6 Expert Voices on the Future of Digital Commerce for the Automotive Industry
What do you see as the biggest challenges facing the Automotive industry at the moment?
The industry currently faces significant challenges, including the threat of new legal requirements and trends that could render existing products and services obsolete. This necessitates the development of new business models, such as E-Mobility and autonomous driving. The market structure and organizational framework are also sources of concern. The industry is heterogeneous, and consolidation is expected in the near future. This is in no small part due to the four megatrends disrupting the industry, according to Roland Berger, of mobility, autonomous driving, digitalization, and electrification.
Dominant platforms, particularly in areas like spare parts and tires, contribute to price transparency and pose a threat to revenue potential and profit margins. This poses a particular challenge for B2B companies, including car dealerships and repair shops, as their profitability continues to decline amidst increasing competition. Additionally, supply chain issues arising from geopolitical conflicts and the COVID-19 pandemic have been problematic for the industry, but improvements are anticipated in 2023.
Original Equipment Manufacturers (OEMs) face challenges as well, lacking vertical and customer access in the end-user market, while new OEMs enter the scene. The competition from alternative mobility services adds further pressure. Demographic and generational changes among target groups necessitate changes in customer approach and innovation.
Furthermore, the degree of digitization varies among companies within the industry, leading to unstructured and limited data storage and underrepresented digitization in workshops, tire dealers, and car dealerships. Complex product data and inconsistent parts recognition across countries, coupled with insufficient data quality, further compound the challenges. Areas that require optimization include end-to-end digitalization of the supply chain, OEM lifecycle processes, and service processes.
Which key trends and innovations will have the strongest impact on the Automotive industry?
The industry will be significantly impacted by key trends and innovations. Emerging marketplaces and platforms, particularly for spare parts and tires, are gaining prominence. Automakers are increasingly considering vertically integrated business models, particularly in the battery value chain, to protect against supply chain disruptions. This includes localized battery manufacturing instead of relying on a few large suppliers, according to Randy Miller.
Market differentiation primarily revolves around additional digital or physical value-added services. Automakers are expected to prioritize customized in-vehicle experiences, such as digital cockpits, voice-enabled services, and advanced display screens.
Randy Miller also discusses how modern electric vehicles (EVs) are changing into high-tech machines that have features like smartphone connectivity, infotainment systems, and advanced driver assistance systems. These updates are aimed at attracting younger consumers. As a result, automakers are fast-tracking their efforts to incorporate these technologies into their vehicles.
There’s a temporary decline in workshop utilization and parts sales due to lower mileage and fewer accidents. However, despite these short-lived challenges, consumer demand for EVs remains strong, and there is reason for optimism regarding EV sales in 2023.
What strategies do you recommend for companies in the Automotive industry to effectively market and sell their products through digital channels?
- Find a balance between in-house software development and established technology partners to position themselves digitally and develop new business models.
- Foster strategic partnerships and cooperation between manufacturers, workshops, and other stakeholders to expand business activities and provide end-to-end services.
- Enhance online presence and improve digital customer interaction by offering personalized support and engagement.
- Utilize marketplaces and platforms that provide convenient and user-friendly product selection and configuration options. These platforms can also enable customers to book appointments for workshop visits.
- Implement loyalty and benefits programs to increase customer retention and foster customer loyalty.
By adopting these strategies, automotive companies can effectively leverage digital channels to market and sell their products, enhance customer engagement, and drive business growth.
What do you offer companies in the Automotive industry, and why is Spryker the right partner for you?
At Diva-e, we provide comprehensive end-to-end services, backed by our expertise and dedicated teams. We have extensive experience working with numerous clients in the Automotive Aftermarket sector and maintain a close working relationship with our clients.
Our partnership with Spryker is longstanding, marked by a significant number of successful Spryker projects. We are one of their key strategic partners, sharing a strong focus and deep knowledge of the automotive segment.
What do you see as the biggest challenges facing the Automotive industry at the moment?
The automotive industry is at an exciting crossroads, and digital transformation through modern commerce platforms is key to staying ahead. Organizations need to adapt their sales models and establish a cohesive omnichannel approach to meet the growing demand for online research, comparison, purchasing, and accessing parts and services for vehicles. This shift necessitates setting a solid foundation that seamlessly integrates physical and digital sales channels, providing an intuitive digital experience for customers, reps, and end users.
Digital transformation is about leveraging technology to revolutionize processes and capabilities in the automotive industry. Modern commerce platforms empower organizations to enhance operations and deliver exceptional digital experiences. By embracing these platforms, businesses differentiate their services, gain a competitive edge, and create a digital halo around their brand.
Through the integration of technology into existing operations, organizations streamline processes, unlock growth opportunities, and set themselves apart in the digital age. By staying at the forefront of technological advancements, businesses can continuously evolve, meet customer demands, and unlock new growth possibilities in the automotive industry.
In summary, the automotive industry is undergoing a transformative shift to digital innovation and modern commerce. By adapting sales and service models, establishing omnichannel approaches, and leveraging digital tech, organizations can enhance operations, deliver exceptional experiences, and differentiate their brands in a highly competitive market.
Which key trends and innovations will have the strongest impact on the Automotive industry?
AI will come out as more than just a trend for the industry. It has the ability to bring an immersive experience which is instrumental in an online car buying process. Through personalized customer experiences, AI can analyze vast amounts of data to provide tailored recommendations and offers, boosting satisfaction and loyalty. Virtual assistants and chatbots powered by AI can assist customers throughout their online car buying journey, addressing inquiries, scheduling test drives, and simulating vehicle customization. Predictive analytics enables AI algorithms to make accurate forecasts about customer preferences, demand, and pricing, empowering automakers and dealerships to optimize inventory, pricing, and marketing strategies.
Beyond that, think of how supply chain optimization becomes achievable through AI, as algorithms analyze factors like demand, production, and logistics to streamline operations. Then consider how AI also enhances fraud detection and security, safeguarding online transactions and customer data through continuous monitoring and threat detection. Overall, the impact of AI on automotive digital commerce will depend on future advancements and implementation strategies, but it truly is groundbreaking. The ones that will come out with a competitive advantage are the ones that set a solid foundation for this type of technology early on.
What strategies do you recommend for companies in the Automotive industry to effectively market and sell their products through digital channels?
Companies in the automotive industry should adopt a comprehensive strategy that combines technology, experience design, and digital services. One key aspect is prioritizing the customer experience by developing user-friendly websites and mobile apps that provide comprehensive access to accounts and digital twins for each vehicle in their fleet. This includes support tools, 3D models, and media to enhance the maintenance experience. As well as automated processes and just-in-time notifications.
Implementing a modern e-commerce platform is crucial for an effective eBusiness strategy. Spryker, with its robust capabilities and modular approach, stands out as a prime choice for such a platform. Its flexibility allows companies to adapt and scale their digital channels to meet evolving customer needs. Spryker provides a powerful foundation for building customized digital commerce solutions that integrate with enterprise systems and enable seamless data flow.
Additionally, companies should focus on reliable payment processing solutions and effective inventory management systems to streamline the online shopping experience. Establishing partnerships with e-commerce platforms and providers to integrate third-party and enterprise applications can enhance business opportunities and maximize online sales potential. Leveraging data-driven insights and analytics enables companies to personalize marketing efforts and deliver targeted campaigns that resonate with their customers.
Moreover, a strong focus on post-sales support is essential. Providing aftermarket parts and service support is key to maintaining customer satisfaction and loyalty. This includes offering self-service portals, online appointment scheduling, and proactive maintenance reminders to ensure a seamless ownership experience.
By following these strategies and leveraging a platform like Spryker, companies can effectively market and sell their products through digital channels. They can deliver exceptional customer experiences, optimize operations, and drive growth in the rapidly evolving automotive industry.
What do you offer companies in the Automotive industry, and why is Spryker the right partner for you?
In the ever-changing digital landscape of today's economy, few investments hold as much importance as a new e-commerce venture. This decision warrants careful consideration from both IT and Business stakeholders. Successful execution of such an endeavor necessitates collaboration from individuals across various departments and disciplines, ensuring that the final solution effectively delivers the desired business value, reliability, and return on investment.
Having extensive experience in e-commerce and electronic parts catalog implementation, Echidna has partnered with numerous companies in designing, constructing, and utilizing these systems to drive transformative change within their businesses. At Echidna, we leverage decades of experience to guide our clients in the design and delivery of business solutions built from technology, designed for success, and delivered reliably. Spryker provides the perfect framework on which to compose these sophisticated solutions. Every company offers a unique way of doing things, and Spryker enables us to deliver commerce solutions that easily integrate into each unique enterprise and extend it into an expansive marketplace of digital innovation.
At the core of our work at Echidna lies the mission to guide our clients in the design and implementation of modern commerce solutions. We prioritize guiding businesses through the process of developing robust solutions on the Spryker platform. Our goal is to equip them with modern commerce capabilities, enabling them to overcome internal complexities, maintain competitiveness within their respective markets, and foster a culture of continuous innovation.
What do you see as the biggest challenges facing the Automotive industry at the moment?
- Supplies shortages are hurting businesses due to the after-effects of Covid-19 and the current war between Russia and Ukraine
- Operational processes and procurement processes are being redefined and optimized due to the impact of not just Covid-19 and the war but also inflation and the threat of recession
- Companies are trying to optimize available resources to have positive P&L at the end of 2023
- Excess inventories (cars & spare parts) due to a slowdown in consumer demand
- Creating flexible manufacturing to respond to the demand and becoming more efficient in the mid/long run
Which key trends and innovations will have the strongest impact on the Automotive industry?
- Anticipated purchasing through e procurement and marketplaces platforms due to uncertainty in spare parts and supply chain
- Digital B2B: digital platforms can automate order management, payments, invoicing, and fulfillment and reduce the sales cycle
- Marketplaces: there has been an increase in marketplaces growth in spare parts and automotive the last few years, and it´s a trend nowadays because of convenience to have all automotive categories and options in one place, rather than just a brand or a category in a D2C business model
- Hyper automation in services
- Artificial Intelligence: in customer service, personalization, and customer experience to offer 24/7 services and personalized experiences
- Data science: gather all the customer's data from different channels, analyze it, and use it for marketing purposes in an omnichannel environment
What strategies do you recommend for companies in the Automotive industry to effectively market and sell their products through digital channels?
- Modernize B2B platforms: to automate orders, invoicing, credits, quotations, and inventory visibility
- E-procurement: Purchasing through e-procurement and marketplaces platforms, due to uncertainty in spare parts and supply chain and access to different suppliers all over the world with just a few clicks
- Build your own marketplace with existing out-of-the-box platforms to offer one-stop-buying and extended catalogs for the convenience of the customers
- Go to end users directly with B2C platform and offer value adds vs. physical stores, i.e., free shipping, real-time inventory, etc.
- Omnichannel: connect digital and physical through BORIS, BOPIS, ship from store, store to store inventory, etc. to enhance purchase experiences between offline and online
- Offer strong and omnichannel loyalty rewards programs: it doesn't matter if the customer buys online and/or offline. Every purchase must count to a loyalty program to increase the customer lifetime value
What do you offer companies in the Automotive industry, and why is Spryker the right partner for you?
- B2C implementation or re-platforming
- B2B implementation or re-platforming
- Marketplace implementation
- Omnichannel strategies implementation and integrations (BORIS, BOPIS, STS, LSAO, etc.)
What do you see as the biggest challenges facing the Automotive industry at the moment?
- Complex purchasing process: Vehicles require test drives, financing, and personalized configurations, making online transactions challenging
- Regulatory constraints: Dealer franchise laws and regulations limit manufacturers from selling vehicles directly to consumers online
- Trust and security: Vehicles are high-value items, making customers hesitant to purchase online without robust security measures.
- Logistics and delivery: Shipping vehicles is logistically complex and expensive, potentially limiting the appeal of online sales
- Digital infrastructure: Companies need to invest in user-friendly websites, mobile apps, and virtual showrooms for seamless digital commerce
- Integration with dealerships: Transitioning to digital commerce requires effective integration of dealer networks for a consistent customer experience
- After-sales support: Ensuring access to reliable and convenient after-sales services is essential for building long-term relationships
- Evolving consumer expectations: automotive companies must adapt to growing consumer expectations for seamless online experiences.
Which key trends and innovations will have the strongest impact on the Automotive industry?
Several key trends and innovations are poised to have a significant impact on the automotive industry:
- Electrification: The shift towards electric vehicles (EVs) driven by environmental concerns, government incentives, and technological advancements will reshape the industry. Increased EV adoption will create new market opportunities and necessitate new infrastructure, like charging stations.
- Autonomous driving: Advancements in autonomous vehicle technology will revolutionize the driving experience, improve safety, and increase efficiency. This will lead to new business models like ride-sharing and autonomous taxi services, transforming the industry's value chain.
- Connected cars: IoT and vehicle-to-everything (V2X) communication enable connected vehicles, offering improved safety, real-time data, and enhanced in-car experiences. This connectivity also enables over-the-air updates, making vehicles more adaptable and versatile.
- Shared mobility: Ride-sharing, car-sharing, and car subscription services are changing consumer attitudes toward vehicle ownership. This shift could lead to reduced demand for private cars and increased demand for shared mobility services, affecting traditional sales and distribution models.
- Digitalization: The integration of digital technologies, like AI, machine learning, and big data analytics, is transforming vehicle design, manufacturing, and customer interactions. Digital showrooms, augmented reality, and virtual test drives reshape the purchasing experience, while predictive maintenance improves after-sales services.
- Circular economy and sustainability: Increased focus on reducing environmental impact and promoting sustainable practices will affect manufacturing processes, material choices, and end-of-life vehicle management. Companies that embrace these trends will likely gain a competitive edge.
- 3D printing: The adoption of additive manufacturing for vehicle components can reduce production costs, waste, and lead times. It also enables greater customization and design flexibility.
What strategies do you recommend for companies in the Automotive industry to effectively market and sell their products through digital channels?
To effectively market and sell automotive products through digital channels, companies should adopt the following strategies:
- Build a strong online presence: Develop user-friendly websites, mobile apps, and virtual showrooms that showcase product offerings, provide detailed information, and facilitate seamless purchasing experiences.
- Utilize immersive technologies: Leverage augmented reality (AR) and virtual reality (VR) for virtual test drives and 3D vehicle configurators, allowing customers to explore and customize vehicles remotely.
- Personalize marketing efforts: Use data analytics and AI to tailor marketing content, targeting potential customers with personalized offers, incentives, and recommendations based on their preferences and behavior.
- Engage customers through social media: Build brand awareness and foster relationships with customers by sharing engaging content, participating in conversations, and providing responsive customer support through social media platforms.
- Implement omnichannel strategies: Integrate online and offline touchpoints to create a seamless, consistent customer experience. Collaborate with dealerships to facilitate test drives, vehicle delivery, and after-sales services, bridging the gap between digital and physical interactions.
- Offer flexible financing and ownership options: Provide attractive financing solutions, subscription-based models, and leasing options to cater to diverse customer needs and preferences, making vehicle acquisition more accessible.
- Strengthen after-sales services: Use digital tools like predictive maintenance, remote diagnostics, and online service booking to enhance customer support, boosting customer satisfaction and loyalty.
- Leverage content marketing and SEO: Create valuable, informative content to educate customers and drive organic search traffic, positioning the company as a trusted industry authority.
- Partner with influencers and industry experts: Collaborate with influencers and experts for product reviews, endorsements, and co-created content to increase brand visibility and credibility.
- Monitor and analyze performance: Regularly track and analyze digital marketing metrics to identify trends, optimize campaigns, and make data-driven decisions, ensuring continuous improvement and adaptation to evolving customer needs.
What does Spryker offer companies in the Automotive industry?
Spryker is a commerce technology company offering a flexible, modular, and scalable platform that helps businesses adapt to the evolving digital commerce landscape. It is particularly suitable for the automotive industry for several reasons:
- Customizable platform: Spryker's modular architecture enables seamless integration with existing systems and accommodates the complex purchasing process of vehicles.
- Omnichannel capabilities: Spryker supports a seamless customer experience across online and offline channels, facilitating collaboration with dealerships.
- Personalization and immersive experiences: Spryker's platform enables personalized marketing and supports AR and VR integration for immersive experiences.
- Scalability and performance: Spryker's platform is designed to scale with growing businesses, ensuring reliable performance.
- Streamlined after-sales support: Spryker's solutions enable efficient after-sales service management, fostering long-term relationships.
Additionally, Spryker empowers the building of ecosystems through its marketplace capabilities. Spryker's platform supports the creation of automotive marketplaces, allowing businesses to connect with dealers, service providers, and third-party sellers. This fosters a robust ecosystem that enhances the customer experience by providing diverse product offerings, services, and financing options.
By partnering with Spryker, automotive companies can benefit from a customizable, scalable, and feature-rich digital commerce platform that addresses industry-specific challenges, empowers ecosystem-building, and helps them stay competitive in the rapidly evolving digital landscape.
What do you see as the biggest challenges facing the Automotive industry at the moment?
The pandemic forced many automotive and parts dealers to get out of their comfort zone and launch self-service and e-commerce experiences to continue serving its customers. Headless B2B e-commerce solutions, like TreviPay, helped dealers create quick wins by integrating with their online marketplaces to help sell parts and accessories to customers with seamless checkout experiences. Customers have become so accustomed to self-service offerings accelerated by the pandemic that these make-shift solutions are now not robust enough and actually drive customers to competitor sites that have more developed self-service solutions, like TreviPay.
TreviPay’s investment in getting feedback from its automotive clients and customers to create more self-service experiences for B2B allowed us to see over a 200% adoption in users across our dealer portals and average transaction volume growth of over 25% per year for clients in the automotive and parts space, even during the Covid-19 pandemic. The biggest challenge facing the industry is B2B consumers want the same user experiences they have with B2C products, driving demand to create better self-service user experiences across web and mobile apps.
Automotive customers want more than a great experience; they expect a reason to keep coming back to your site or dealership, with rewards such as discounts and swag. B2B e-commerce platforms continue to look for new ways to keep the accelerated customer growth they achieved at the height of the pandemic by launching more sophisticated e-commerce sites equipped with loyalty discounts, incentives, or rebates as part of parts programs to stay competitive with other platforms and in-person experiences.
Which key trends and innovations will have the strongest impact on the Automotive industry?
- Instant payments: Self-service trends in B2C have driven the demand for instant payments in B2B or automated options that don’t require interaction between a business and a customer when making an automotive purchase. TreviPay has worked with General Motors (GM) for nearly 20 years in helping to automate their relationship and transactions with dealers and their fleet customers.
- Seamless checkout experience: Users want instant gratification from the moment they access your digital store. Think wicked-fast page loads, easy navigation, and the same experience in an app or website. When automotive customers add parts to their online cart, they seek the easiest and fastest way to get their parts paid for and shipped.
- Secure payment options: Customers and businesses want secure payment options, but they don’t want it to cause any additional work, so it must be built into the experience. This is why SSO (single sign-on), MFA (multi-factor authentication), or biometric options such as fingerprint or FaceID will continue to impact security of purchases. Whether online or in-person at a dealership, customers want instant approval when paying for service to their vehicle or parts purchases.
What strategies do you recommend for companies in the Automotive industry to effectively market and sell their products through digital channels?
- Listen to your customers: The best strategy for dealers and parts programs to effectively market and sell products through digital channels is to listen to their customers. The pandemic forced many dealers to permanently modify their checkout experience and interaction with drivers or customers. They should explore who is buying the products online versus in person through UX (user experience) research by conducting in-person interviews, surveys, usability testing, and understanding behavioral metrics.
- Implement NPS or CSAT: At TreviPay, we offer a digital NPS (Net Promoter Survey) integration with Medallia on our platforms to understand the customer's experience with our automotive clients. All of our automotive and parts programs have a higher-than-average rating of NPS well above the B2B industry standard of 30, with scores as high as 80 for some programs. We take pride at TreviPay in creating the best experiences for our automotive clients and their customers, and we have seen a 200% increase in the adoption of new user accounts across programs by actively engaging in dealer and customer feedback through NPS, webinars, and newsletters to create an engaging platform.
- Implement Click Metrics: You can also understand where users are clicking on your sites or better understand if they came directly from another website when they are more likely to make a purchase, such as at a certain time of day or after an event. I recommend investing in behavioral metrics via digital channels such as Google Analytics, Amplitude, or Adobe Analytics. It’s especially important to understand when a customer adds parts to their online cart, how long it takes them to transact and ensure they complete the purchase.
- Partner with the Right Companies: Effective marketing and sales for the automotive and parts space comes down to the visibility of your commerce platform to drive adoption and sales. Creating a partnership, such as TreviPay has with Spryker, will help companies to drive more traffic to their sites from an organic play to an omnichannel sales approach.
What do you offer companies in the Automotive industry, and why is Spryker the right partner for you?
B2B typically lags behind B2C in the world of e-commerce, especially in the automotive industry, where vehicles need servicing. The great news is the pandemic helped to accelerate e-commerce for many B2B manufacturers, including the launch of online marketplaces to sell parts, pay for services or book appointments. The biggest oversight with many of these launches was creating a new marketplace based on in-person experiences of parts purchases and without talking to users and thinking through the entire customer experience. When businesses come to TreviPay for a headless solution, they don’t get an out-of-the-box experience, they get the opportunity to work with our entire product and UX teams to provide feedback on the best checkout experience for their customers or their client's customers. Our product and UX teams visit with dealers and customers on a weekly basis to help create the best experiences for online users. That’s exactly why Spryker is the right partner for us at TreviPay - they can help our clients build the best digital solutions and marketplaces that will help accelerate growth and adoption to help capture more of the online market for our automotive customers.
What do you see as the biggest challenges facing the Automotive industry at the moment?
The challenges facing the automotive industries are reasoned by environmental guidelines, changing mobility demands and a transformation of customer behavior. The general conditions of society have an influencing effect too e.g., the demographic shift.
Through this the biggest challenge is the electric vehicle adoption: The industry is transitioning from traditional internal combustion engine vehicles to electric vehicles (EVs). The main challenge lies in developing affordable and efficient EVs with longer ranges and a robust charging infrastructure. Automakers are investing heavily in research and development to overcome technological limitations and bring EVs to the mass market.
Besides this the increasing connectivity and digitalization of vehicles is the second biggest challenge. The complexity and importance of software leads to software integration issues and new functional safety and security needs. It opens concerns regarding data privacy and cybersecurity. Protecting vehicles from hacking attempts and safeguarding user data are critical challenges that the industry is actively addressing.
Which key trends and innovations will have the strongest impact on the Automotive industry?
The society and technical changes in the automotive industry led to several key trends and innovations with strong impact.
The automotive industry is undergoing a digital transformation. Advanced infotainment systems, smartphone integration, voice assistants, and cloud-based services are becoming standard in modern vehicles. This trend is driving the development of user-friendly and personalized in-car experiences.
The concept of Mobility as a Service (MaaS) is gaining traction, offering integrated and on-demand transportation solutions. MaaS platforms combine various modes of transportation like public transit, ridesharing, bike-sharing, and more into a single, convenient service accessible through smartphone apps. This trend aims to provide seamless, efficient, and sustainable transportation options.
The development and deployment of autonomous vehicles have the potential to transform transportation. AV technology continues to advance, with automakers and tech companies investing heavily in research and development. AVs have the potential to enhance road safety, improve traffic efficiency, and enable new mobility services. However, challenges related to safety, regulations, and public acceptance still need to be addressed.
Advanced Driver Assistance Systems (ADAS) technologies are playing a crucial role in enhancing vehicle safety and improving the driving experience. Features like adaptive cruise control, lane-keeping assist, and automatic emergency braking are becoming more common and are partly mandatory for new cars. ADAS paves the way for the gradual transition toward fully autonomous vehicles.
What strategies do you recommend for Automotive companies to effectively market and sell their products through digital channels?
The customer journey in the automotive industry must be transformed and improved through various technological advancements and changes in the way vehicles are designed, marketed and serviced.
Online Purchasing and Digital Retailing match to the increasingly common behavior that vehicles are purchased online. Customers can complete the entire transaction digitally, including financing, trade-ins, and home delivery. Digital retailing platforms streamline the buying process, providing transparency and convenience. This trend reduces the time and effort required for customers to purchase a vehicle and offers a more seamless experience. For OEMs the concerted chain from B2B Fleets to used car sales in B2C involving Dealers and Online Channel need to be well orchestrated.
Predictive Maintenance and Remote Services methods are necessary to enable connected vehicles to gather data about their performance, enabling predictive maintenance and remote diagnostics. Manufacturers and dealerships can monitor the health of the vehicle remotely, alert customers about required maintenance, and even schedule service appointments automatically. This proactive approach to maintenance enhances convenience, minimizes downtime, and improves overall customer satisfaction.
The rise of subscription-based models and mobility services allows customers to access vehicles without the traditional ownership commitment. Customers can subscribe to a service and enjoy the benefits of having a vehicle, including maintenance and insurance, without the financial burden of ownership. This flexibility appeals to customers who prioritize convenience and are open to alternative mobility solutions.
These advancements and improvements in the customer journey aim to provide a more streamlined, personalized, and convenient experience. By leveraging technology and digital tools, automotive companies are focusing on enhancing customer satisfaction, reducing friction points, and meeting the evolving expectations of consumers.
What do you offer companies in the Automotive industry, and why is Spryker the right partner for you?
As Telekom MMS we have the advantage of experience in the areas of digital transformation strategy, data analytics and AI, customer experience and engagement and cybersecurity. With this knowledge we can cover a broad set of the current challenges from the industry from customer touchpoint to software development up to cybersecurity of vehicles.
In combination with Spryker, we have a very long e-commerce experience together, marketplace experience and combine this with industry expertise. Our daily business enables a clear view of the customer challenges. With our solution we can address the challenges-cores and provide added values. With a marketplace and shop solution from Spryker new use cases and a more customer-centric approach is possible. It is a highly efficient tool which is flexible and meets the requirement of a global solution.
What potential do you see in AI for Automotive? And what role can your product or service play in this?
Artificial Intelligence (AI) methods have significant potential to transform the automotive industry in various areas.
AI plays a crucial role in developing and enhancing autonomous driving systems and assistance systems. Machine learning algorithms enable vehicles to perceive their surroundings using sensors and make real-time decisions based on the data. AI helps in object recognition, lane detection, traffic sign interpretation, and path planning. Deep learning techniques, such as convolutional neural networks (CNNs) and recurrent neural networks (RNNs), enable vehicles to learn from large datasets and improve their driving capabilities over time.
Natural language processing (NLP) and voice assistants powered by AI technology enable seamless human-machine interaction in vehicles. Drivers can use voice commands to control various functions like making phone calls, adjusting climate settings, and navigating to destinations. AI algorithms process and understand natural language queries, providing accurate and context-aware responses. These systems improve safety by allowing drivers to keep their hands on the wheel and eyes on the road.
Customer Service and personalization will be revolutionized with AI-powered chatbots and virtual assistants. They are increasingly being used in the automotive industry to provide customer support and personalized experiences. Chatbots can handle customer inquiries, assist with vehicle troubleshooting, and schedule service appointments. AI algorithms analyze customer data and preferences to offer personalized recommendations for vehicle features, services, and maintenance.
All together AI methods are being leveraged to drive innovation and efficiency in the automotive industry. As AI technology continues to advance, its potential for automakers, suppliers, and consumers is likely to grow even further, leading to safer, more efficient, and personalized driving experiences.