's leading social investment network, you can tap into the wisdom of the crowds to help you make smarter investment decisions. “Use the wisdom of the crowds to build his portfolio”.
Tink – “follow your money.” A simple way to keep track of your everyday personal finances. Gathers all your transactions, categorises them and puts them in one place. Live in Sweden, coming to Europe soon.
Money Dashboard – a true view of all your finances. Makes money by offering products & services to you. Using big data!
Moni – Co-founder was a former Google employee - Laurence Aderemi. One of the first companies to participate in the Techstars programme.
Transfer Go – local in, local out. Money is transferred internally within transfer go. 10x cheaper than Banks. Engaged with 30,000 customers.
World Remit - UK based, raised $100M investment to go after Western Union, launched by Ismail Ahmed when he studied in London and wanted to send money home to Africa.
Azimo - part-British part-Polish start-up that intends to make remittance transfer easier, cheaper and more accessible focusing on lower skilled migrants. Launched 2 years ago, now in 198 countries.
Currency Fair – Peer to peer transfer. First you send funds to your CurrencyFair account. You then convert these funds by matching with other customers on our Marketplace (or via QuickTrade), and finally you instruct us to transfer those funds out to a beneficiary bank account around the world
Klarna – Provides payment services for storefronts
Transfer wise – Peer to peer transfer. Save money by giving you a fair exchange rate “banks hide the fees in the exchange rate.”
Landstar - Lendstar is your social finance app for paying and chatting among friends. Easy, fast, free & more secure than online banking. German based
Aux money – Peer to peer marketplace for lending money. The company assesses the risk of borrowers by using its own proprietary algorithms which parse a range of signals, including some of the traditional metrics that banks consider when deciding whether to lend money, such as credit history, but also by looking at a multitude of more subtle signals (which Johnen calls its “secret sauce”) — such as how potential borrowers behave on its website and elsewhere online.
Lend Invest - Peer to peer mortgage plarform. £423M invested in loans to date. Largest peer to peer mortgage platform in the UK. Founded on the back of the GFC.
Property Partner – Invest in property from £50-£50k. Aim to jump hurdles that exist in the buy to let market.
Landbay – Peer to peer investment in mortgages.
Fuitful – Peer to peer lender on both private and commercial properties. Money secured by commercial properties. LTV of 65% and low risk borrowers only.
Ledico – Founded in Germany, not in UK yet. P2P lender
Pret d’union – P2P lender founded in France. $34M investment in July 2015.
Lending works – P2P lender
Zopa – P2P lender
Bondora – P2P lender that secured $5M investment from the US giant Lending Club. Based in Estonia. Desire to conquer cross border lending.
Borrow – Sale advance loans, Bridge loans & term loans for luxury assets. Create a new category of lending where top 10% of population can get loans secured by luxury items. £150M of transactions to date. Average loan $20k, $5k - $2M.
As an aside:
How many of these sites use video content as an explanation?
How many are mobile optimised?
How many were designed mobile first?
These have been picked because they are particularly successful in targeting Gen Y.
Following slides outline why they are successful.
Walk through.
Transition:
Next walk through different elements of the customer journey,
look at some key stats which give an indication of wider macro trends
Look at some example companies that really stand out in this area.
Previously looked at stats showing increase in research online.
Customer’s are coming to a retailer/dealership knowing what they want.
For Gen Y, 100%
Ok so a few qualifying points here:
Our websites are only one element here
Consumers will look at trade press, social media, etc
BUT:
Our site is a massively under utilised resource. We have a huge volume of traffic going through so lets change it to make it more in line with what the customer needs.
So who are the key disrupters when it comes to research?
TrueCar:
Provide customer transparency on the price they pay
Make their money from passing on very warm leads to dealers
Have a network of 10,000 dealers in USA
Founded in 2005, in 2010 won CNN money award in “20 best websites” to help individuals make finance decisions
2011 raised $200M in debt & equity financing, now listed on the Nasdaq.
Conclusion:
Look at questions which have been put to captive fleet lenders.
Purchasing a vehicle online.
Big chance in consumer behaviour here. A couple of facts which help tell this story…
Next slides…
There is a natural bias here towards younger generations…
Sums up the sentiment that exists out there.
Almost been a sense of “if we build it they will come.” No they don’t. They’ll actively avoid it. Key contributing factor to why the disrupters are being successful.
For example…
Based in Phoenix and their mission is to make car buying better by bringing technology, transparency, and exceptional customer service to the process.
100% online car retailer.
Patented 360 degree photo process
2013 opened a car vending machine.
Carvana ranked 5th on Forbes List of America's Most Promising Companies for 2015
If you get a chance check out Shift and Vroom….
Last element of customer journey for this presentation….
More people have access to a mobile phone than they do a toothbrush.
Number of mobile phones has now exceeded the number of people on the planet.
Mobile is the fastest growing manmade phenomenon that we have ever seen. 0-7.2billion devices in under 30 years.
On top of that, need to consider an estimated 6% of all instore sales are influenced by smartphones.
Value of purchases are increasing year on year
Consumers are more and more willing to buy expensive items online.
Story of recently purchasing a washing machine, did it all from my phone.
So in our world, who is leading the way when it comes to mobile?
Beepi – peer to peer marketplace. Founded April 2013
Cars undergo inspection by a Beepi and they take up to 9% commission.
10 day return policy.
Founded in April 2014.
In 2014 valued at $200M.
Super intiative mobile site – designed with mobile first.
Video content, very clear explanation.
What mobile considerations should we make?
Do we design our online real estate with mobile first mentality? In 2014 55% of our new car enquiries came from a mobile source.
Are we designing mobile friendly video content for our customers?
Today we have looked at:
The balloons don’t work any more. “We will build it and they will come”, that doesn’t work.
As captives we need to engage with the disruptors in the fintech space. If we don’t our competitors are! Would love to talk more about accelerators and share our plans for an innovation lab.
Taken a snapshot look at what’s going on with fintech in the UK and other disruptors
Then looked at some key parts of customer journey – research, purchase and mobile optimisation.
The conclusion is this…
Previously the battle has been in and around the showroom. But that’s long gone now. Gen Y’s and millennials don’t care.
We need to have coherent digital strategy if we are going to stay alive.