JD Power's panel on Modern Retailing was a break from the data-heavy presentations of the day. Industry leaders shared how they leverage data and experience to keep pace with customer expectations.
Brian Reed, CEO of Digital Auto Advisors
Kirk Preiser, Director of Retail Buying Experience with Audi
Andy Park, CEO of CarNow
Phil Battista, Head of Modern Retailing with JD Power
Justin Oesterle, CEO of RouteOne
Ron Frey, Former leader in AutoNation and CDK Global
We took down notes from their conversation.
What it isn't. Modern retailing isn't a synonym for digital retailing today, just like it was not a synonym for setting up a website in the 90s. Features and tools are essential to keep pace with the market, but time and time again, the panel shared that the critical component is trust.
Same as it ever was. Trust has always been part of the buyer-dealer relationship, but the specifics evolve. Customers today want to start immediately. They want to drive their own process and will use the methods that let them do so.
Data shows that process shopping is not slowing as we move away from the worst of Covid. People have embraced online options and are telling the industry they want more.
Modern retailing is less of a process and more of a mindset. Listening to customers, adapting to how they want to buy, building and sharing trust, and leveraging tech to keep the customer first are required values.