Introduction
The auto parts industry has evolved over the last century from stores that supplied nuts and bolts to a global industry that manufactures and supplies components like screws, springs and in some cases the entire automobile. Time and again, this industry has been affected by a few factors like:
- Globalization
- Ever-changing trends
- Changing costs of raw materials
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Industry Trends
Auto parts industry continues to climb new sales heights and consumers have a huge array of parts and accessories to choose from. The trends that transform the auto parts business are a mix of static and dynamic ones.
The digital influence has changed the way purchases are made by consumers. The focus has shifted to online purchasing and the consumers purchase everything after reading reviews and watching videos of the product. Manufacturers are coming forward with customer-friendly websites that have various features to enhance their experience.
Globalization of the auto parts industry has brought manufacturers to an extremity where they have to look for alternatives to reach the market at the global level. Competition has increased and automakers have adopted an architecture where similar parts from various manufacturers can be used in the same vehicle. With the world getting smaller, the industry’s standards are changing.
Consumers are relying on the Internet to research the quality and viability of the product. They can find the best deals for themselves by comparing the prices of auto parts on different websites. For suppliers, this aspect has brought a reason for pressure as they have to keep their price range as per the ongoing prices in the competitive market.
Which of our Products can serve your Brand?
SupplyBeam
Digital influence has brought a revolution in the market and consumers prefer to make online purchases. As soon as the product is ready to be shipped, the tedious process of tracking the progress of the delivery and location of the product begins. To make this complicated task easy, Genefied has a solution named SupplyBeam. It is a full-fledged track and trace technology that tracks and traces the product until it reaches the end-user and allows brand owners to stay updated on the progress.
GenuineMark
Counterfeit or fake products damage a brand’s reputation and destroy the market standards. Verifying product authenticity of a genuine product gets cumbersome due to their presence. GenuineMark is the guaranteed solution to save the brand’s reputation and make it stand apart from the fake ones.
Rewardify
Products of the auto parts industry pass through a supply chain to reach the end-user. Due to the presence of intensive competition in the market, it’s imperative for the manufacturers to satiate the retailers and distributors by providing them with high value in return for their loyalty towards the brand. Rewardify is a treasure of retail loyalty solutions to earn the trust of the supply chain partners.