RIVER ROAST | MONDAY, MAY 6 @ 6:30 PM
Fueling Conversion
Enjoy an evening with Sitation and Akeneo as we discuss leveraging product content and fitment data to drive user experience and sales.
Sitation in partnership with Akeneo
Join us at Fueling Conversion at River Roast on Monday, May 6th at 6.30 PM, where we’ll delve into the pivotal intersection between product content and fitment data within the automotive industry.
E-commerce growth in the automotive industry has far from plateaued. Sales are expected to soar at a CAGR of 17.5%, reaching $164.7 billion by 2030. The brands and retailers that master today’s online fundamentals will be best positioned to capture and convert this growing customer segment.
In today’s e-commerce landscape, the success of online retail hinges not only on the quality of product information and content but on its precise compatibility with various vehicles. A lack of product compatibility can mean higher return rates, which brings with it a sizeable logistical issue. According to 2023 Consumer Returns in the Retail Industry by NRF, 17.6% of online sales were returned in 2023, compared to just 10.02% of sales at brick-and-mortar stores.
To put that in monetary terms, in the US alone in 2023, returns across the retail sector amounted to $743 Billion. But what is the cost of returns to the business? According to a recent report by Business Insider, it amounts to 66% of a product’s price, including the cost of retrieving, shipping, processing, and restocking returns.
Whether out of diminished faith in fitment capabilities or a general desire for protected purchases, consumers are more conscious of return policies for online purchases. According to a Loop survey, 96% of shoppers review a retailer’s returns policy before purchasing online.
Knowing how complex online automotive purchases can be, we’ll be exploring the following at Fueling Conversion:
Creating gold-standard product content
Taking a fitment-first approach
Creating personalized experiences
Creating a seamless user experience
Reducing returns and exchanges
Speakers
George Dzurickso
Senior Director, Solution Architecture at Sitation
