Consumer Satisfaction High on Digital

By Staff Writer January 26, 2021

Consumer satisfaction hit an all-time high, according to the new Digitization of End-to-End Retailing (DoEER) study by Cox Automotive.

With buyers spending less time at dealerships and benefiting from more efficient, digital retailing processes, those who were “highly satisfied” with the overall shopping experience reached 72 percent, up from 60 percent in 2019. The average vehicle buyer now visits only two dealerships in the vehicle buying process, down from 2.7 in 2016.

Isabelle Helms

“According to our data, car buyers have never been happier,” notes Cox Automotive vice president of research & market intelligence Isabelle Helms. “Consumers have long asked for a process that is more efficient and requires less time at the dealership. With more steps moving online, that’s exactly what they are getting. And it is not just consumers who are benefiting. Dealers, too, are seeing the advantages of a more efficient, streamlined purchasing process.”

The Cox DoEER study was undertaken to measure and understand the shifts in consumer preference toward a more online purchase process. Beginning in August 2020, a total of 1,859 purchase intenders were interviewed, along with 462 franchised auto dealers that offer digital retailing tools.

According to the study, 64 percent of shoppers want more of the purchase process to happen online, compared to the last time they bought a vehicle. But consumers are not the only ones that see the appeal – and the benefit – of the shift to digital retailing.

Sixty-one percent of franchised dealers note that digital retailing efforts are allowing them to spend less time on a sale; more than half believe it helps them improve the customer experience. Importantly, 75 percent of dealers agree that digital retailing provides shoppers a more customized experience, a key to higher satisfaction with the shopping process.

In 2017, research by Cox Automotive showed that 25 percent of buyers wanted to finalize the vehicle price online. By 2020, that number had jumped to near 40 percent. Dealers are taking notice: 80 percent of franchised dealers surveyed in the DoEER study indicated they plan to offer even more parts of the purchase process online in the next 1-2 years.

Rate this item
(1 Vote)
Last modified on Friday, 29 January 2021 13:21