The demand for automotive aftermarket parts and services has been nothing short of phenomenal in the last few years. Driving high growth and excellent revenue opportunities for automotive aftermarket companies, the global automotive aftermarket industry has steadily risen in value, from USD 390.10 billion in 2020 to a predicted expansion rate of CAGR of 3.8% during the period of 2021 to 2028.
In terms of region-wise distribution, the UK automotive aftermarket is considered one of the most thriving ones out there, ranking overall fourth in Europe and ninth in the world size-wise and turning over an annual £21.1 billion.
Keeping with the digital transformation re-imagining the automotive industry and platform-based innovation shaping the new world of the automobile, the auto aftermarket is also witnessing a paradigm shift towards the digitalized world. This transformation is powered by Artificial Intelligence, Machine Learning, Big Data, IoT, Analytics, and Mobility.
In this blog, we explore the role of AI in the auto aftermarket industry in more detail.
We specifically consider how Digilytics AI's SaaS product RevUP has made a significant difference in this segment.
With the emergence of new technologies and systems in modern vehicles, the challenges for garages have increased correspondingly, especially in terms of extensive repair work and a deeper understanding of the entire vehicle system.
This is exactly where the Automotive aftermarket segment comes in.
As the term indicates, the auto aftermarket segment supports the continuity of operations of a massive number of vehicles. The automotive aftermarket process involves processing a huge amount of data on large volume of parts (SKUs) produced and sold through large volume of outlets.
One of the key catalysts in the rapid progress of the automotive aftermarket is a significant change in customers' buying behaviour.
With an increasing number of consumers becoming more aware of the rising importance of preventive maintenance/ servicing to maximize the value of their vehicles, the expectations for a seamless experience are on the rise- particularly through omnichannel systems spanning websites, apps, and person-to-person interaction.
Today, Artificial Intelligence (AI), as a coming-of-age technology, finds its applications throughout the automotive value chain including in automatic manufacturing (design, production, supply chain, and post-production), driver assistance/ driver risk assessment systems as well as aftermarket services such as predictive maintenance and insurance.
For the auto aftermarket particularly, AI can play a key role with multiple AI applications. This usually involves predicting the issues related to engine performance and related troubles that may occur in the future. Apart from this, several AI-powered insurance providers today offer quick & efficient services to customers, such as claiming insurance.
Here are a few other ways that automotive aftermarket companies can leverage Artificial Intelligence:
RevUP is a revenue growth management product by Digilytics AI. This tech-based organization intelligently leverages the power of AI and ML to design and develop easy-to-use SaaS AI products.
RevUP uses and implements AI specifically into the auto aftermarket industry and acts as a single-stop solution to tackle various issues that hinder the growth of revenues. As a revolutionary product for auto aftermarket companies, RevUP offers detailed understanding and allows you to analyze every minute thing. Comprising of three different modules (as listed below), RevUP systematically help you elevate your sales and revenue.
The key benefit of RevUP is that it is a simple plug-and-play bolt-on product that you can integrate into your business without having to make any changes to your existing systems.
Offering a safe and secure way to scale your business, RevUP allows you to better understand different factors involved in the auto aftermarket and give actionable insights to improve overall auto aftermarket business and significantly enhance business revenues.
To scale their business, automotive aftermarket businesses constantly aim for growth in their revenue, better management & optimization, and a deeper understanding of buying patterns.
Digilytics AI’s RevUP is the future of artificial intelligence and can be instrumental in achieving this objective because of the benefits mentioned above.
Apart from this, this easy-to-use SaaS product also helps you manage and organize large volumes of SKUs sold through large volumes of outlets, onboard influencers to drive more customers, and recognize/identify automotive parts, retailer locations, and market areas that require more attention.
All in all, AI-based products such as RevUP are here to make dramatic changes in the automobile industry, including how we interact with connected devices. It won't be wrong to say that the world of the automotive aftermarket industry with AI is going towards a new transformation, that too in a big way.
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