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Indian Auto Accessories Aftermarket – Challenges Ahead, Opportunities
The modern day cars are packed with accessories to attract customers and with ease of bank loans for car purchases the customers are rapidly moving towards top end car models while purchasing. The traditional businesses of Car Audio, Car Security and Car Seat covers have been impacted majorly with these developments.
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Indian Automobile Accessories aftermarket has seen a fair share of ups and down in past decade
The three major factors leading to this disruption
- Cars being packed with accessories to attract customers
- Introduction of white labelled products by all car manufacturers
- Changing customer needs and aspirations
- Government regulations bring an end to a few segments
The modern day cars are packed with accessories to attract customers and with ease of bank loans for car purchases the customers are rapidly moving towards top end car models while purchasing. The traditional businesses of Car Audio, Car Security and Car Seat covers have been impacted majorly with these developments. Only customers who wish to upgrade from company fitted accessories are seeking alternatives.
Further more all major OEMS have introduced their white labelled accessories and are attending to customer requirements for entry and mid segment cars at dealerships itself. This takes out a major segment of the market which was pivotal for auto aftermarket growth for decades
While we look into depth then we will realize that Car OEM’s are far more sensitive to changing customer requirements and want to engage in complete journey for their new car customer.
With ever increasing internet and smartphone penetration in India, customer nowadays are much more aware and spend decent time on research before every purchase.
Auto aftermarket retailers have been traditionally resisting to changing customer requirements and only handful retailers have scaled up-to the level of customer engagement which has been achieved by car dealerships these days. There remains a large difference in customer experience and engagement while buying new car compared to buying aftermarket accessories at traditional markets.
Many popular segments like Bull Guards and Sun Films have been banned by the government on safety regulations which took out another major chunk of business developed by auto aftermarket retailers to cover up for reduced sales in Car Audio, Car Seat covers and other segments
Nonetheless all is not lost as increased re-circulations of second hand cars have been keeping up the business turnover for the auto accessories aftermarket retailers
We at Elegant Auto Accessories are committed to revive customer confidence in auto aftermarket through our franchise chain stores Elegant Auto Retail Studio’s across India.
Currently we have 10 stores in India and are growing at a swift pace. We aim to have 50 running stores across India in next 2 years
With our omni-channel presence we are focussed to interact with customers at their point of convenience and interest. A customer can choose to book their products online through our website www.elegantautoretail.com or choose a personalized experience at any of our brand stores
We are committed to deliver same elevated customer experience at all touch points. All our stores are digitally abled with learned store staff ready to understand customer requirements and provide a solution to their needs
Customers can research on our products online through our Website, and YouTube channel which carries a host of product videos, customer reviews and product maintenance videos. Customer can also choose to buy from our Facebook Store, view infographics on Instagram and many other popular online media.
The journey which started alone now has all major brands across categories participating with us as partner brands and are available at our stores across India. We are able to provide an experience where the customer can take a well informed buying decision according to his needs for all kind of accessories requirements. We believe that with this initiative auto accessories after market will reshape itself for the betterment of the customer and the industry.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.