One of the sectors that has probably seen the most innovation over the last 20 years or so has to be the automobile sector. Think back to your younger days – most people would just be happy at having a car that had a functioning engine and enough room to seat the family. Car manufacturers would add accessories such as chrome grills and leather-covered steering wheels in the ‘premium’ versions, with even air-conditioning not being a standard feature for a long time. Contrast that to today, where cars are becoming increasingly advanced and tech-enabled, to the extent that self-driving cars are a reality.
The advent of all of this technology in cars has brought about the prospect of a new phenomenon – the in-car marketplace. As cars sold nowadays are increasingly equipped with access to the internet and a plethora of apps and driving aids to improve the driving experience, a potentially huge sector has opened up. In-car marketplaces would basically be apps that would help the driver or passengers buy products that they need from within their cars. The potential scale of this can be seen by the fact that there are estimates that about $17 billion of consumer spending and vehicle-related purchases will be made through integrated market applications in cars by 2025.
This is not even something to wait for in the near future – most of the technology already exists and is in place in existing automobiles. Interestingly, given that the car needs to be connected to the internet for all of this to work, Tesla has already taken the lead in the entertainment side of things in China. Owners of Tesla cars in China will soon be able to stream videos and play games on their car touchscreens. The carmaker plans on allowing drivers and passengers to be able to play mahjong and poker in their cars, with users possibly able to play roulette and other casino games as well in the future. Of course, all of these will only be accessible when the car is not moving, in order to maintain the safety of the occupants.
But it is just one example of how the internet will allow cars to become the new hubs for entertainment, and indeed, for shopping as well.
Virtual assistants are part of most vehicles today, with the ability to sync across the users’ devices to provide a seamless experience inside and outside the vehicle. In-car marketplaces would just take that one step further, using the information already available through the user’s profile to recommend purchases. It would also integrate with the car’s systems to provide personalized updates. So, theoretically, the system would alert the driver that fuel is running low, and would provide the locations of nearby fuel stations and then help navigate to one, having paid for the purchase en route.
It could also communicate with the user’s personal assistant to receive a list of grocery items, say, and then place an order with the regular grocery store to have them delivered by the time the user gets home. The possibilities are endless – from restaurant reservations to paying tolls, in-car marketplaces can increase convenience multifold. There are even projects where the car could become a hub for products and services to be delivered – say, an Amazon package, which could be delivered to your car when it is parked in a public location, or, a car wax and shine service being completed while you are out for your errands.
Of course, as mentioned earlier, the technology for all of these services already exists and is available in some cars as well. Therefore, it will not take a giant leap for it to be scaled up a notch to be able to offer a full marketplace experience.
