In recent years, online automotive marketplaces and dealerships have become a more common way to buy and sell new and used cars. A 2022 EY survey of around 13,000 consumers in 18 different countries revealed that 66% of car buyers now prefer to browse online for vehicles instead of at traditional offline dealerships. With this clear movement in consumer preference, businesses must prioritise accurate vehicle specifications if they wish to succeed in this competitive online retail market.
A trusted vehicle data supplier that can support businesses not just locally but across multiple markets is vital for online retail success – here are a few of the ways they can help:
- Building customer trust: Accurate vehicle specifications play a pivotal role in building trust with online car buyers. Potential customers rely heavily on details about make, model, trim level, optional features, mileage, and condition, particularly when they’re not visiting a showroom in person. Providing precise and comprehensive information makes decision making easier and reduces uncertainty, so customers are more likely to be engaged and proceed with confidence. 50% of car buyers would look to use an online configurator to spec a car, and of those who do intend to visit a showroom to discuss their configured car further, accuracy of vehicle information online ensures consistency and a better overall customer experience throughout the purchasing journey. Building this customer trust is essential for future-proofing automotive marketplaces, not only for winning over new business but for fostering a loyal customer base that will return for their next purchase in the future.
- Enabling informed decision-making: By presenting comprehensive vehicle information on their websites, businesses empower buyers to make more informed decisions. Detailed specifications which have been standardised across all makes and models, help potential customers understand the unique attributes of a vehicle, compare like-for-like options, and assess suitability based on their personal preferences and needs. This facilitates a frictionless buying process – particularly for the 23% of people who would prefer to make the final vehicle purchase online – and improves customer satisfaction.
- Pricing Accuracy: 77% of car buyers surveyed by AutoTrader said they either looked online or plan to do so in future to view a vehicle’s price. Precise specifications are crucial for determining accurate vehicle pricing. Each feature, trim level, or optional add-on can significantly impact the value of a vehicle. A trusted vehicle data supplier ensures that businesses have access to up-to-date and reliable data, enabling them to price their inventory competitively and attract potential buyers.
- Improving search and filtering capabilities: Accurate vehicle specifications also form the foundation of effective search functionality. When potential buyers can filter their searches based on specific features and trim levels, they can quickly find the vehicles that meet their criteria, improving the overall car buying experience.
- Catering to diverse markets: Expanding into multiple markets requires businesses to adapt to local preferences and regulations. A trusted vehicle data supplier with operations and expertise in multiple markets ensures that businesses have access to comprehensive and localised vehicle specifications. This allows them to cater to the specific needs and preferences of customers in different regions, increasing their market reach, potential customer base, and ultimately, business growth.
- Simplifying data integration: Seamless data integration is critical for online selling, allowing businesses to put up to date information on their digital platform or app quickly, if not even in real-time. With solutions delivered via APIs, common errors which can often occur in the process of updating and maintaining inventory, or when ensuring consistency across multiple channels for customers, can be avoided – saving businesses both time and money.
Businesses selling cars online must prioritise a trusted vehicle data supplier capable of supporting them with up-to-date accurate information that can facilitate better customer experiences, wider market reach, and crucially, a competitive edge in the dynamic automotive industry.
JATO Dynamics is the industry leading provider of automotive data worldwide. Our reliable and timely information helps online automotive retailers to understand the market better and improve the buying experience for their customers.
Find out more about how our vehicle data API solutions can help your business: https://info.jato.com/carspecs-api
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