The market of automotive marketplaces: from 2019 to 2021

According to the forecast of the British research company iBe TSE, by 2024 the sales volume of online marketplaces worldwide will reach $7 trillion, while last year this number was only $1.7 trillion. Among the top 10 largest platforms on the market there are two - in the segment of cars: CarGurus (USA) and TrueCar (USA).

Automotive marketplaces, as a symbiosis of B2B and C2C sales, are of particular interest for both e-commerce and software markets. As specialists in the field of development and promotion of large-scale projects in the field of digital commerce, General Soft could not fail to mention special achievements and innovations of the industry in recent years.

The auto market is becoming more transparent

Vehicle inspection system is one of the most popular on the car market. According to the largest British marketplaces Auto Trader, 77% of buyers are ready to give preference to sellers who have the results of an independent car inspection at the ads service. This will allow you to get the most out of the information before you spend your personal time on an offline meeting to inspect the car.

Total comparison of cars - the way to more affordable purchases

The main problem with the automotive market is that buying a vehicle is different from other expensive things like renting a property or finding a travel packages . While in other areas of premium goods or services the possibility of comparison has long been realized, it still remains a problem with cars. How to compare the prospects of buying a new car, used or transport from other countries?

The largest marketplaces already actively include a comparison function for all parameters of the ad: starting with one car, which is added to the list of "interesting" and adding a new transport.

The same thing, but in financial terms, is also important for users. Thus, 8 out of 10 potential buyers (only new cars) hesitate to make an online purchase. The reason for this is a completely different final price, taking into account all services and the necessary equipment, which is voiced by car dealers when visiting the auto center.

The ability to realize the so-called feature and kit calculator with the technology of comparing the models of different manufacturers will increase market coverage by at least 5 times.

A market that benefits both buyers and sellers

The function of assignment of "instant market price" to used cars will become innovative at the market of automobile marketplaces. This is the value of the car, which will be justified from the point of view of vehicle history, its technical condition and location region. Thus, by placing an advertisement on a platform, a seller receives an updated vehicle price every day, based on comparison with models of similar characteristics and condition. The buyer does not make mistakes, choosing a poor quality car at a "low" dumping price.

The realization of such functions is possible with the maximum involvement of machine learning, big data analytics and artificial intelligence.

Marketplace and social networks - a way to increase demand

Innovations of Instagram and Facebook open wide opportunities for multi-channel car marketplaces.  Now it is not just advertising, but the opportunity to make purchases without leaving the application.  This feature is especially relevant for the category of "related" car goods and services: consumables, functional products or car washes.

This concept also has the reverse effect - the aggregation of social media functions in marketplaces.  Thus, the largest bloggers can now recommend the product directly on the sites, thereby increasing loyalty and overall demand for category directions of brands.  Such functionality is already being actively implemented in China, although it is in great demand in the United States, where blogger sales are among the highest in the world.

Shopping geolocation "on the go"

Another actively developing area for marketing is shopping on the road. And it is connected with another innovative function - progressive web applications that combine the interaction of web and mobile marketplaces (PWAs).

According to statistics, mobile e-commerce sales will reach $3.56 trillion by 2021. In this case, already potential "mobile" customers spend at least 20 days a year on the road.

Combining these two growing trends together with "geo-capture" technologies, it is possible to achieve huge sales figures. For example, a driver who is stuck on the road, can receive notifications of the nearest gas stations, car washes, service stations, directly in the area of its location.

Implementation of advanced features in your car marketplace at the stage of its development will reduce to a minimum the payback period, and get maximum effective traffic. "General Soft" experts in the field of e-commerce solutions implement the best opportunities and technologies exactly for your business. Apply for expert consultation right now and get a competitive platform directly for your tasks!

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