While demand for car subscription services increases, the new flexible mobility solution still remains in its infancy, with a YouGov poll (July 2021) revealing that 53% of UK consumers are unaware of the existence of car subscription. Much of this can be likened to the early days of PCP finance, where the majority of consumers were still antiquated with credit instalments. With developments in conventional products such as pay-as-you-go mobile phones and all-inclusive holidays; modern consumers have proven to be accustomed with the concept of car subscription. Given this familiarity; dealerships, rental companies and OEMs are presented with an opportunity to educate the benefits of car subscription as part of their customer acquisition efforts.
The automotive landscape has evolved in recent years, with digital showrooms and online transactions setting the new standard. This has resulted in a behavioural shift from modern consumers who now expect that the new mobility experience, whether that is subscribing to a car or purchasing a car outright, to be delivered in an end-to-end seamless digital process. Loopit has seen across its network that the majority of subscribers fall under the millennial demographic who are often also associated as being digital natives and early adopters.
Valuing technology, innovation and convenience; this group of consumers who are pivoting away from car ownership to car usership prioritise all digital touchpoints - especially those that inform consumers of their intended benefits. Given their affinity towards the gig economy, particular benefits such as low deposits, vehicle swaps and all-inclusive costs should be honed in on by subscription providers.
It goes without saying that capturing early interest to any prospective subscriber is crucial in converting the subscription. With Loopit, your business can integrate point-of-sale tools with an existing website to present all relevant sales information to your customers. This can include:
Loopit also helps your business to deliver an omnichannel online booking experience that enables customers to process their subscription bookings on their own or reach out to your team if needed. In addition to this, our streamlined KYC process that is driven by real time identity verification and credit assessment ensures that the booking experience is frictionless. By offering a true omnichannel experience, your business can capitalise on the interest and expedite your subscription bookings, across every channel - online and offline.
It is important that this bespoke digital experience does not stop at the creation of a new car subscription. Loopit’s white-label solution makes this a simple and cohesive process by allowing your business to maintain consistent branding across invoices and customer communications such as emails; whilst offering self-service functionalities to let subscribers easily update their payment methods securely online and pay invoices manually.
Car subscription offers dealerships, rental companies and OEMs a way to profitably manage and monetise dormant inventory; whilst responding to changing demands from motorists. These current market conditions open an opportunity that must be capitalised with a robust digital go-to-market strategy, one that is efficiently operated with a technology provider like Loopit. Interested in learning how our all-in-one platform can launch your very own car subscription service? Set up demo with our team on 0203 984 9315 or by visiting https://www.loopit.co/contact.
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