Here's a look at some of the new industry trends that are kickstarting the automobile market
Automobile manufacturers are pioneering an innovative path as they kickstart business in India. From increased safety norms at their production facilities to end-to-end digital solutions that will drive sales, here’s how the market is changing, globally.
Down to business
Just about every automobile manufacturer has reopened their production facilities. But, they have to follow strict rules to enforce proper hygiene in the work environment, proper social distancing norms and work with only a key workforce. Highlighting this aspect, Guenter Butschek, CEO & MD, Tata Motors said, “Our utmost priority is the safety and well-being of our employees, customers and ecosystem partners. Therefore, we restart operations with limited, essential staff in each planta, adhering to all mandated safety norms while efficiently meeting operational requirements. We will scale operations in a graded manner as the entire enabling ecosystem of suppliers, vendors, dealers and customers come up to speed.”
Brands are also converting their face-to-face sales experience for digital pitch. Hyundai India recently announced their end-to-end solution called Click-to-Buy that allows a customer to research a product, customise it, choose a dealer, prepare customised finance options, purchase insurance and process a loan through the portal. The customer can even make the full payment of the vehicle online! Other manufacturers have also followed suit. Companies like FCA India have gone live with Book my Jeep, while Mahindra introduced their four-step Own-Online platform, which they claim allows a customer to purchase a Mahindra vehicle faster than it takes to get a pizza delivered! Commenting on this, Dr Partha Datta, President and Managing Director, FCA India said, “To ensure health, safety and convenience, we are making the Jeep retail experience as touch-free as possible. We are already live with Book My Jeep. It is being dovetailed into a 360-degree digital retail architecture that will deliver an intelligent, easy-to-use and fascinating experience for customers. Prospects will be able to book and own a Jeep via their screens, without leaving the safety of their homes.”
To aid car sales, numerous manufacturers have launched innovative finance schemes to give the customer a chance to buy now and pay later. Some companies are deferring the EMI to 2021, and while other manufacturers are building in a ‘job-loss’ protection into the plan. Detailing their plans, Rakesh Srivastava, Managing Director, Nissan Motor India, said, “With innovative financial schemes and initiatives including ease of financing and convenience in getting their car serviced, Nissan India will enrich the customer experience at each step, which is especially important in such challenging times.”