Traditional car dealerships are shifting toward digital means for Millennials
Trend - In the past few years, the fate of the auto industry has been called into question as Millennials increasingly decide against purchasing a car. Some car companies are looking to alleviate this by offering easier car purchasing options that leverage digital features.
Insight - It's no secret that Millennial consumers are accustomed to online shopping and the ease it offers. Though some bemoan this as a trait of a generation that is too hesitant to "grow up," this generation wants traditional adulthood through more contemporary methods. Companies within industries built on a sense of convention can both service, and impress the Millennial consumer by working against the status quo and providing ease of use.
Insight - It's no secret that Millennial consumers are accustomed to online shopping and the ease it offers. Though some bemoan this as a trait of a generation that is too hesitant to "grow up," this generation wants traditional adulthood through more contemporary methods. Companies within industries built on a sense of convention can both service, and impress the Millennial consumer by working against the status quo and providing ease of use.
Workshop Question - What is one tradition within your industry that could be challenged to accommodate the Millenial consumer?
Trend Themes
1. Digital Car Purchasing Options - Offering car purchasing options that leverage digital features can service and impress the Millennial consumer, who demand ease of use and convenience.
2. Online Car Sales - Offering online car sales is a popular option, as many consumers prefer the convenience of online purchases.
3. Advanced Virtual Shopping Experiences - Virtual showrooms with 360-degree views, augmented reality, and new finance options offer an optimal virtual shopping experience for car shoppers.
Industry Implications
1. Auto Dealerships - Traditional auto dealerships can leverage digital features to capture the Millennial consumer and compete with hyper-specific online retail sites.
2. E-commerce - The trend towards offering digital purchasing options, online car sales, and advanced virtual shopping experiences demonstrate how e-commerce is revolutionizing the auto industry.
3. Virtual Reality - Advanced virtual shopping experiences and virtual showrooms offer a new frontier for the auto industry and demonstrate how virtual reality technology is disrupting the industry.
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Date Range:
Aug 18 — Mar 22
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