Ways New-Age Technology is Enhancing Performance of Automakers

Automobile manufacturers are also adopting social listening and CRM systems to meet the needs of their customers better.

Fremont, CA: Covid-19 wreaked havoc on various sectors, forcing businesses to pivot, adapt, and embrace new technologies at a far faster rate. Its digital transformation enabled them to satisfy new client needs across many touchpoints. All of this was not lost on the car industry.

Plant closures, supply chain disruptions, component shortages, and poor car sales created significant hurdles to the auto industry. However, manufacturers and customers have welcomed innovative digital solutions. Online dealerships, home test drives, and e-registrations were among them. In the automotive sector, high-tech adoption has outpaced the cumulative rate of the previous five years in the last year.

The ease of use, safety, openness, and increased customer confidence in digital channels have resulted in faster purchasing choices. According to a report, the 95percent of new vehicle purchasers and 94percent of used car customers start their research online. As a result, it's critical to pay attention to the brand's digital character and establish an impression of a customer-first approach online.

1. Keeping customers first via tech

The automobile industry continues to confront an increasing variety of issues, such as shorter product life cycles, shorter time to market, cost pressure, market instability, and more competition. Integrating technology into all parts of manufacturing, sales, and customer engagement is the only path ahead. Vehicle makers have been embracing technology tools like Automation, AI, ML, Analytics, Big Data, and IoT for an improved user experience, from applying algorithms that use data for automated operations during vehicle setup to enabling greater communication with smart devices.

2.The AI Advantage 

The combined capabilities of AI, Big Data, and machine learning can analyze large volumes of data based on predefined characteristics and correctly target qualified prospects. These people are most likely to purchase. The AI system monitors customer preferences and notifies them of firms that can meet their needs. Toyota, for example, employed AI and machine learning to better cater to client preferences based on makes, models, and incentives that fit each customer's wish list. The individualized client experiences that resulted from digital interaction assisted the dealership in increasing sales by 150 percent.