Artificial Intelligence (AI) is a system that is taught, how to perform tasks that would normally require a person to complete. The goal with AI is to minimize if not completely replace human intervention so that people can spend more time on value enriching intrapersonal processes.
A number of companies have already employed robots to carry out repetitive rule-based tasks that do not require manual oversight, this form of automation is called Robotic Process Automation (RPA). When you combine RPA with AI you get Intelligent Process Automation (IPA) – robots that are now equipped with cognitive capabilities such as Machine Learning (ML), Optical Character Recognition (OCR), Natural Language Processing (NLP) and so on. Firms investing greater than $50 million in Big Data and AI initiatives is up by 64.8% as of 2020, a 25% increase since 2018 owing to their use-case versatility. This highly disruptive technology has found its way into the automobile industry and proven beneficial in boosting auto dealership’s quote-to-sales conversion rates.
AI in Auto Dealerships
Jeff Lemmer, vice president and CIO of Ford Motor Company said, “Not only are AI technologies critical for enabling our autonomous vehicles, but they are playing an increasing role in transforming our customer and employee experiences.” Enabling your auto dealership sales executives with AI augmented assistance systems can save a significant amount of time and money. Normally, a sales rep would have to manually search through mountains of leads from a non-transferable location and then manually sift through reams of inventory lists before find a matching vehicle. Analogous systems most often leave out customer details in the comment section which leads sales agents to quote prices far from the actual rate. This impedes the winnability of your quote in an industry where speed is critical.
More and more auto dealerships are beginning to fully comprehend the potential that IPA has to offer. In 2019 alone, the contribution of AI in the automotive market exceeded $1 billion and is estimated to grow at a CAGR of 35% between 2020 and 2026. Here are a few ways your sales agency can gain from integrating IPA assisted processes.
Seven IPA Driven Transformations for Auto Dealerships
- Direct Personalized Follow Ups
Send out custom made follow up emails and messages that are automatically generated in a timely fashion. This ensures that you keep your customer base engaged at all times. Interactions such as these create an enhanced experience for your customer and increase the likelihood of converting a quote to a sale.
- Ensure Digital Security
AI allows for advance cyber security systems to be developed and put into place. IPA supported digital defence systems come with sophisticated custom-built safeguards that can identify threats much earlier on and detect suspicious activity in your DMS or CRM.
- Deploy Chatbots
Chatbots are becoming increasingly popular as a means of creating a more interactive user interface for consumers that keep them on the same webpage and answer queries instantly, 24/7. These bots can access large databases and accurately provide solutions for a multitude of auto dealership related enquiries.
- Enhance Sales Strategies
AI systems offer predictive analysis by learning from prior interactions. By analysing how previous conversions were made the system can make user customized recommendations and create a more personalized experience for your clients. In some cases, the system may even offer a more optimum choice that may not have been previously considered.
- Optimize SEO
Curating a website that is relevant and value added for automobile shoppers is key to maintaining a tangible online presence. AI in car sales allows you to create the best SEO strategy for your target audience. With multiple channels of e-commerce constantly bombarding potential consumers making it to the top of a search engine can be all the difference.
- Target & Retarget
ML has a fairly important role to play in targeting. This marketing technology is quite pervasive and is already in use by many auto dealers. It essentially entails tracking online behaviours and displaying ads that are of interest to them. Retargeting comes into play once your intended users are on your website. AI optimizes your brand positioning while reminding shoppers of previous queries and actions initiated while last on the site. This is how ML can work for you in real-time.
- Intelligent Website Targeting
AI in car dealerships uses smart targeting which employs predictive analysis on each shopper currently on your webpage giving them the personalized experience they would receive if present in your showroom. Predictive analytics allows the system to identify the core intent of each consumer and respond with appropriate interactions.
SalesCatcher’s Intelligent Offering (iO) can help your auto dealership reap all of these benefits and more with our AI orchestration platform – iOFlow, working in tandem with our intelligent RPA tool – iOBot. You can create a well-rounded more customized experience for each of your consumers, increasing the winnability of your quote while saving time as well. If you’d like to explore this further reach out to our AI team at SalesCatcher and find out more.
