Make Buying Easier
Connected Retailing - Creating a Seamless Experience for Online and Showroom Buyers.
Buyer expectations have leapt forward, and online retailing is increasingly a crucial component to the success of franchised and independent dealers.
The right technology can unlock a wealth of opportunity for finance lenders and their retail partners, helping their prducts stand out in an increasingly competitive market.
Fully connect the online world to the showroom with a comprehensive suite of tools that enhance the finance experience for vehicle consumers.
The Changing Retail Environment
What’s influencing buyer behaviour?
The acceleration towards digital transformation in many areas of life has created a more diverse customer base for motor finance than ever before.
Traditionally, the vehicle buying experience has been relatively linear, seeing little change in decades.
Consumers come to the showroom, find a car they’re interested in, and follow the traditional path to purchase.
Digital transformation has changed that. Consumers spend more time researching the vehicles, and more crucially, the finance products they want.
Monthly affordability, total product value, and term length now factor into the purchasing decision, on top of the considerations buyers have for the vehicle itself.
When consumers eventually visit the showroom, they are far more informed than consumers of old, possibly knowing everything they need to know about the vehicle, and what finance products they intend to purchase.
Connected Retailing aims to cater to the needs of all buyers, whether they shop completely online, want to conduct the entire sales journey in-person, or move between the online and physical channels.
Maintaining Profitability
The Digital Showroom Never Closes
Connected Retailing helps maintain profitability and keep sales channels open, even when physical retail locations are closed.
Retailer websites and online marketplaces have become a critical part of the vehicle buying process, presenting new opportunities to place finance at an earlier stage of the consumer journey.
Our research shows peak browsing time on retailer websites is between 6-10pm.
The right combination of tools can allow consumers to self-serve much of the buying journey, particularly discovering their eligibility for and applying for finance, so they can arrive in the showroom ready to buy.
This is what we call the digital forecourt, and can mean you’re open to serve customers, even when your retail network is closed.
Fluid Finance
The Finance Journey is Changing
Consumers have more options than ever before when it comes to financing large purchases.
Our latest platform data, from over 8,000 motor retailers across the UK, shows that online finance applications are quickly closing the gap on showroom applications.
We predict in 2022, 45% of all finance applications will happen online.
Consumers are now happy to complete key parts of the finance process online.
The right tools will allow them to progress their finance applications directly through the retailer's preferred finance partners, and not with a direct-to-consumer lender, helping retailers increase their finance penetration and profit per unit
Disrupting the Disruptors
How the right technology can help you compete
The shift in consumer behaviour brings a lot of challenges, but there is also a lot of opportunity.
The right technology can help you compete with new digital entrants by empowering the consumer to transact in the way they want to – whether that is online, in the showroom, or a mix of the two.
It is about providing consumers with online car buying capabilities that translate into streamlined showroom experiences.
iVendi solutions defend the traditional retail model by efficiently and effectively providing financiers and their retailers with a comprehensive online buying experience, that’s fully connected to the showroom.
By connecting the online experience with the in-store experience, you unlock a unique view of the customer journey, creating a seamless and effortless, high-quality experience that occurs within and between contact channels.
The technology needed to take your buying journey to the next level is accessible and cost-effective for all retailers, lenders and manufacturers.
