How the aftermarket is utilizing more digital data

Aftermarket businesses are turning to data-driven solutions as demand for aftermarket business grows, a recent credit agency report suggested.

In a post on its website, Equifax noted a recent report from Cox Automotive that the current shortage of new vehicles has pushed consumers to hang on to their current, older vehicles longer. As a result, they’re turning to the aftermarket to maintain and repair it. This is driving up demand in the industry and an opportunity for companies to enhance the way they connect and engage with consumers.

“To navigate these industry shifts — and stay competitive in an uncertain market — many aftermarket businesses are adopting data-driven solutions they may not have used in the past,” Equifax’s report said.

As the market changes, some of those shifts include launching apps and loyalty programs. Companies are also creating more robust online experiences, such as enhancing search capabilities, online ordering and more.

“All of this means aftermarket businesses and service providers want to find ways to easily leverage digital technologies that enable smoother consumer-friendly transactions online and build digital-based target marketing programs that offer a more personalized experience for customers,” Equifax said. “And just like their dealership partners, they need technology that is designed to help protect against the threat of online fraud growth.”

Doing this means looking for non-traditional partners.

“Aftermarket businesses are turning to companies they haven’t traditionally leveraged in the past for these types of expanded services to gain a better understanding of their consumers,” Equifax said.

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