Automotive E-Tailing Market To Witness Uptick With Rising Web Savvy Consumers Globally | Industry Analysis, Key Player profile, Regional Outlook and Comprehensive Research Analysis by 2022
Research Reports
Jan 04, 2021
The penetration of the internet has made available several options for information, purchase and entertainment among other functions. The most promising outcome of this technology is the development of e-tailing, a virtual offshoot or retail and wholesale channels for sale of various products. E-tailing has made its presence known by enabling the sale of items such as consumer products both clothing and food items to electronics and eventually moving its way up to residential property and cars. Both property and cars are high-value products; their move to the internet for sale to prospective buyers was met with skepticism initially. But various portals have made their place in this rapidly developing domain by offering unique pricing points and a better level of the consumer experience. The development of the automotive e-tailing market 2020 has been notably driven by rising economic spending power levels around the world. The necessity to own an automobile is rising among individuals with factors such as improved financing options further motivating the e-tailing industry for automobiles.
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E-commerce has gone beyond tangible and virtual channels as retailers and brands carry on their investments in the digital channels to develop their business while manipulating privacy, data, and logistical issues. The consolidation of various retailing channels by market players is expected to play a significant role in the expansion of the automotive e-tailing market globally. Many people are trying to consolidate their leads by tweaking and experimenting with e-tailing business models to enhance the growth potential. Moreover, the need to collaborate and strategize with w-tailing channels is anticipated to be boosted by the realization of the fact the loyal customers of several markets can help in retention of the leading place in the market for a longer period of time while providing the impetus to tap into a global customer base. Lately, IVENDI revealed plans to revise its product variety to encounter the altering online requirements of vehicle purchasers, vendors, and finance suppliers. The novel and current products from the online motor retail technology company will be put together into three product clusters. This will enable the offer of omnichannel vehicle retailing products for chief global organizations to single-site traders. With the scattering of the consumer base over a much larger demographic is projected to inspire the incorporation of e-tailing channels further. The spread of e-tailing is expected to aid automobile manufacturers in significantly cutting down the costs that accompany the maintenance of brick and mortar facilities, thus increasing its popularity globally.
As the retailing requires ensuring a broader reach to various prospective customers, it is expected that many car manufacturers are expected to venture into the e-tailing channels. Moreover, the used car market is growing significantly, which is also relying on the use of e-channels to achieve sales performance. The automotive sector is nowadays developing into niche markets with products that are well-tailored. Some e-tailers are presenting customers with an extensive choice of unique automotive accessories and components from global brands. For instance, Cars24 has entered the used car retail sales market. Up until now, Cars24 had been a mobile auction platform that authorized owners to trade their cars to used-car vendors. The company states that over 2,00,000 cars have been retailed on their platform in the past four years. As per their service, buyers can have access to a complete health account of the car they want to purchase. All the cars traded on their platform go through a 150-step verification process. The company is supported by well-known investors like Exor Seeds, Sequoia India, Kingsway Capital, Apoletto, and KCK.
The progress of automotive e-tailing is expected to enter into certain challenges that may hamper the overall market growth. The retail business model in the automobile sector has been applied successfully in a vast number of shops and malls in cities all over the world, and this model is widely understood. The e-tailing channel may have problems with the consumer’s understanding of the overall, with purchases such as that of cars requiring a closer inspection before purchase. Many online sites have taken steps in recent times to ensure clarity of the processes and make it as transparent as possible while also simplifying and securing the payment processes. Moreover, the benefit of physical stores in the case of automobiles is better because a salesperson may be a better source of influencing and convincing the consumers and converting the final sale.
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Key Questions Addressed by the Report
- What was the historic market size?
- Which segmentation (Product/ Capacity) is driving market?
- What will be the growth rate?
- How are the key players in this market?
- What are the strategies adopted by key players?
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
2 SCOPE OF THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.1 DEFINITION
2.2.2 RESEARCH OBJECTIVE
2.2.3 ASSUMPTIONS
2.2.4 LIMITATIONS
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET LANDSCAPE
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS
4 MARKET DYNAMICS
4.1 INTRODUCTION
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
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