Ways Digital Streaming Platforms Can Help the Automotive Industry
Stream companies have built these powerful platforms to deliver personalized customer experiences that drive sales and generate revenue. Here are some ways digital streaming platforms can help the automotive industry.
For the automotive industry to take full advantage of this technology, it must be strategic about its partnerships. Automakers must work with technology and mobile network providers to ensure a smooth user experience. With such a large list of digital capabilities, automakers must build differentiated hardware and software to meet consumer demands. The automotive industry needs to consider the benefits and challenges of partnering with these providers to develop innovative on-demand mobility solutions.
Personalized Customer Experiences
Delivering personalized customer experiences is no longer an option – it’s essential. In an age where data and algorithms are everywhere, businesses must organize around their customers to stay relevant and competitive. According to a Harvard Business Review Analytic Services study, companies that master personalization improves growth rates by six to ten percent. In addition, by providing customers with personalized experiences, businesses can improve marketing efficiency, boost digital sales, and foster stronger customer relationships.
As part of preparing for the exciting future of automotive survey, the automotive industry continues to evolve, and it must keep pace. The automotive industry has been moving toward customer-centricity for nearly a decade. While Henry Ford once declared that any color of the car was acceptable, today’s car is more personalized than ever. From recommendations to service retention, the automotive industry can use data from digital streaming platforms to customize the customer experience. In the future, more car-buying touchpoints will be digitized, and more will be enabled by software.
As a result of the growth of digital technologies, automotive businesses now have new ways to interact with their consumers and create personalized experiences. Digital streaming platforms help them create these experiences by allowing them to place diagnostics locally or crowdsource implementation. Over-the-air updates also help test and push new software to the edge. And, with so many cars on the road, it is vital to understand which features are popular among consumers.
To make the most of OTA, automotive manufacturers must identify their true differentiating control points. Doing so can introduce new software-based features to their head units and activate hardware. This helps them create revenue from end-users and reduce their residual value losses. OTA also enables them to save money by allowing them to resell unused features or upgrades to other vehicles. Further, it can make their vehicles easier to service and maintain.
With the proliferation of connected vehicles, the automotive industry is experiencing a converged ecosystem. This ecosystem spans the entire value chain, from the manufacturing to the end customer, and is poised for exponential growth. 5G connectivity offers new opportunities to advance connectivity capabilities by optimizing existing use cases and enabling new ones. This new technology allows the automotive industry to unlock digital value while providing new services and applications.
With 5G connectivity, automakers can provide passengers with better experiences through immersive digital cockpit experiences. Besides enhancing comfort and driver experience, 5G-enabled digital cockpits can deliver information to passengers on the road in HD, advanced AR displays, and specific intelligent AI.