WEB 3.0

The Origin Of Web3 And What It Means To OEMs And Dealer Networks

Web3 represents a new paradigm shift in how we interact with the internet. It is a movement to enable decentralized applications and data on the world wide web so that power can be shifted back to individual users from big tech giants.

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What is Web3?

Web3 – also known as Web 3 or Web 3.0 – is a term used in the blockchain and cryptocurrency fields to describe a new generation of web technologies that are being developed to give decentralized control to users.

At its core, Web 3 builds on previous iterations of the internet by creating decentralized architectures that remove single points of failure or control from web platforms. Instead, users are given more power and control over their data and how it is used.

One of the most important promises of Web 3 is that it could enable true peer-to-peer applications, where individuals interact directly with each other instead of relying on intermediaries or third parties. This would help to reduce costs and deliver higher levels of privacy and security for online interactions.

The Origin Of Web3

The origins of Web 3 can be traced back several years to the development of blockchain technology, which first emerged in the early 1990s. In 2008, an anonymous person or group under the pseudonym Satoshi Nakamoto introduced a groundbreaking new cryptocurrency called Bitcoin that was built using blockchain architecture.

Since its inception, blockchain has become a highly disruptive force in many industries, including finance, supply chain management, and identity verification. As people began to understand the power of this technology, the idea of building decentralized applications on top of it naturally arose.

One important precursor to Web 3 was Ethereum, a platform for smart contracts that was launched in 2015 by Vitalik Buterin and his team. It provided developers with tools for building decentralized applications (dapps) on top of a blockchain. While Ethereum was not the first platform to offer this capability, it was the most popular and widely used one.
Ethereum’s popularity spurred the development of other platforms that were designed for specific use cases, such as EOS, Tezos, and Cardano. These projects helped to lay the foundation for what would eventually become Web 3.0.

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What Web3 Means For OEMs And Dealer Networks

OEM (Original Equipment Manufacturer) and dealer networks are two of the most important channels for selling and servicing vehicles.

An OEM is a company that manufactures products or components that are then sold to another company, which assembles them into a finished product. In the automotive industry, OEMs are the companies that design, develop, and produce vehicles and their parts.

A dealer network is a group of independently owned businesses that have been authorized by an OEM to sell and service its vehicles. Dealer networks play a vital role in connecting OEMs with customers.

The rise of Web 3 could have a major impact on both OEMs and dealer networks.

Web3 – Revolutionizing The Way OEMs Work

As the automotive industry evolves, so too does the way that original equipment manufacturers (OEMs) operate. The rise of Web 3.0 is set to have a significant impact on how OEMs design, develop, and produce vehicles and their parts. Here’s a look at how Web3 can revolutionize the way OEMs work:

More Streamlined Approach

One of the key advantages of Web3 is that it provides a secure, decentralized platform for companies to interact and transact with one another. This can have significant benefits for OEMs, as it allows them to streamline their operations and eliminate many of the middlemen involved in the manufacturing and distribution process.

In addition, Web3 has the potential to transform traditional dealer networks by facilitating more direct communication between manufacturers and consumers. With access to real-time data and analytics, dealer networks will be better equipped to match customers with the right vehicles and provide them with the information they need to make informed purchase decisions.

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Better Data Access And Insights

OEMs can also expect increased data access and insights from Web 3. With the ability to collect, analyze, and act on large amounts of data in real-time, Web 3 has the potential to give OEMs a much deeper understanding of their customers and products. This could enable OEMs to more effectively target marketing efforts, optimize production processes, identify new business opportunities, and more. For example, an OEM might use Web 3 technologies to gain insight into customer preferences and buying patterns, enabling them to better understand which vehicles are most popular among different types of customers.

Leverage Machine Learning And AI

Web3 also enables new tools and applications to be created on top of its blockchain infrastructure, allowing OEMs to take advantage of emerging technologies like machine learning and artificial intelligence. For example, an OEM might use Web3-enabled machine learning algorithms to instantly identify vehicle issues, or they could use an AI system to provide real-time customer support through chatbots. This gives them a competitive edge by helping them improve product design, reduce costs, and better serve their customers.

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Automating Operations

Web3 could also help dealerships improve their operations by automating tasks like scheduling service appointments, processing payments, and managing inventory. This would free up time and resources that can be reinvested in other areas of the business, such as customer service and sales.

Overall, the emergence of Web 3 is likely to have a significant impact on how OEMs work in the years ahead. While it may be too early for companies to make major changes at this point, OEMs should begin thinking about what strategic opportunities and challenges may arise from this emerging technology ecosystem.

The Bottomline

Web 3 presents exciting possibilities for the future of the automotive industry. Whether you’re an OEM or dealer network, many benefits can be gained by embracing this new technology paradigm. As more companies explore ways to leverage Web 3 capabilities for competitive advantage, it’s important to stay ahead of the curve and keep your finger on the pulse of this rapidly evolving ecosystem.

At EquipmentFX, we believe in the transformative power of Web 3.0 and are committed to helping our clients leverage this emerging technology to improve their businesses. We offer a wide range of services that can help you take advantage of the opportunities presented by Web 3, including consulting, development, and marketing. We also provide access to our blockchain-based platform, which can be used to facilitate transactions between companies and consumers. Contact us today to learn more about how we can help you harness the power of Web 3 for your business!

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Bloackchain

The Origin Of Blockchain

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One of the biggest innovations in recent years – blockchain technology –  has been the subject of many conferences and various discussions. First introduced in 2009 by Satoshi Nakamoto, this innovative technology has now captured the attention of banks, institutions, and financial experts worldwide.

Though the first blockchain was implemented in 2009, the technology was conceptualized way back in 1991 by a group of researchers, who wanted to introduce a computationally practical solution for time-stamping digital documents. 

So, the question is: what is blockchain technology and how did it come about? Let’s find out.

What Is A Blockchain?

In simple terms, blockchain can be defined as a digital ledger that records all cryptocurrency transactions in a secure and tamper-proof manner. It is a decentralized, distributed, and public digital ledger that records all transactions in blocks. These blocks are linked using cryptography, thus making it almost impossible to change the data once recorded. 

Essentially, blockchain technology is an invention designed to solve the problem of security and trust in online transactions. Introducing a secure and tamper-proof record of every transaction has enabled people to securely exchange money or other assets over the internet without relying on any third party or central authority. 

In recent years, many banks and financial institutions have started experimenting with this innovative technology. Some experts believe that this could be the future of finance – a way for banks to settle payments faster and more efficiently, reduce costs associated with processing financial transactions, and streamline the overall operations of financial institutions. 

However, it is important to remember that blockchain technology is still in its early stages, and like all new technologies, there are both pros and cons associated with this innovation. It will be exciting to see how this technology evolves and what impact it has on various industries.

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The Origin Of Blockchain

The history of blockchain dates back to 1991 when Stuart Haber and W. Scott Stornetta described a system for document timestamping using a hash tree, as part of their work on “How To Time-Stamp A Digital Document”. They wanted to create a system where documents could not be backdated or tampered with. In 1992, Haber and Stornetta added Merkle trees to the design, which improved its efficiency by allowing several documents to be collected into one block.

In 1998, Nick Szabo used the term “bit gold” to describe a decentralized digital currency. He developed a proof-of-work system called Hashcash, which was designed to be used as an anti-spam measure.

In 2000, Stefan Konst published his theory of cryptographic time-stamping and proposed a system that uses Merkle trees to store timestamps. He believed that only proof of publication would be acceptable as evidence in court.

In 2008, Satoshi Nakamoto published the whitepaper that described his new peer-to-peer electronic cash system: Bitcoin. This marked the beginning of blockchain’s current incarnation.

Then, in 2009, Satoshi Nakamoto released the first Bitcoin software and created the first block of the chain, known as the “genesis block“. This event is widely considered to be the birth of blockchain.

The original design for Bitcoin did not include a blockchain. However, Nakamoto soon realized that a decentralized ledger would be necessary to prevent double-spending. He proposed adding a timestamp server to Bitcoin and came up with a proof-of-work system called Hashcash, which was designed to be used as an anti-spam measure.

In 2014, blockchain technology was separated from Bitcoin and became a standalone technology. Today, blockchain is used to track everything from cryptocurrency transactions to medical records, smart contracts, and more.

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How Does A Blockchain Work?

When most people think of blockchains, they think of Bitcoin and other cryptocurrencies. However, a blockchain is not just for cryptocurrency. A blockchain can be used for any digital asset, such as an identity, a vote, or even a house.

A blockchain is essentially a digital ledger of transactions. It is constantly growing as “completed” blocks are added to it with each new transaction. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Bitcoin nodes use the blockchain to differentiate legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.

A Blockchain is distributed across many computers (or nodes) around the world, with no central server or trusted authority. Instead, transactions are verified by network participants called miners, who compete to add new blocks to the chain in return for financial rewards. This makes it difficult for any user to manipulate or corrupt the data contained within a blockchain.

One of the unique features of blockchains is that they are completely open and transparent: anyone can view them on any computer at any time. In addition, once information has been added to the blockchain, it cannot be removed or altered – offering an unprecedented level of security and trust³⁰⁸ ​(such as a birth certificate).

Current Applications Of Blockchain Technology

Ever since the origin of Blockchain, its applications have been expanding rapidly. Apart from cryptocurrencies, blockchains are now used for a wide range of other applications, including tracking digital assets, voting systems, and medical records.

Some of the most popular current applications of blockchain technology include:

  • Decentralized Finance (DeFi): DeFi is a rapidly growing industry that uses blockchain technology to provide financial services that are usually provided by centralized institutions, such as banks and governments.
  • Cryptocurrencies: Cryptocurrencies are digital assets that use cryptography to secure their transactions and control the creation of new units. Bitcoin, the first and most well-known cryptocurrency, was created in 2009.
  • Smart Contracts: A smart contract is a self-executing contract that automatically performs the terms of an agreement between two parties. Smart contracts were first proposed by Nick Szabo in 1996.
  • Supply Chain Management: Supply chain management (SCM) is the process of coordinating the flow of goods and resources from suppliers to customers. Blockchain technology can be used to track goods and resources throughout the supply chain and to ensure that they are not tampered with.
  • Voting Systems: Blockchain technology can also be used for voting systems, as it allows votes to be counted fairly and transparently. This allows people to vote securely from anywhere in the world, even if they do not have a valid ID or address.
  • NFTs: Non-fungible tokens (NFTs) are digital assets that have unique properties and characteristics. They can represent anything from a collectible card game to real estate ownership.

With its ability to provide security and transparency, we will likely see many more innovative uses for this revolutionary technology in the future.

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The Future Of Blockchain

In recent years, many industries have started adopting blockchain to improve operational efficiency and reduce costs. Some of the biggest proponents of this new technology include financial institutions, healthcare providers, IoT companies, transportation firms, and e-commerce retailers.

Despite the potential benefits of using blockchain in these industries and others, there are still some challenges that must be overcome before it can truly go mainstream. These include concerns about security risks as well as regulatory uncertainty surrounding data privacy laws like GDPR.

Despite these challenges, many experts believe that blockchains will eventually become an integral part of our lives and economy. In fact, many believe that blockchain will lead to a “digital revolution” and fundamentally change the way we live, work, and interact with one another.

As more companies start adopting blockchain, it is clear that this technology has the potential to transform not just our financial system, but also many other aspects of our lives as well. Time will tell if these predictions come true, but for now, it seems clear that blockchains have the power to shape our future in exciting new ways.​

At EquipmentFX, we are committed to providing our customers with the best possible experience. We believe that blockchain technology has the potential to improve many industries (the equipment industry is one of them), and we are excited to be at the forefront of this new trend. We are committed to helping you grow your business and achieve your goals through the use of innovative and cutting-edge technology. To learn more about EquipmentFX services, please visit our website or contact us today!​

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build-successful

How To Build A Successful Platform Strategy For Equipment OEMs and Dealers

A platform strategy enables an organization to build an ecosystem around its products and services to capture additional value.
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What Is A Platform?

A platform is a type of business model that refers to a multi-sided market. It is an online environment that creates value by connecting multiple groups of customers and stakeholders who can be creators, enablers, or consumers (or a combination thereof). 

Platform businesses are built on trust. Users must trust that the platform will remain accessible and dependable and that the other users on the platform can be trusted.

The three key components of a platform business are:

  • The Core Product or Service: This is the primary value proposition that drives users to the platform. 
  • The Ecosystem: This is the set of users, partners, and developers who interact with the platform and contribute to its success. 

The Value Creation Function: This is the “glue” that holds the ecosystem together, enabling each member to capture value from their interactions with other members.

Why Do Equipment OEMs And Dealers Need One?

Imagine a world where equipment OEMs and dealers had a single platform that connected them seamlessly with customers, suppliers, partners, and other stakeholders. This would give them access to valuable data about customer needs and preferences, allowing them to better tailor their products for the market. It would also facilitate collaboration among suppliers, helping them to improve efficiencies and reduce costs. It could also serve as a digital marketplace for new business opportunities.

Here are three main reasons why equipment OEMs and dealers should consider building a platform for their business:

  • Ease of access and evolution
  • Uniformity of experiences and tools
  • Reduced implementation time and increased scalability
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Ease Of Access And Evolution

A platform gives equipment OEMs and dealers a single point of access to their ecosystem, which simplifies interaction and collaboration. In addition, the platform can evolve over time to meet the changing needs of the ecosystem.

Uniformity Of Experiences And Tools

By providing a common set of experiences and tools for all members of the ecosystem, a platform can help to ensure that everyone is on the same page and using the same terminology. This can reduce confusion and misunderstanding, making it easier for everyone to work together effectively.

Reduced Implementation Time And Increased Scalability

A platform-based approach can help to reduce implementation time and costs by allowing equipment OEMs and dealers to leverage the existing infrastructure and expertise of the platform provider. In addition, a platform can be easily scaled to support a larger number of users as the ecosystem grows.

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What Should Be An Ideal Platform Strategy For OEMs And Dealers?

A successful platform strategy can help equipment OEMs and dealers to achieve these benefits by facilitating the development of an ecosystem that creates greater value for all participants in the value chain. Ultimately, this can help companies to capture more revenue from each sale while ensuring long-term competitiveness in the market.

If you’re an equipment OEM or dealer looking to develop a platform strategy, there are five key considerations to keep in mind. These include:

1. Understanding Your Core Product or Service

The first step is to identify your core product or service. What value are you offering to customers that they can’t find elsewhere? This could be anything from a unique feature to a competitive pricing model. Once you’ve identified your core offering, you can begin to think about how you can use it as the foundation for a platform business.

2. Identifying Your Target Market

The next step is to identify your target market. Who are your ideal customers? What needs do they have that your products or services can address? When you have a clear understanding of your target market, you can begin to think about how you can use your platform to reach them.

3. Developing Your Ecosystem

Once you’ve identified your target market, the next step is to develop your ecosystem. This includes finding and onboarding partners who can help you to reach your target market, as well as developing the infrastructure that will enable users to interact with each other seamlessly.

4. Facilitating Value Creation

The final step is to facilitate value creation. This involves creating a system that allows users to exchange value with each other. This could be anything from a points-based rewards system to a digital marketplace for buying and selling products and services.

5. Launching Your Platform

Once you’ve developed your platform strategy, the next step is to launch it to your target market. This will involve a mix of marketing and outreach efforts, as well as continuous refinement based on user feedback.

If you’re an equipment OEM or dealer looking to develop a platform strategy that can help you to thrive in the digital economy, follow these key considerations and take the time to build a robust, scalable ecosystem. By doing so, you can create real value for your customers and stakeholders and position yourself for long-term success in the rapidly changing world of equipment manufacturing and sales.

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The Three Types Of Platforms – Closed, Open, And Hybrid

OEMs and dealers have a few different options when it comes to platform types. The three main types are closed open, and hybrid.

Closed

Closed platforms are owned and operated by a single company. Apple’s App Store is an example of a closed platform. Closed platforms offer more control to the platform owner, but they can also be less flexible and may limit the ability of users to interact with each other.

Open

Open platforms are owned and operated by multiple companies. Android is an example of an open platform. Open platforms offer more flexibility to users, but they can also be less stable and may be more difficult to manage.

Hybrid

Hybrid platforms are a mix of both closed and open elements. Facebook is an example of a hybrid platform. Hybrid platforms offer the best of both worlds, with more flexibility and stability than a pure closed or open platform.

Which type of platform is right for your equipment OEM or dealer business will depend on your specific goals and needs. Consider the pros and cons of each type carefully before making a decision. Ultimately, no single platform type will be ideal in all situations – it’s important to choose the option that best aligns with your priorities and capabilities.​

Regardless of which platform type you choose, focus on creating value for your customers first and foremost. This will help ensure that your platform remains successful over time. And remember to continue refining your strategy as needed based on user feedback and changes in the market landscape – this will help keep you ahead of the competition at all times.

Marketing And Promoting Your Platform

Once your platform is up and running, it’s important to focus on marketing and promoting it to build a user base and sustain long-term success. Some key marketing and promotion tactics to consider include social media outreach, paid advertising campaigns, content creation, influencer marketing, email marketing, SEO optimization, event sponsorships, and more.

Of course, the key to effective marketing is knowing your target market inside out. As you develop your promotional strategy, take the time to understand who will be using your platform and what their needs are. Then tailor your efforts accordingly to reach these users effectively.

In conclusion, launching your platform is just the first step in creating long-term success in the digital economy. To be successful, it’s important to invest in marketing and outreach efforts that focus on building a user base and providing value to your customers. And remember, no single platform type will be ideal in all situations – it’s important to choose the option that best aligns with your priorities and capabilities.

At EquipmentFX, we can help you understand and meet your marketing goals with our proprietary A3 (Assess, Align, Activate) approach. Contact us today to learn more about how we can help you build a thriving platform that drives value for your business and customers.​

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beat Amazon

How To Beat Amazon & Dominate Your Local Parts And Service Niche?

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According to Similarweb, Amazon.com receives over 2.4 billion visits per month, whereas eBay receives roughly 750 million visits per month. In many nations, these two websites predominate the online shopping scene. 

PipeCandy estimates that there are currently about 12 million active eCommerce businesses worldwide (excluding China), with about 3.9 million in the US and Canada.

There are a lot of businesses vying for the user’s hard-earned money.

Over the past year, Google’s traffic and keyword counts have progressively increased due to recent algorithmic changes. However, the huge players keep pushing the small players down the search results pages. As it prepares for a world dominated by mobile devices and seeks to increase its ad revenue, Google is constantly changing how its search results appear.

What must you do then if you wish to launch an online store?

What can you do to stand out from the large, established and well financed players while remaining relevant?

The answer is simple: Position yourself in your niche market.

Positioning Entails Identifying A Niche

Positioning your brand in your ideal customer’s mind is the most important component for a long-lasting competitive advantage. 

There are two main options to influence your customers and prospects: 

a) Taking the lead in a currently active product or service category (This would need huge investments in terms of money, effort & time, and not a practical option for everyone)

OR

b) Entering any new product or service category as the first participant. In other words, you must establish a brand-new category that sets you apart from the competition.

After choosing an option from above, start small. Focus on a specific need, seek to fill it, differentiate your offering, and rule the niche market. The easier it is for the business to concentrate on and fulfill its customers’ needs, wants, and wishes, the smaller the segment. You can expand your reach into wider markets once you establish yourself as a leader in the niche industry.

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Get Ready To Offer The Best Customer Service Possible

Amazon cannot provide customer service in the same manner as you. They are oversized. This is a sandbox Amazon is not allowed to enter. You can, though. One of the finest strategies for competing with Amazon is offering something that Amazon cannot. They are unable to treat each customer as an individual the way you can. Viral spreadability for your brand is possible thanks to enthusiastic brand advocates. Amazon lacks this capability. Customer service is the notion that you interact and build relationships with your clients on a personal level.

Avoid Making Client Service Difficult

All you have to do is offer personal care and be courteous. 

There is general agreement that client retention through relationships and customer service provides a higher return on investment and is more economical than other forms of marketing.

Improve Local Search Efficacy

Utilize Google Webmaster Tools or Bing Site Explorer to optimize your website. 

Google has developed a tool called “Google Search Console” that offers useful details about how users reach your website and what they do once they arrive. You can increase your position on Google and Bing’s search engine results pages by submitting a sitemap to their webmaster tools if you already have a domain with content. By uploading them, you are informing the search engines about all the information on your website so they can better crawl it, index it more quickly, place you higher in regional SERPs (Search Engine Results Pages), and lessen cross-domain duplication.

Taking Local Advantages Regionally & Nationally

Companies in regional sectors occasionally have more options than only protecting their current markets. These extenders can employ the correct transferable assets to expand abroad by building on their domestic success. A targeted foreign expansion strategy closely correlated to the business’s core assets can result in increased sales and scale advantages and priceless learning opportunities. 

The best way for extenders to use their assets is to look for analogous markets that are similar to their home base in terms of customer preferences, proximity to their home base, distribution channels, or governmental laws. To provide a straightforward example, expatriate groups are probably open to accepting domestically produced goods.

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Make It Simpler And More Convenient For Your Customers To Check Out And Make A Purchase:

If you’ve ever tried to buy something from Amazon, you wouldn’t be the only one to find their checkout process frustrating. They employ an account-based checkout mechanism, in case you are unfamiliar. No purchases may be made without first registering. 37 percent of all online cart abandonments are due to customers being asked to register on the website where they were trying to make a purchase:

Why not remove this from the purchasing process for your clients and win the business that Amazon is unquestionably losing?

You might also try to:

  • Permit guests to check out instead of paying customers.
  • Make sure the checkout page functions properly on mobile devices.
  • Ensure that your website is HTTPS.
  • Activating social login (one click, instead of filling out forms)
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Create, Rank, and Grow

The success of a specialized eCommerce site can be achieved in three steps, as the subtitle suggests. The first step is to build an eCommerce site or at least the foundation for a sufficiently powerful one. The second is to increase your site’s ranking, even if low, to demonstrate that you are not under any penalty and doing as planned. The final step is to develop the website from a startup into a major player that pays you thousands of dollars each month.

About EquipmentFX

Over the years, the services we offer have evolved to meet each client’s unique needs. We like to lead with our proprietary A3 assessment to really understand the gaps and opportunities. From there we can discuss follow-on services that we can customize together.

After each assessment, the two questions clients usually ask us are “Can you just do this stuff for us?” followed by “We have marketing people—how can we make them and our processes more efficient?” And sometimes we simply deliver the road map and provide support as needed.

At the end of any engagement, you will have a formal framework and internal audit process to improve your program or build a program from scratch to create more new customers and sell more to existing ones.
To find out more about the EquipmentFX A3 assessment, digital marketing, or technology consulting services, please contact us.

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Amazon knows

What Amazon Knows About Customer Experience That OEMs And Dealers Should Too!

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Major changes are anticipated due to the manufacturing and retail business around the world. Disruptions in the social, economic, and demographic spheres made possible by technological advancements are among the strong forces causing this transformation. However, despite the rapid pace of change, equipment manufacturers need to focus more than ever on the service they provide to their current clients. Those who do will survive the emergence of this upcoming era.

To become a top product and service provider of the future, OEM brands and dealer networks must improve and digitize the customer experience they offer.

Online shopping has altered consumer expectations and behavior. The expectation that shipping would be included was the first clear indication. The prospect of quicker shipment times came in second. Both were requirements set by Amazon, which the rest of the market had to follow to have any chance of competing with the behemoth. 

As a result, Amazon has assumed the role of an industry leader and is on target to overtake UPS as the top shipper by the end of 2022. Amazon improved the industry, and as a result, it received the best incentives. However, there are some standard tactics that OEMs and dealers may use to improve customer service and make money from the transition.

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5 Lessons From Amazon’s Customer Service

Constantly Aim To Improve

It’s our daily responsibility to make every key component of the customer experience a little bit better, says Bezos in a quotation that appears in the website headline for the Amazon employment board.

With a user-friendly website and a 92 percent customer satisfaction rating, Amazon caters to every area of the customer experience. With more than 304 million active customer accounts globally, Amazon is aware of the need to provide services that are user-friendly and promptly, compassionately, and in the customer’s best interest to respond to concerns. OEMs should work on their platform to serve their clients better and build an attractive digital customer experience.

2. Completely Inform The User

You should put upfront effort into initially understanding your clients for two reasons. By first showing consideration for customers’ requirements, you can reduce stress. Second, you develop a strategy based on the broadest information you can compile over time, provided by those same customers.

Once you have a strategy, you must put it into action, and the first phase of every plan implemented by Amazon customer care agents is to inform the client of the plan’s details. One of the key ways that Amazon stands apart from its rivals is by keeping its customers updated.

Amazon sends confirmation emails after receiving purchases and the second one with tracking information practically instantly. This happens even when there are no issues. So, the consumer is free to follow their incoming purchases throughout the entire path.

It would be prudent for you to follow in their footsteps by stating the procedures you intend to take to address any customer issues. Next, OEMs can ask customers if the outcome will satisfy their complaints after outlining the steps they’ll take. This final section is crucial. You should not be in the customer service industry if your goal is not to satisfy your clients.

3. Make It Easy For Your Customer To Stay In Touch 

Since more than half of consumers already use their devices to make e-commerce purchases, mobile commerce has passed the tipping point. Given the company’s enormous selection of products and categories, it is impressive that Amazon’s mobile-first strategy has become the industry norm. Amazon’s website’s search and categorization tools are slick and simple to use. The buying experience is convenient thanks to auto-fill, recommendation engines, 1-click ordering, and other features, which are crucial for today’s mobile shoppers. As you cultivate loyalty and gratitude by always keeping the mobile customer experience in mind, follow Amazon’s example and meet your customers wherever they are.

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4. Do Not Fear Unsuccessful Experiments

Most of your experiments as a startup or expanding business will fail. That is how innovation is done. There is no room for improvement without failure. You could say that Amazon was founded on failure because of how many of its products and projects failed.

There were numerous unsuccessful marketing campaigns, A9 Search and Amazon Auctions, to mention a couple. Don’t be scared to experiment with new marketing strategies and take chances. Many will fail, but some will be a gold mine.

Take only calculated risks at the same time. For instance, if you redesign your newsletter, test it on a subset of your list before sending it out to the complete list.

Even though your OEM and dealer network might not grow to be as successful as Amazon overnight (or at all), the Amazon empire should serve as an example for companies of all sizes.

5. Construct A Course Of Action With An Anticipated Outcome

In all cases, a team member must develop a strategy to deliver results after learning about and comprehending the client’s issue. Ascertain whether the result will satisfy the client. Ask them what the outcome will be if not. They might not want to pay for the return freight, for instance. If you made a mistake with the order, that is not entirely unreasonable.

Even exaggerated stories about Amazon’s customer service have been circulated. Customers might, for instance, spend hundreds of dollars on gadgets, request a refund, and never really return the item.

That’s stealing! However, Amazon will permit some consumers to get away with that conduct. We’re not suggesting that OEMs need to fly that high. That’s not logical at all. However, it does demonstrate what Amazon will accomplish on behalf of its clients.

If you simply stay plugged into the Amazon solution, buy stuff and see how their promotions and marketing campaigns work, you’ll have a clear path to success.  Platform and customer experience success is easy to find online, and you should model much of what is possible over those that have led the way for years.

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About EquipmentFX

Over the years, the services we offer have evolved to meet each client’s unique needs. We like to lead with our proprietary A3 assessment to really understand the gaps and opportunities. From there we can discuss follow-on services that we can customize together.

After each assessment, the two questions clients usually ask us are “Can you just do this stuff for us?” followed by “We have marketing people—how can we make them and our processes more efficient?” And sometimes we simply deliver the road map and provide support as needed.

At the end of any engagement, you will have a formal framework and internal audit process to improve your program or build a program from scratch to create more new customers and sell more to existing ones.
To find out more about the EquipmentFX A3 assessment, digital marketing, or technology consulting services, please contact us.

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From-Apple

Lessons From Apple, Google, And Amazon: How OEMs Can Spur Innovation Through Robust Developer Ecosystem

Fix your sales pipeline in 90-days or less

In the 1970s, when e-commerce was first developed, few marketers thought it would be a viable business model. However, the growth of the internet in the 1990s brought forth a new, digital method of shopping and searching for products for consumers.

According to the latest report on Global Equipment Aftermarket Trends from the newswire, The size of the equipment market is anticipated to increase by $3,220.15 billion from 2021 to 2022, representing a 10.3 percent compound annual growth rate (CAGR).

eCommerce is becoming more and more popular. But where will they carry it out?

The three leaders in e-commerce and innovation are Amazon, Google, and Apple. Over the past three decades, these businesses have forged distinctive routes in the industry. But what can OEMs learn from these industry leaders to build a robust ecosystem, and how will this help the equipment manufacturers and dealers?

OEMs Are Becoming Aware Of The Massive Expansion That Digital Ecosystems Enable

With all these dynamic changes occurring, equipment OEMs are starting to see the need to assist and enable software innovators to create the most appealing products, deliver the best customer experiences, and hasten the growth of their top and bottom lines.

This new shift in perception is occurring for numerous reasons:

  • Product Complicatency

Vehicles are at a turning point in their development to join the “smart computing edge,” becoming more and more software-controlled and software-defined, which forces OEMs to choose between complementary and core competencies and encourages the growth of partnerships and ecosystems.

  • Expansion Of Reach

By enabling scalable communication between current partners and customers, digital ecosystems can expand the reach of OEMs. However, they can also give unidentified parties a way to collaborate and exchange ideas.

  • Accelerated Growth

OEMs must change from being value-chain-structured companies that trade with well-known partners and add value incrementally to becoming a member of a faster and more dynamic networked digital ecosystem with revenues tied to digital goods and services rather than hardware.

This shift in perspective through openness, transparency, and a two-way dialog with OEMs regarding access to remote data and controls, access to in-vehicle accessories, and controllers possibly in the future, creates many opportunities for innovation and creativity.

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Lessons Learned From Apple, Google, And Amazon That OEMs Can Use

The Method Used By Apple To Create A Successful Platform

Ron Johnson, the project’s main architect, understood that Apple was committing a grave error as it was ready to open its first physical location. While traveling to the pre-launch meeting, he informed Steve Jobs that the design was flawed. The corporation was shifting from a singular focus on items to a holistic lifestyle encompassing television, music, movies, and more, but the store didn’t represent that change. So they had to begin again.

A few minutes later, Jobs was the one to declare that they would be starting over with their strategy for retail. But, of course, it was entirely Johnson’s responsibility to make it happen, and what he delivered radically altered the retailing of technology.

OEMs must realize a significant distinction between making a sale and delivering an experience. There is a significant benefit to developing a long-lasting business where people want to spend their time, not just their money, beyond pop-up stores and marketing gimmicks. This is true even for eCommerce experiences.

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Amazon: Try New Things, But Always Adhere To The “Two-Pizza Team” Rule

The work environment at Amazon is “experiment-friendly.” Start small if you want large ideas to succeed. The “two-pizza team” principle is followed by Amazon, which states that innovative ideas should be carried out by a team that can be fed with two pizzas. Internal testing was nonexistent within the corporation’s walls; instead, the goal was to deploy as soon as possible, even if it meant publishing a barely viable product.
If the launch is successful, Amazon doubles down on the initiative and launches it again at scale, enabling the business to identify problems with the initial concept quickly. This strategy is ideal for OEMs looking to break into the eCommerce market via a developer environment. OEMs can invest little and test their ideas most safely if they start with a small team of industry specialists and clear objectives. Then, when you achieve the desired outcomes, you might choose to scale up production and move forward quickly. Hiring tech specialists for consulting services can be a terrific approach to determining your ideal goals and building your developer ecosystem from the ground up while staying within the allocated budget if you don’t know where to start.

Google’s “Keeping It Simple” Strategy

Make the consumer experience straightforward. Undoubtedly, Google’s primary motivator from the beginning has been usability. A clear, uncluttered interface that serves a clear function is a search bar with a button to activate after entering the search term. The outcomes are also uncluttered. Everything is incredibly helpful.

Consider this question, along with many others of a similar nature: Are all those pages and pages on your website merely unnecessary clutter, or are they helpful to users in purchasing decisions?

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Doing something correctly just once is insufficient to earn praise and, ideally, money. Therefore, Google is constantly looking for ways to improve, whether it’s the way its doodles are created and presented, a change to Gmail, or the advancements made in the machine translation of Web sites utilizing Big Data techniques. Institutional unhappiness with the current situation is the only way to maintain the improvement ethos. OEMs must decide what risks they should be willing to take to deliver incremental success especially when huge outcomes are what you’re chasing.

Today, all OEM’s have essentially a blank canvas from which to design their dreams, systems and outcomes.  If you’re curious about new solutions your customers are looking for, we’d love to chat!

About EquipmentFX

Over the years, the services we offer have evolved to meet each client’s unique needs. We like to lead with our proprietary A3 assessment to really understand the gaps and opportunities. From there we can discuss follow-on services that we can customize together.

After each assessment, the two questions clients usually ask us are “Can you just do this stuff for us?” followed by “We have marketing people—how can we make them and our processes more efficient?” And sometimes we simply deliver the road map and provide support as needed.

At the end of any engagement, you will have a formal framework and internal audit process to improve your program or build a program from scratch to create more new customers and sell more to existing ones.
To find out more about the EquipmentFX A3 assessment, digital marketing, or technology consulting services, please contact us.

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