AI is set to impact almost every part of the automotive business, from marketing to retail.
Data is the lifeblood of AI. In the last two years alone, approximately 90% of the world’s data was created. In combination with processing power, data has allowed for companies to make greater advancements in the automotive retail industry now more than any other time in history.
The big question to ask is: how will AI impact automotive retail in 2018? While everyone is looking for specific applications, the reality is that AI will impact nearly every part of the industry’s approach to doing business.
Here are few areas to explore in the year ahead:
Recent eMarketer research shows over a third of U.S. retail executives are experimenting with AI for their customer service efforts. Another survey found that 41 percent of respondents believe that customer service is the aspect of their operations that would benefit most from AI-driven services.
How will customer service change? All we have to do is look at how some of the big brands are using AI to handle customer requests or deliver customizable shopping experiences.
For automotive retail, these same practices can be used to predict car shopping preferences, from model type to color or feature recommendations. Automotive shoppers engage dealers throughout the day and they expect an immediate response. AI can automate and enhance these experiences, which helps improve loyalty, customer satisfaction, and sales.