Vacillating travel trends, alternative fuels, electric vehicles, increased shipping, and rising and falling oil prices–recent years have brought rapid changes to the retail fuel industry and promise to bring many more.
With so much in flux, it can be challenging to keep your retail fuel franchise ahead of the curve instead of simply responding. The team at Financial Fuel Services can help. As retail fuel veterans, we pay attention to and investigate up-and-coming industry trends and work to keep you informed. Here is what we are seeing in the future of retail fueling.
More and More EV Chargers
Electric vehicle sales make up just under 8 percent of the market, with nearly 5 million American consumers already owning either a fully electric or plug-in hybrid electric vehicle. This year, the market share is expected to increase to 20 percent, selling approximately 7 million electric vehicles in 2025 alone.
To capture EV owners’ business, retail fuel operators can incorporate more chargers into their stations and offer more services to passengers as their vehicles charge.
New C-Store Layouts, New C-Store Offerings
Touchless grocery and convenience stores have shifted customer expectations from attentive, in-person service to cashless, efficient self-check. Moreover, the products customers are seeking have changed from quick, tasty but less healthy options to a hyper-focus on less processed options.
To enable customers to choose effectively, retail fuel operations are reworking the interior layout of their convenience stores to improve customer flow and expanding their product offerings to include better to-go meals. The new C-store experience also can incorporate elements of a grocery store and pharmacy.
The Rise of the Logistics Hub
Retail fuel operations, by their nature, must hold real estate in critical junctions, places that are easily accessible even in the most remote locations.
Sharing space with another logistics-oriented business is one way that operators can diversify their revenue stream. Many post-COVID-era businesses rely on the ability to deliver products quickly, and they can leverage part of an unused storefront at a retail fuel location.
Customers also require other logistics-based services: package delivery, car rental pickup and dropoff, and depending on the location, bike and e-bike rental services.
AI-Informed Customer Experience
Artificial intelligence can use predictive analytics to track weather and traffic patterns, allowing retail fuel operators to better staff their locations and accommodate impending customer demand. Predictive analytics also can assist with anticipating and scheduling preventative maintenance, which reduces downtime for repairs.
Retail fuel operators can leverage AI demand forecasting to streamline fuel inventory management, preventing shortages or excessive supply. Lastly, artificial intelligence can analyze customer behavior, deliver personalized discounts, incentivize loyalty programs, and outsource customer inquiries.
Don’t Get Stuck in the Past. Let Financial Fuel Services Guide Your Fuel Franchise Into the Future.
The future is bright for retail fuel operators–as long as you’re willing to adapt quickly and evolve. The team at Financial Fuel Services partners with C-Stores, truck stops, and oil companies and streamlines their credit and payment processing solutions. To learn more about what we can do for your retail fuel business, schedule your consultation today.
