The automotive industry is in the midst of a historic digital transformation. Consider that today’s vehicles are computers on wheels that increasingly drive themselves. Customers who used to shop exclusively in the showroom can complete transactions online. Even repairs are going digital with over-the-air updates fixing problems that used to require a mechanic’s attention.
It’s exciting to watch these innovations unfold. But for the companies that must continue to navigate steep and uncertain terrain, the pressure to maintain profitability is intense as research and development investments, global competition, and environmental initiatives threaten margins.
To understand the industry’s challenges, Salesforce Industries Insights surveyed 500 decision makers from original equipment manufacturers (OEMs), captive finance companies, and retailers worldwide. Here, we share what we learned about the risks and opportunities companies face as they plan for a profitable and sustainable future, including:
- The progress companies are making in providing digital customer experiences
- Why first-party data is important now
- The impact of electric vehicle investments on profits