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Digital Retailing - What are your results?

Jeff Kershner

Founder
May 1, 2005
3,483
1,078
113
First Name
Jeff
Be sure to join myself and Alex tomorrow for RefreshFriday...

**If you're a dealership that has experience in DR and would like to join in tomorrow (1pm EST,) direct message myself or Alex.

It is time to let the cat out of the bag: Digital Retailing doesn’t work.

On top of that D.R. stands for DealerRefresh and we want our letters back! So Digital Retailing is getting delegated to some other letters. 4 letters come to mind.

Jeff and Alex will explore why digital retailing isn’t all it was promised to be and are going to ask the question: do you need it at all?

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Reactions: Brittany

ed.brooks

Sr. Refresher
Jan 15, 2010
1,111
655
113
First Name
Ed
I listened to the great RefreshFriday. Nice Job @Jeff Kershner @Alex Snyder and Kevin Fry!

It prompted me to go back and look at a prediction I made almost exactly five years ago on DrivingSales;
"My sense is the winners and losers in the business, five years from now, will be predicated by how well they assist buyers slipping from the online experience into the physical experience – and perhaps back again. For instance, one buyer may have a question about his credit; traditionally, a dealership will do everything in their power to get him into the store and start them down the “Road to the Sale.” The winning stores five years from now (or sooner) will be able to step in to not just answer the question, but to also update the customer’s deal information online, allowing the customer more control over their individual process."

My question today is, how close did I come?
 
Reactions: Alex Snyder

Tarry Shebesta

Getting Refreshed
Mar 17, 2011
70
37
18
First Name
Tarry
I listened to the great RefreshFriday. Nice Job @Jeff Kershner @Alex Snyder and Kevin Fry!

It prompted me to go back and look at a prediction I made almost exactly five years ago on DrivingSales;
"My sense is the winners and losers in the business, five years from now, will be predicated by how well they assist buyers slipping from the online experience into the physical experience – and perhaps back again. For instance, one buyer may have a question about his credit; traditionally, a dealership will do everything in their power to get him into the store and start them down the “Road to the Sale.” The winning stores five years from now (or sooner) will be able to step in to not just answer the question, but to also update the customer’s deal information online, allowing the customer more control over their individual process."

My question today is, how close did I come?
Well, 9 years ago (2010) DriveItNow (truPayments) was calculating and updating deal information based on real credit, in real time. To date, it's still the only solution to do so. I talk about it extensively when doing presentations on Credit First vs Credit Last. Tomorrow, Nov 12, I'm speaking again about it at Used Car Week's FinCon: ( Digital Retailing and the role of FinTech: Credit First vs Credit Last)
 
Reactions: mikesayre

Alex Snyder

President Skroob
May 1, 2006
2,797
1,412
113
First Name
Alex
I listened to the great RefreshFriday. Nice Job @Jeff Kershner @Alex Snyder and Kevin Fry!
Thanks Ed! :thumbup:


"My sense is the winners and losers in the business, five years from now, will be predicated by how well they assist buyers slipping from the online experience into the physical experience – and perhaps back again. For instance, one buyer may have a question about his credit; traditionally, a dealership will do everything in their power to get him into the store and start them down the “Road to the Sale.” The winning stores five years from now (or sooner) will be able to step in to not just answer the question, but to also update the customer’s deal information online, allowing the customer more control over their individual process."

My question today is, how close did I come?
One major thing we talked about on the show was that people don't like to follow a perfectly linear process. People have different needs/motivations that arise in varying ways at various times. Your credit-questioning individual may want to find out if they qualify before visiting the dealership and that should be an entry point. Another person may be skeptical about a trade figure and that should be another entry-point.

If digital retailing tools would allow the customer to work through motivations/issues first and exit at any time then there could be a better formula for success. As it stands today, too many solutions pump the customer for lead info or force them to land on a car first. So, what we were talking about doesn't exist in a straight-forward application at the moment (or could it ;) ;) ).

Also, the dealer's actual sales process is seldom taken into account by these online tools. I believe we exposed that is the larger issue at the moment.
 
Reactions: ed.brooks