The status quo in the automotive industry

If you think things are changing quickly in the automotive industry today, I promise it will be faster tomorrow. It is evolving at lightning speed, with more changes in the past three years than in the past three decades, accelerated in no small part by the disruption to production caused by the Covid-19 Pandemic.

Advancements in technology and shifting consumer preferences are shaping the future of mobility. As we move further into the 21st century, it’s becoming increasingly clear that the vehicles of tomorrow will look vastly different than those of today. From electric vehicles to self-driving cars, the future of the automotive industry is awash with exciting possibilities.

Automotive consumers visit an average of 4.2 websites as part of their purchasing process.

Cox Automotive

What does all this mean for the industry? The automotive business models of today will not exist in 10+ years. The customers you have today are not the customers of your future. Therefore, every player, from spare part manufacturers to dealers, and original equipment manufacturers (OEMs) to distributors, must rethink their strategies entirely to survive.

Today’s consumers expect to be able to purchase and receive what they want, when and how they want it, with maximum convenience. Since the customer is in charge, it’s up to brands and retailers to respond accordingly. The convenience economy is all about consumer empowerment and control.

We understand that such rapid change is scary, but with the right business mindset, you can be one of the players that stands the test of time.

Author

Felix Buehner

Global Lead for Automotive and Mobility at Spryker
With over 5+ years of experience in the automotive and technology industries, Felix is a recognized expert in the field of digital transformation and e-commerce solutions for the automotive industry. At Spryker, Felix is responsible for driving the company's global automotive and mobility strategy, developing innovative solutions to help automotive businesses adapt to the rapidly changing digital landscape.
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