The market for aftermarket components grows, and many stores are evaluating whether they have the resources to meet customer expectations for simplicity of use, a wide range of options, reliable stock, and prompt shipping. Many stores have online shops to cater to these customers, but many of them were developed some years ago and aren’t necessarily optimized for the plethora of product choices and influx of transactions that exist in today’s eCommerce market. You’re going to fall behind the competition if you don’t provide a streamlined process from searching to buying. You and your team need to ask, “What are we doing to deliver a better eCommerce experience?” and then do something about it.
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In this piece, we’ll go over some of the main drivers of aftermarket parts’ success and the steps you and your team should take to stay ahead of the curve in the face of constant disruption.
The Role of Key Factors in the Aftermarket Parts Industry
The auto parts industry is experiencing rapid transformation. The expectations of customers are shifting, new technologies are being adopted quickly, and the balance of power in the marketplace is shifting.
On the whole, e-commerce stores specializing in automotive parts and accessories are thriving. Why? The supply of newly produced cars is insufficient to meet the needs of consumers. Naturally, this means that people are keeping their cars longer and investing more money into keeping them in good condition.
But it’s not all bad news, because it gives stores a chance to boost their profits by capitalizing on the growing aftermarket. Let’s take a look at some of the causes of this growing demand for aftermarket support.
Reduced availability of automobiles
Cox Automotive found in their examination of Auto Available Inventory data that while new-vehicle stock at the end of July was greater than it was a year ago when the worldwide computer chip shortage began impacting production, supply remains low in comparison to pre-pandemic levels.
According to SEMA, the domestic output of new motor cars in the United States fell by 16.5% in comparison to 2019. The 9.6 percent decline in annual auto sales has contributed to an all-time low supply. Reports from customers indicate an average wait time of six months or more for delivery of their brand-new automobile. Automakers will need to fix supply networks. They also need to crank out more vehicles to meet the high demand for new cars.
Recent developments in technology
Catalytic converters and electronic chips are popular aftermarket upgrades. Drivers are upgrading their older vehicles to save money on gas and reduce their impact on the environment. As an added bonus, consumers are always looking for methods to improve their preexisting automobiles.
Rules set by the government
Manufacturers of automobiles are under the pressure of stricter emission standards to create more eco-friendly and high-efficiency components. This is a demand to watch closely because it is projected to grow rapidly.
The rising number of self-made millionaires with disposable means has led to a rise in the demand for aftermarket auto parts and accessories.
In general, the future looks bright for aftermarket merchants. There will be even more of a need for aftermarket goods in 2022 and beyond. However, difficulties lie ahead. Supply will continue to be limited and prices will rise as a result of ongoing supply concerns.
