How automotive retailers can thrive in a retail slump
Retailers have been struggling in 2017.
Every week there seems to be a new study, prediction, analysis, or article trying to explain why consumers are spending less on retailers. In March 2017, retail sales dropped 0.2%, much of them attributed to automobile retail sales. That might seem like a low amount until you consider that the expectation was 0.1%. In other words, sales dropped twice as much as expected.
In May, U.S retailers experienced their worst sales month in as much as 16 months. Once again, the drop was attributed, in part, to slow auto sales. However, the news isn’t all doom and gloom. At the beginning of the year, Forbes reported that the holiday season “showed a record number of online shopping being done.”
The story is becoming clearer.
The problem is less about retailers struggling and more about consumer spending shifting over to online shopping. But for auto retailers, that presents a problem. How does the auto retail industry, known for its location-based business and person-to-person interaction, make a shift to the eCommerce world?
The answer, as it has been for many other industries, is on digitalisation.
Our global report: “The Changing Landscape of Automotive Retail: A Global Perspective” looks at recent trends in the auto retail world, how digitalisation has been adopted by the industry’s most successful and innovative brands, and how retailers can act today.
Auto retailers need to move faster than they have in the past few years or risk being left behind completely. Consumers have already made the shift and as bigger brands and other retailers embrace digitalisation, auto retailers must compete in a completely different environment.
Download our report and learn how you can get ahead of the competition.