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Industry Trends

Diving Into Digital

Eric Fifield Chief Sales Officer EFG Companies
Contributing Author: Eric Fifield Chief Revenue Officer, EFG Companies

Did you take advantage of Amazon Prime Day? Spend a little time investigating the online deals promoted by Amazon or a dozen other major online retailers? Did you have an enjoyable digital experience, or form an opinion about a retailer thanks to your online shopping trip?

If you are like the majority of consumers, you relied on brand perception to point you to certain retailers. You researched your purchase against a couple of other online options. You vetted the product by checking reviews and ratings, and you hit the “Buy Now” button. You didn’t visit a store or consult an expert.

The importance of a digital presence is only continuing to grow in retail automotive. EFG Companies recently released a finding from its national consumer research study revealing the critical role of a dealership’s online presence in making a sale. According to the 1,500 respondents, today’s digital consumer begins their buying research process online. An Ernst & Young study showed that more than two-thirds of customers now spend less than 10 hours to research their vehicle purchase – down from 15 hours in 2016. This same study showed that consumers spend more time online researching a car than any other online purchase!