The automotive eCommerce industry is growing dramatically. With growth come trends that we can pay attention to in order to help predict more changes that we may potentially see. Knowing how to spot and interpret these trends is incredibly helpful and insightful overall. So, what are some of the trends that we will see for the automotive eCommerce industry in the year 2023, keep reading to find out.
Massive Growth
This is the first trend we are likely to experience. The growth of the automotive eCommerce industry is set to grow even more than it has already in the past few years. With COVID-19 and other issues that come with a pandemic, more and more people are turning to eCommerce solutions to help get new cars, sell their old cars, and buy parts for their cars as well.
The automotive eCommerce industry was valued at an estimated 2021 billion USD in the year 66,34. In the year 2029, it is projected that the industry will exceed 200 billion USD in value. This growth is massive and is something that anyone in the automotive eCommerce industry should certainly pay attention to.
Increased eCommerce Spending
Another trend is that more and more people are spending more money on the automotive eCommerce industry than ever before. People are spending more money buying parts online and going to online retailers in search of the things that they need over going to a brick-and-mortar store. Online sales through third-party sellers like amazon are also up. The purchase of parts online is one of the biggest areas of growth that the industry has seen at this point.
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Vehicle Automation
More and more vehicles are turning toward becoming more automated than ever before as well. Instead of cars where you have to do everything manually, more and more cars are integrating new automated features that make the need for parts and the need for searching out cheaper repair options a need. Technological advancements are helping to drive the eCommerce industry in that it is much cheaper for those that are having issues with technology in their cars like power window systems, stereos, and more, to look for an alternative option when it comes to repairing.
Impact of Shortages and Distribution Issues
Still another trend that we are seeing is that more and more people are opting to source their own parts and their own automotive components as many big-name companies and repair companies are having trouble with distribution and shortages of parts. More and more people are looking to get their own parts so that they can then have their cars repaired and not have to worry about things like the shortages that many manufacturers are experiencing.
Many people are also looking to save money and spending money online for parts is going to be far more cost-effective than paying hiked-up prices for those parts that would cost far less online. We are in a current climate where people want to stretch their dollar as far as possible and they are willing to do a bit of legwork to be able to save money.
Technologically Advanced Dealerships
With the upturn in automotive eCommerce, there is now a bigger call for dealerships to take the leap and do more for their customers. More and more dealerships are opting to create online showrooms where the vehicles that they have on the lot can be seen virtually. This enables people to actually see the vehicle online and even purchase it online in some cases. Many dealerships are also going toward becoming more technologically advanced. They are using tablets to do paperwork, texting to keep in touch with customers, and even making sure that their online presence is easy to use and effective.
This means that websites for automotive eCommerce are also changing. They are including more information, and more options and they are more involved and in-depth than ever before. We have all seen the website for a car dealership. Before they offered the bare minimum. The cars on the lot were listed and there was contact information. The sites for the new industry are more involved, they feature each car, they are easy to navigate, they are mobile and tablet friendly, and they are easier to use than ever before making it possible to really have a full car buying experience, online.
What Do These Trends Mean?
Overall it means that the automotive eCommerce industry that we know is changing. That is not a bad thing. It simply means that the industry is not all that old, and is adapting to the current market and to how people want to use it. There are now more online car dealerships where you can trade in and even purchase a car online than ever before. There are more websites that help you to purchase what you need for a lower price and help you to avoid the backlog and shortages that many places are experiencing.
This is an ever-growing market. It will continue to grow as we become more dependent on technology and as we are able to do more with the technology that we have. We did not have the capacity for the automotive eCommerce industry to reach the size that it has until now.