The global market of online auto marketplaces
Today’s hectic lifestyle has a massive impact on the growth of the automotive industry, which is rapidly moving forward. While e-commerce has become the new normal for almost all industries, from clothing to electronics, auto marketplaces have always lagged behind because most customers prefer to choose a car in the dealership. However, consumer interest in car marketplaces is growing as a result of an increasing millennial population and the benefits of Internet usage. A wide choice of vehicles, and fast and reliable supply to customers, make online automotive marketplaces more convenient than other conventional retail options.
The market is a highly competitive one, with the presence of well-established key players like CarGurus (USA), CarWhale (India), Autohome (China), and AutoTrader (UK). Large auto marketplaces spend millions of dollars on marketing and technology, gaining trust from people worldwide, which brings smaller marketplaces many challenges when it comes to attracting new car merchants and customers.
To reach new customers and drive sales online, dealers need to take choosing a suitable marketplace very seriously. The main factors that sellers consider before joining a new marketplace include its size and reach, reputation, subscription cost, simplicity of use, and competition. Car dealers compare online marketplaces based on the above-mentioned and other parameters to try and understand which one will give them maximum exposure.
A need to insert new features into automotive marketplaces
To stay profitable in this highly competitive market, an auto marketplace must find ways to grow and keep sales on the platform. For this, online marketplaces should convert their users into buyers and make them come back over and over again. In practice, optimizing conversion and customer retention is the most challenging task for auto marketplaces. According to the Smart Insights research, the average e-commerce conversion rate varies from 0.99 to 3.79 %, with the car and motorcycling industry lagging behind at as low as 1.55%.
While some auto marketplaces fork out for advertising and SEO optimization, to no avail, others focus on improving the virtual car buying and selling experience, and find new ways to recreate the advantages of buying a car in person on their online platforms. For this, they add new industry-leading features that exceed the rapidly changing digital car-buying expectations from consumers and merchants.
For example, CARS, a leading digital automotive marketplace, has recently updated their chat technology. It allows customers to have a live video chat with a dealer and perform more advanced virtual shopping behaviors, such as receiving instant trade-in information and special offers from individual dealerships. On top of that, the marketplace will feature more interactive content such as virtual test drives that aid in the auto shopping journey. On Auto Trader, the UK’s largest digital automotive marketplace, car merchants can provide consumers with so-called At Home Video Walkarounds, i. e. personalized video chat sessions, allowing online shoppers to ask questions and get a feel for the vehicle.
Such careful attention to digital auto buying and selling experience helps marketplaces attract new consumers and dealers, and retain existing ones, leading to an increase in conversion rate and a sales boost. Thus, there’s a need to insert new cutting-edge features into an automotive marketplace to be able to stand out and occupy a leading position in the market.
Immersive content as a solution
One of the most effective ways to enhance customer engagement and increase the conversion rate is to provide online shoppers with high-quality visual content by implementing immersive technology into a car marketplace. Experience shows that the more appealing images are, the longer potential customers stick around, which bolsters the chances of them adding the vehicle to a shopping cart and ending up with a purchase.
With interactive 3D Views of cars on an automotive marketplace, everybody wins. For marketplaces, immersive content is a perfect way to boost conversion rate, while increasing engagement and online sales. More importantly, 3D Views allows auto marketplaces to make users’ browsing experience as similar to a visit to a dealership as possible. Customers can interact with the car through the 3D View, getting a good look at every detail, and can even walk around it to assess the length, width and height dimensions. Auto dealers and merchants, in turn, can demonstrate vehicles from different angles of perception, making the listing stand out on the marketplace and attracting more potential customers.
As for online shoppers, they can get a good look at every tiny detail of a car and ensure that it meets their needs and is worth buying. The outside of a car is one of the most critical factors affecting a purchase decision, and it’s not just about the design. The 3D View of a used car has a considerable advantage over standard photos since a customer can look at the vehicle from different angles, find any dents, chips, or scratches on it and, consequently, make an informed purchase decision. No one wants to get an automobile that doesn’t look like or work as promised, and a 3D View of a car can minimize the risks of customer disappointment.
Additionally, a 3D View of an automobile is beneficial for consumers when it comes to choosing a new car. It helps customers to thoroughly inspect the vehicle, estimate its actual size and even see how its color shades in different lighting, as if they are seeing it first-hand. As a result, a customer is more likely to feel satisfied with the car when visiting the dealership.
Advantages of the 3DShot app
Most marketplaces and sellers find 3D visualization time-consuming, complicated and unaffordable. This is where the 3DShot app comes into play. 3DShot is a complete 3D product imaging solution that can help automotive marketplaces implement immersive content and improve the digital car buying and selling experience. It is equipped with all the features needed to shoot 3D View content with a smartphone’s camera, edit interactive images with in-set filters, and integrate the content into a listing.
Here are the benefits auto marketplaces, car dealers, and online customers will get with the 3DShot app:
- Marketplaces provide their users with a new digital car buying experience and see a boost in engagement and conversion rate.
- Auto dealers have a chance to create a 3D View of their automobiles with a few taps and at no cost. No special equipment is required to create a 3D image of a car, so even individual car merchants can enjoy the benefits of digitizing an automobile in 3D.
- Consumers can interact with the car just like they would offline and make an informed purchase decision.
How to use and integrate the 3DShot app
To get the ball rolling, use the Cappasity API for integrating 3DShot into your marketplace and then announce that car dealers and merchants can now enjoy all the benefits of digitizing a car in 3D and sharing 3D Views on your marketplace. Remember to mention that creating a 3D View of an automobile is a cakewalk for any seller. Check out this step-by-step guide for car merchants and see for yourself how simple it is:
- Install the 3DShot app on your smartphone (compatible with iOS 9.0 and later).
- Ensure that there’s enough space to walk around the car at a distance of 3–4 metres.
- Stand opposite the right or left side of the car and make sure the entire vehicle fits into the frame.
- Open the app, enable the recording and start moving slowly around the car.
- Complete a full circle around the vehicle and upload the resulting 3D View to your 3DShot account.
- Copy the link to your 3D View and add it to your car listing on the marketplace.
The best part is, the 3DShot app is 100% free for marketplaces and sellers, so everybody can give it a try and see if it meets their needs. If you’re a car marketplace representative and want to add the opportunity to create and demonstrate 3D Views to your platform, please contact us through our website: https://3dshot.io/contact