There was a time when the power to purchase was held dominantly by one gender. Naturally, services and advertisements were shaped in a manner to largely attract only that segment to a life of luxury or convenience, depending on what was being sold. With the emergence of a modern society that strives to provide equal education, opportunity, and pay for all, women have emerged as a major segment. According to a study by Harvard Business Review, women currently control about $20 trillion in annual consumer spending, and that figure could climb as high as $28 trillion in the next five years. Women are involved in the decision-making process for household spending now more than ever.
According to an article by Forbes, women bought 62% of the new cars sold in the US and influenced more than 85% of the car purchase decisions. The increased effort to bridge the social gap has led to more opportunities for women, for studying and working. More and more leadership roles too are being occupied by women as we move ahead. Consequently, they are not merely capable of purchasing cars but are also in need of a personal vehicle to meet their personal, professional, and household demands.
Studies have shown that women and men approach car shopping differently. This behavior is reflected in most purchase decisions. Women are looking for convenient options that can be accessed and explored comfortably. Utility and safety are top priorities for them. As rightly pointed out by shots.net, it is quite perplexing as to why the automotive industry is still “pale, male and stale”. According to the article, more than a third of cars in the UK are registered to women. They are not just key influencers of the purchasing decision but are very often the end-user too. Amusingly termed as the “Top Gear Syndrome” the article sheds light on the gap in the Automotive Industry that exists despite all the data pointing towards women emerging as a key segment.
What are women really looking for while making their automotive decisions?
1) Ease & Accessibility – Long before diving into the purchase, women spend a significant amount of time researching their preferences. It’s not just the features that they are looking at. Customer satisfaction, aftermarket services, and ease of accessibility are key factors swaying their decision. Doorstep services are the key to position oneself as an easily approachable customer-first brand. From test-drive booking to doorstep delivery, women are looking for simplified solutions from the comfort of their home.
2) Aftermarket Needs – Women pay prime attention to maintaining all safety standards at all times. Hence, vehicle maintenance is a key aspect of owning a vehicle for them. However, multiple responsibilities often preside over driving the vehicle to the service centre/ workshop yourself. Women would prefer a company that takes care of the pickup drop needs. High-quality services that can be easily availed without dedicating physical energy and an enormous amount of time are always appreciated by not just women but everyone.
3) Digital First Approach – Despite taking over the burden of pickup & drop for the better, women need to know that their vehicles are being taken care of in the true sense. Features like real-time tracking and updates can enable the user to monitor the location of their vehicle. Upon the vehicle’s arrival at the workshop, the vehicle owner must be aware of the charges that are associated with the servicing and repairs. If all of these can be achieved by your customer in a matter of few clicks, you can attain maximum customer satisfaction.
4) Customer-friendly – In a nutshell, this segment is looking for an overall pleasant experience. If catered to correctly, they prove to be an extremely loyal customer base and even contribute to your sales through word-of-mouth marketing. As we move to a more socially just world, women gain more confidence to express their likes and dislikes. It all depends on companies now, whether they wish to stick to the primitive methods and neglect a major segment or adapt and improvise to make purchasing and maintaining vehicles more convenient for women buyers.
21North can help you in swaying these decisions in your favor. Assist your customers using our digitally-enabled contactless services. Reach your potential customers instantly through our doorstep test drive facility. Provide superior customer satisfaction by offering your customers doorstep pickup & drop for their vehicle purchase needs, servicing requirements and insurance claim management. Deliver convenience to your new segment by adapting to their needs, offering them digital solutions and by allowing them to spend their saved time on doing what they love!