The automotive industry in Canada boasts a variety of different business opportunities, thanks to its unique geography and climate.
The road networks and rail lines that crisscross the country, coupled with the diverse climates across provinces like Ontario (in the south) and the territories like Nunavut (in the north) contribute greatly to the overall business potential.
In the approaching year, there will be numerous trends that will affect the automotive business industry while they also evolve as every year passes by. Some of these trends are newly rising, others are being refined as we speak, and then some are enduring.
Leveraging Big Data
Big data is an important part of any business, but it’s especially crucial in the automotive industry. It’s not uncommon for a car to have over 60 microprocessors, with hundreds of sensors and other devices that collect data on driving habits and vehicle performance.
It’s not a secret that the automotive industry is one of the most data-driven industries in the world. Companies are constantly looking for ways to streamline their operations and provide better products and services, and big data is often the key to doing just that.
There are many ways that an automotive business can leverage big data to improve its operations, but here are some of the most important ones:
- Customer analysis.
Big data allows automotive businesses to analyze their customers’ buying habits, which allows them to identify commonalities between different demographics, preferences, and even locations. This helps companies understand what their customers want or need so they can provide better products or services.
- Market research.
Big Data can also be used as part of market research projects—for example, it can be used alongside other types of data sources like surveys or focus groups to gain insight into consumer behavior. This can help businesses gain a better understanding of their target audience and what they want, which can then be used to make more informed decisions about future product development. Big Data can also be used to track the performance of different products or services that an automotive business offers, allowing them to determine which ones are most popular based on consumer behavior.
- Customer service.
Another way that automotive businesses use big data is for customer service purposes. For example, a company might use it to help identify problems with their products or services so they can take action quickly if any issues arise and provide customers with the best possible service. Big Data can also be used to track customer satisfaction, which can help businesses better understand how they are doing compared to their competitors.
Growth of Electric Vehicles
Electric vehicles are the future, and Canada is already on board. Canada has one of the highest per-capita rates of electric vehicles in the world. The country is already a leader in the development and manufacturing of electric cars, but as electric vehicle technology gets better and cheaper, it’s expected that more people will choose to drive electric cars rather than conventional ones.
This means that people are starting to look at electric cars as a viable option for their next vehicle purchase, and this could be good news for your automotive business. It also means that they will need to adjust their marketing strategy to accommodate these new trends.
Here are some ways automotive businesses can adapt their marketing plan to meet the needs of these consumers:
- Preparation for increasing demand for charging stations: People who want an electric vehicle won’t be able to just plug it into their home outlet—they’ll need charging stations at work and in public locations like shopping malls or restaurants so they can get where they need to go easily. Automotive businesses must consider adding charging stations at their dealerships if there aren’t any nearby already available for customers’ use while they’re there shopping around for a new car or truck purchase. This will not only attract more customers but also help make them feel more confident about buying from the business because they know there will always be electricity available whenever they need it.
- Offering incentives like free installation services on charging stations for customers who purchase new vehicles from the dealership: This will help boost sales and attract more people to come to see what the business has to offer without costing the business a lot of money upfront.
- Incentives for employees who purchase electric vehicles: This will help encourage them to buy one and also save the business money on fuel costs in the long run as well as reduce environmental pollution.
- Getting a government incentive for selling electric vehicles and installing charging stations: Countries offer tax credits for businesses that sell electric cars, as well as rebates on the installation of charging stations. This comes in the form of SRED (Scientific Research and Experimental Development), which grants companies cuts on their tax through providing/developing products that are of scientific advancement. These incentives can help reduce costs associated with the sale of new vehicles and make them more affordable for customers who are looking for something that doesn’t use any gasoline at all.
In the end, the growth of electric vehicle usage is great news for automotive businesses in Canada: as long as they’re keeping up with technological advances, they’ll be able to meet their customers’ changing needs while keeping their trust.
Increasing Emphasis on Digital Marketing
The automotive industry is undergoing a massive transformation in Canada. As consumers become more tech-savvy and demand more digital services, businesses are focusing on providing these services to their customers.
This trend is being driven by how digitally-savvy consumers are becoming. The data shows that millennials are choosing to do more business online than any other generation. The automotive industry must adapt to meet this demand if it wants to continue growing its market share in Canada. This is especially important as millennials comprise a large portion of the automotive market. They are more likely to research cars online before buying them, and they are also more likely than other generations to purchase their next vehicle online. This trend is expected to continue over time, which means that businesses must be prepared for the future by focusing on digital marketing now.
The focus on digital marketing will likely increase in the coming years as consumers continue gravitating towards online options over brick-and-mortar establishments. Automotive businesses should consider investing in digital marketing strategies if they want to remain competitive in Canada’s automotive industry.
The future of automotive digital marketing is bright, as consumers continue to become more comfortable with technology.
Online Car Buying
Online car buying can be one of the top trends for an automotive business in Canada for the upcoming year.
Most people prefer to buy cars online because they get the best deals on their favorite brands and models, and they can order them directly from the comfort of their homes. They do not have to worry about sitting through long lines at the dealership or waiting in traffic just to test drive a car. They can also research different makes and models before deciding which one fits their needs best. In addition, many people are concerned about their privacy when it comes to their personal information being shared with others. Buying a car online helps protect that privacy by allowing you to shop anonymously and pay cash for your purchase without having to provide any personal information such as your social security number or credit card number.
On top of all that, buying a car online is also a great way to save money. Customers can often find cars for sale at lower prices than they would pay in person, and many dealerships offer additional discounts for the convenience of shopping online.
There are also no sales taxes when they buy a vehicle this way; however, it is important to check with their respective states to see if there are any other fees associated with buying a car without seeing it first.
Collaborating With Automotive Repair Shops
One of the biggest challenges faced by automotive businesses is their inability to get new customers because they do not have enough employees or vehicles to work on.
To solve this problem, many businesses are collaborating with other car dealerships and repair shops so they can share resources and increase their client base while lowering costs at the same time.
The most popular way to collaborate is through a joint venture. This can be anything from sharing facilities and equipment to combining business operations. This is a great opportunity for automotive businesses because it allows them to work with other dealerships and automotive repair shops. Additionally, if the business which the company will be collaborating with has a good reputation, it could be a great way of growing the customer base organically without having to spend money on advertising or hiring more employees. This is a great way for businesses to increase their revenue without having to spend money on more employees or equipment. The best part is that repairing cars is something that can be done by anyone, so there are no special skills required.
Developing an E-commerce Strategy For the Aftermarket
The e-commerce trend has been growing in popularity over the last few years, and automotive businesses are no exception to this trend. Over 92% of consumers have made a purchase online, and that number is expected to grow. This means that automotive businesses need to develop an e-commerce strategy for the aftermarket if they want to stay competitive.
Whether they’re selling new or used cars or parts for those cars, automotive businesses would want to make sure that their website is up-to-date. They’ll need a well-designed site with user-friendly navigation that allows customers to easily find what they’re looking for. The website should also be mobile-friendly so that people can access it from any device they choose.
Automotive businesses should also consider using social media platforms like Facebook and Twitter as part of their marketing strategy because they’re free and easy ways to communicate with potential customers who may not be familiar with the brand yet but might still be interested in hearing more about it.
Furthering Scientific Research and Experimental Development in Automotive Business
The automotive industry is one of the most critical industries in Canada. It’s also one of the most complex, with a lot of different players involved and a lot of changing trends. The way that consumers buy cars has changed dramatically over the past few decades, and businesses need to stay on top of the latest trends to stay profitable.
One of these top trends is furthering scientific research and experimental development (SRED). SRED is an incentive program that allows companies to get tax credits for their R&D projects. This program has helped many companies stay competitive in an increasingly competitive market. Scientific research is critical to the future of automotive businesses, as it allows them to stay ahead of the curve and find new ways to keep their customers satisfied. It also helps them to develop new products and services, ensuring that they can meet their customers’ needs in the future.
Just like any business industry, the automotive space has its own set of challenges. As an automotive business owner, navigate the new year using these trends and continue to expand your enterprise and reach your goals.
Shelly Solis is one of the women behind SaaSLaunchr, a website specializing in SaaS SEO and SaaS guest posting services. Read her insights on digital marketing, technology, and business at the Saaslauncr.com blog.