Keyloop, a leading international automotive technology company, today announced it is unveiling its Experience-First platform to ensure automotive retailers navigate currents of change and stay future-proofed. Experience-First, powered by Keyloop’s end-to-end automotive retail ecosystem, is anchored by five key principles and fosters enduring relationships grounded in preference and trusted transparency, helping retailers and OEMs to open a relationship rather than to close a sale.
Experience-First is more than a philosophy or approach. It’s an ecosystem of pooled and actionable knowledge between retailers and OEMs. Keyloop’s playbook for the future of automotive retail can be found in a groundbreaking new whitepaper titled Revolutionising automotive retail through technology: unleashing the ultimate customer experience.
A fundamental shift – embracing customers as seamlessly connected consumers
Automotive retail is in a deep transformation, involving new agency models, diverse finance options and shifting ownership trends. Plus, there is EV adoption, connected mobility, and fresh market players to consider. Paired with a rapidly changing world, swift adaptation to address modern consumer needs and behaviours is vital. The industry, however, continues to grapple with isolated systems and trapped data, hindering innovation and loyalty.
Half of brands struggle to deliver relevant customer experiences, according to a study by Accenture, indicating a crisis of relevance between retailers and consumers. To regain automotive relevancy, brands must align their offerings with customer needs, considering trends, behaviour, and technology, while staying updated with vehicle innovations. Achieving this requires a 360-degree view of the customer, fuelled by deep data.
Keyloop’s Experience-First platform marks a fundamental shift in how automotive retailers and OEMs approach selling, driven by consumers who expect brands to provide high-touch interactions. It empowers dealers to focus on delivering the x-factor – surprising, delighting, and truly connecting with customers.
Tom Kilroy, Chief Executive Officer, Keyloop commented: “ Delivering an ultra-relevant customer experience is revolutionising the automotive industry and requires a profound shift in perspective for both retailers and OEMs. Today’s modern consumers share common expectations across both their physical and digital journeys, requiring a redefinition of technology priorities. Be it ordering food on your mobile device, buying sophisticated consumer electronics in new retailing environments, to shopping for your next car, delivering superior experiences is crucial for establishing that initial relationship and building enduring loyalty. Success lies in providing precisely what's needed, when it’s needed. Our Experience-First strategy ignites this transformative shift, ensuring technology-enabled relevancy at all times throughout the customer journey.”
Five key principles of success in building an Experience-First approach
Keyloop has identified five key principles for change, which will bring automotive retail up to the standards consumers have come to expect across all their retail interactions:
Distinctive: create exceptional experiences that your customers remember long, setting you apart.
Unified: deliver a 360-degree view of consumers across all departments to build understanding and target interactions.
Frictionless: streamline processes, empowering exceptional customer service and efficiency.
Connected: embrace technology with a valuable ecosystem of partners, enriching your offerings with a broader range of tools and services.
Simplified: unlock your DMS investment and connect unifies multiple points for smoother operations and better data utilisation.
Graham Stokes, VP Sales, UK&I and APAC, Keyloop, comments: “The five key principles are the backbone of Experience-First at Keyloop. When applied, dealerships transform from transactional spaces full of salespeople to experience centres filled with advisors and experts. They change into what consumers really want and demand throughout all their retail interactions – journeys that are personalised and hassle-free.
“Customer experience ROI has the potential to be exponential, but as an industry we are not even touching the sides of the gains it can deliver, and that could be a crucial game-changer for dealers and OEMs in the UK, who have the opportunity to really get underneath the skin of their customers and truly exceed expectations. Data from Zendesk’s CX Trends 2023 study shows that a staggering 75% of us would be willing to pay more in order to receive a good customer experience. Keyloop’s Experience-First approach delivers this and more, and by harnessing technology to deliver premium experiences, premium margins will follow.”
Download and takeaways
Keyloop’s free whitepaper, “Revolutionising automotive retail through technology: unleashing the ultimate customer experience” is available to download today. Key takeaways:
How an Experience-First approach will alleviate customers’ ‘mental load’, rather than adding to their stress levels, as well as helping craft long-term relationships based on preference and trust.
Why omnichannel is a core skill retailers need to embrace in order to provide greater relevance to customers.
How technology and a partnership approach can break down barriers and open new opportunities for your business.
Key strategies that can be gleaned from other industries, such as banking and travel.