F&I and Showroom, March 2020

www fi magazine com 22 F I and Showroom ing analytics company reported that its research revealed Gen Z shoppers do not prefer digital only interactions Instead theyre a click to call shopper after first completing their research online Thus these consumers are inclined to interact with you across multiple platforms digital retail mobile and in person Based on these data points two actions should be considered 1 How are you addressing your stores digital footprint to enable Gen Z to have convenient access to your F I product offerings using the connection and communications platforms they prefer 2 What modifications to your in store customer engagement practices should be adjusted or reinvented to put Gen Z at ease and feel in control and well attended to when they visit the showroom Online magazine Retail Touch Points citing data from the IBM Institute for Business Value gathered in collaboration with the National Retail Federation provides insight into these buyers engagement expectations March 2020 DIGITAL WHEN YOU USE DIGITAL INTERACTIVE AND TRANSPARENT DEVICES TO ENGAGE GEN ZS HANDS AND MINDS IN THE PRODUCT EVALUATION AND DECISION PROCESS THEY WILL FEEL IN CONTROL A HIGH NEED FOR THE GEN Z CAR BUYER REGULARLY SHOP BRICK AND MORTAR STORES 66 SAY MOBILE IS CRITICAL TO THEIR SHOPPING HABITS 75 USE MOBILE APPS TO SHOP 48 SAID ABILITY TO FIND WHAT I WANT QUICKLY IS IMPORTANT 49 WANT SPEEDY SHOPPING 36 When it comes to F I these buyer preferences suggest No More Digital Retail Excuses Migrate variable and fixed operations to digital Though end to end digital retail is the industrys goal remember these consumers still ask to engage with businesses in person Make F I product information menus and purchase options accessible online and on mobile devices to aid their ability to research make comparisons and push to their social network to get their communities endorsement Educate and Differentiate Online Push your product presentation online Provide valuable product and product value insight using PDF documents infographics informational videos and chat services to engage Gen Z where they shop Engage them in interactive lifestyle and risk surveys to more confidently match products to their needs Push these digital merchandising tools to them as you gather contact information Be Where They Look and Shop Reach this always on buyer across multiple channels using AI chatbots or virtual assistants on your website social media car listing sites and everywhere else Gen Z researches inventory and dealerships to keep the conversation with your dealership moving forward Put Them In Control Provide web and mobile enabled product menus that Gen Z can access on their time at their pace playing with options that interest them Restaurants that do so for their business are having upsell success If a common addition to a cheeseburger is bacon a kiosk can offer messaging that gives customers the chance to add bacon to their burger for an upcharge according to the blog post How Do Self Service Kiosks Impact Sales at TouchSuite com a point of sale technologies provider Be Transparent This means full disclosure a complete explanation of any documents or paperwork you ask them to sign and consistent messaging and pricing from online messaging to the prices theyre quoted by the F I office Improve Phone Skills The Marchex study reported that Gen Z consumers are 60 more likely to hang up the phone if not answered within 45 seconds and are 30 more likely to curse if they feel their needs are not being met Dont give them a reason to curse Reinvent Your Meet and Greet Assume these consumers have already done their homework and made their decisions but are still open to you suggesting options Teach and show them but answer them quickly sharing accurate and reliable content Put on a service first attitude Gen Z visits stores because they value high touch as an essential complement to the high tech they use first to connect Dealers today have a choice of F I technologies to engage satisfy and sell to Gen Z buyers Use yours to educate this audience to help them understand what your products do and how they will benefit from their purchase and do this online across multiple communications channels When you use digital interactive and transparent devices to engage Gen Zs hands and minds in the product evaluation and decision process they will feel in control a high need for the Gen Z car buyer Provide consumers with an individualized product matched to their risk and lifestyle characteristics and your product penetration and PVR will increase ABOUT THE AUTHOR Imran Mussani is vice president of MaximTrak Operations for RouteOne Holdings LLC