Growth in the Automotive Aftermarket Sector
The global automotive aftermarket has been experiencing exceptional growth owing to customer expectations, influence of newer technologies, go-green initiatives, the onset of pandemic and geo-political conditions that have placed further demands on the aftermarket supply chain industry. The automotive aftermarket industry exceeded the value of USD 560 billion in 2021 and is expected to grow at a CAGR of over 6.4% from 2022-2028 (GMI Reports) and the e-commerce aftermarket exceeded USD 50 billion in 2021 and is expected to grow at a CAGR of over 14% from 2022 to 2030. (GMI Reports).
B2B Marketplace
The remarkable growth in the automotive aftermarket has also transformed how business-to-business (B2B) purchases are carried out with emergence of third-party digital platforms known as B2B Marketplace. This marketplace allows companies to connect with one other and captures all transactions online related to procurement of products or services and streamlines the purchasing process. Companies have begun to understand that they are able to adequately research and get better product insights from different suppliers and thus make informed purchasing decisions. Report from Digital Commerce 360, shows that in 2021, online sales on B2B ecommerce sites, log-in portals and marketplaces increased 17.8% to $1.63 trillion.
Automotive aftermarket industry has a huge potential in this marketplace and must offer precise inventory information, product fitment data, competitive pricing, best services, and a seamless purchasing experience to attract new customers and retain existing customers.
Reasons how digital marketplace influences the automotive aftermarket industry:
1. Expand your Buyer Base
● Manage huge volume of products with ease and accurate inventory information
● Offer personalized experience for your target audience like specialized product catalogues, pricing, shipment information and ensure secure and easy payment process
● Expand globally by offering business in regional l languages and currency support.
● Create seamless brand experience by setting up personalized storefront or microsites for specific buyer audience or specific products
2. Business Automation
● Buyers can now place their purchase orders at anytime since the storefront is available anywhere, anytime, and thereby reduce processing cost.
● Schedule orders to be process and released at required intervals.
● View real time data related to product inventory, pricing, provide quick product updates, manage service requests with ease and improve overall operational efficiency
● Keep your data centralized by integrating with your local systems like PIM, ERP through APIs and provide accurate information to required storefront and websites with ease.
● Deep Data insights and metrics based on the buyers purchasing trend
3. Increased Sales
● Advanced search functionality to help your B2B buyers find their parts with ease. (Seamless information exchange)
● Generate leads based on recent searches and cross sell or upsell based on the target audience.
● Meet your buyers demands by configuring workflows like quotation request for order pricing, proposal requests and quote to cash.
To find out more about our B2B eCommerce service