Oct 16 2014
A study from GE Capital Retail Bank in 2013 found that 81 percent of consumers research products online before making a big purchase decision. This percent is expected to continue to grow as consumers become more comfortable with the integrity of online information along with the readily available product information. From clothing to electronics to large appliances, shoppers are using the internet to make smarter decisions before opening their wallets.
This is particularly true in the automotive industry. According to a study from Google, 95 percent of vehicle shoppers use digital channels to research. Potential car buyers can browse through mountains of information to properly educate themselves about automobiles before they walk onto a sales lot. Younger car buyers in particular are as much as six times more likely to use technology as an integral part of their shopping experience, according to a DME automotive study. Google reports that 35% of vehicle shoppers use their mobile devices to research automobiles before buying. Tools such as QR code scanning, mobile apps, social media and online videos are accessed and utilized to evaluate and compare vehicles and dealership services.
Likewise, consumers look online to find the best automotive service options for their vehicles. From routine maintenance to large repairs, consumers will check online before they show up in the service bay.
All of this technology is now reality in the automotive business. And with the digital age comes the need for clean, accurate vehicle data. In order to convert a shopper into a buyer the right information is needed to help encourage the buying decision in your favor. VIN decoding products help online conversion rates by posting the correct critical vehicle specifications and equipment on your business website. The vehicle identification number (VIN) is standardized, readily available and unique for each vehicle on the road. It can be used to confirm various vehicle attributes and, when combined with additional industry knowledge, can be used to provide detailed descriptions and vehicle equipment. Data feeds of current "for-sale" vehicle inventory are commercially available and for vehicles that are physically available to your business, the VIN can be scanned or keyed from the VIN plate present on all vehicles.
But the quality of VIN decoding is the key. Accurate information virtually eliminates issues with VIN decoding and provides clean consistent information to improve the overall online experience for your customers. Given that errors mean lost sales or refunds, VIN decoding products must have a high degree of data integrity and the ability to accurately decode the VIN to present information that will facilitate the sale of the vehicle or service. For example, determining the transmission type based on the VIN number alone is not always possible and may require additional data tied to the VIN. If the VIN decoding tool reflects the vehicle has an automatic transmission when it actually has a manual transmission, shoppers will question your overall business integrity and voice their concerns to others.
When choosing a VIN decoding solution for your online products, consider carefully the provider that your business will utilize. Some VIN decoding tools provide only high level, basic information such as make, model, year and engine. Other VIN decoding providers may attempt to include additional information such as body style, transmission, and other options.
DataOne's VIN decoding software solutions provide a large variety of key vehicle attributes including important safety features, equipment options, warranties and other details. This allows you to customize your solutions to fit your business' data needs and budget. With this level of customization available you can provide the optimal amount of vehicle details for online visitors to convert them into buying customers. It also allows you to utilize the data to differentiate your site in a potentially crowded online marketplace, possibly providing a key advantage over competitors.
As the number of online shoppers continue to grow, as well as become more sophisticated and demanding, the research and shopping experience you offer online will need to become more powerful and efficient. The right VIN decoding solution will provide valuable and necessary vehicle details as well as support automation and streamlining of the shopping experience. Having the right vehicle data and VIN decoding solution can be an integral part of your online success.
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