Here's How CarParts.com Is Embracing EVs, Hybrids, and "Digital DIY"
Both ecommerce and the world of motoring are going through some fundamental changes right now, with both sitting on something of a crossroads as we approach the final quarter of 2021.
Ecommerce is seeing sales blast through the stratosphere thanks in large part to the COVID-19 crisis that got people used to buying products online to keep themselves busy or entertained during lockdown restrictions. Motoring, meanwhile, is seeing the gradual phasing out of vehicles reliant on fossil fuels - pushing first for hybrid fuel, and then fully electric conveyances (the UK is set to ban the sale of fossil fuel vehicles by 2030, for example).
One industry which has a finger in the dual pies of ecommerce and motoring is the vehicle spares business - and CarParts.com in particular has been coming on leaps and bounds in recent years.
CarParts.com
Investment reports from the latter part of 2020 showed that the California-based spares provider had seen its stock value rise by 1,000% over the preceding two years, making it the year's fastest growing auto parts site, with industry experts predicting a similar trajectory for 2021.
"Analysts seem to view the company as just a pandemic story, benefiting from the same tailwinds that lifted other ecommerce stocks," reports The Motley Fool. "But there's a larger turnaround strategy at work here, which explains why revenue growth accelerated in each quarter of 2020. Wall Street still seems to be underestimating the company, as its massive top-line beat in the fourth quarter indicates."
CarParts.com is taking this challenge seriously and is making serious roads in its ecommerce offering to prove the Wall Street cynics wrong.
EVs and Hybrids
The first step in its 2021 ecommerce strategy was to create a dedicated shopping hub for electric vehicles and hybrids. These types of vehicles come with a distinct set of parts needs when compared to traditional cars - so having a dedicated storefront to serve their owners makes complete sense.
Now EVs and hybrids have been around for several years, the market is starting to see more demand for spare parts. This has driven CarParts.com to expand its offering of parts for these greener vehicles to cover over 700,000 applications for a range of popular brands including Chevrolet, Lexus, Ford, BMW, GMC, Honda, Toyota, and Tesla.
"Over time, we've seen the number of EVs on the road grow and thus the need for more replacement parts," said CarParts.com Chief Executive Officer, Lev Peker. "We will continue to make investments in our technology, supply chain, and customer experience to create the number one online destination for the EV community with the information, tools, and parts they need to get back on the road."
CarParts.com Chief Merchandising Officer David Morris also added that he wants to help remove some of the mystery people feel regarding parts for EVs and hybrids by assisting customers to become more familiar with how their vehicles work - which will help them make the right maintenance choices.
Digital DIY
The COVID-19 pandemic has brought a massive rise in people attempting car repairs for themselves. As garages closed due to lockdown restrictions and people had more time on their hands, they increasingly turned to YouTube tutorials to help them get their everyday vehicles back on the road or work on a restoration project.
The ongoing semiconductor shortage and the resulting reduction in new car production has also led to more motorists opting for secondhand vehicles - which of course need more attention and maintenance than those fresh off the factory line.
To help customers with purchasing parts for their cars, CarParts.com has introduced PayPal's "Pay in Four" option to help them spread the cost of more expensive parts and tools. The service also offers a generous returns policy in case they purchase the wrong product.
Also, in order to reduce confusion among a customer base made up mostly of lay-people, CarPArts.com offers just three choices for each part. It offers a good, better, and best option - and provides DIYers the information they need to understand the differences.
"We want to replicate the customer experience of going to a store or a mechanic," Peker explained. "There, a professional brings out the one that is best. Or, at most, a limited selection. We want to replicate that experience online."
Final Thoughts
The vehicles we drive and the way we take care of them is changing and it's encouraging to see an industry leader such as CarParts.com moving with the times. Ecommerce and driving is evolving and those brands which are willing to evolve with them are going to be the ones which continue to flourish in the future.
You can hear CarParts.com's Chief Executive Officer, Lev Peker speak at eTail Palm Springs 2022, taking place February 28 to March 02 in Palm Springs, CA.
Download the agenda today for more information and insights.