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How IoT Can Improve Both UX and ROI in Automotive Retail
Businesses see massive opportunities in the Internet of Things (IoT), but they’re also aware of significant challenges. Quantifying return on investment (ROI) and finding a clear use case has been identified as the most immediate challenge for IoT professionals. In this article, we show how IoT can be used in a concrete and viable business scenario to improve customer experience with an example based on an automotive retailer. The automotive industry faces many challenges to increase turnover, revenues, and profitability. For retailers (i.e., the car dealerships), these challenges will be met by increasing the number of cars and the related services they sell, such as routine maintenance and repair services. However, sales are influenced by the customer experience (CX). And while a good CX may help dealerships sell more cars, a bad experience will certainly not. Until recently, customers typically visited a dealership four times before making a purchase. Now, over half the cars are sold on the first visit and 67 percent within two visits; therefore, the CX on the first visit clearly matters. Who knew first impressions were so enduring?
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