What’s Next for the Retail Fuel Experience?15 Nov 2017, Posted by Industry Information in
In the 1980s, a major development came to gas stations in North America—the pay-at-the-pump feature. Due to the fluctuating gas prices and continuing traffic congestion, there’s another change on the horizon in retail fuel services.
With Americans constantly being on the road for work or pleasure, you might assume gasoline usage is going to increase rapidly. Contrary to popular belief, the demand for fuel may actually be decreasing.
How is this going to change the future of the retail experience? Read on to find out how these changes are impacting the fuel industry.
People are driving their cars less and riding in other people’s more. Car-sharing services like Uber and Lyft are already impacting the fuel industry. New transportation studies show that annual congestion is at $160 billion.
With individuals spending over 7 billion hours in traffic, and 3 billion gallons of fuel being burned, driving your own car is a little counterproductive. Those hours could be spent catching up on sleep, spending time with family, or doing other enjoyable activities. Riding with someone else contributes to savings on gas, car insurance, parking, and car repair costs.
Increase in Electric Cars
Over the past ten years, the number of electric cars in the market has significantly increased.
These vehicles don’t require gas or diesel. Instead, they operate by a battery being charged. Most of these cars will be charged at home, but they will still need a place to charge while on the go.
By installing charging stations for these cars, this could be a revenue-generating opportunity for gas retailers. They’ll need to bring products or services into the store that are going to keep guests there for a while like cafés or restaurants.
Better Data for Better Decisions
The more information that can be obtained, the better. Fuel retailers and their suppliers are going to need more data to have a better understanding of what customers are wanting in this ever-changing market. Fuel companies need to use this information to tailor their customers’ experience and generate new ideas to keep them coming back.
They’ll also need to be able to share this information with their prospective customers. Customers want and seek immediate access to the lowest gas prices and local deals. Apps like Gas Buddy and Gas Guru help you save money at the pump by sharing local fuel prices. Consumers use that information to make more informed purchasing decisions for gas and food.
As a fuel retailer, it’s important to stay current with trends and ahead of what’s to come. McPherson Oil is happy to be your total petrol management partner and help you improve your customer experience. Give us a call at 1-888-802-7500 today to get started.