Are you experiencing a decline in the profitability of your gas station?
The economic uncertainty, fluctuating fuel prices, and the lockdown have presented a myriad of challenges for fuel station owners to run their business effectively.
However, you must sit tight until the situation is under control to ensure that you don’t end up winding your business.
Here are essential steps to ensure gas station and c-store profitability in the long run:
Upgrade your fuel dispenser
An old or outdated fuel dispenser subject your fuel station to several risks, including chargebacks, etc. Moreover, it affects the downtime, which puts you at a disadvantage.
Many of your customers are likely to go to your competitor if they notice that you’re still using an old fuel dispenser. It will directly impact your revenues and restrict your earning potential.
Therefore, you should invest in a high-quality fuel dispenser system that comes with the latest technology to improve the downtime and safety of your fuel station.
As a result, you’ll be able to provide a better experience and retain customers, which will help you generate consistent higher profits.
Pay special attention to your c-store
The success of a gas station and c-store are closely connected. If your c-store does well, it will translate positively to your gas station.
Maximize your c-store sales by capturing shoppers’ attention. You can either run discounts and promotional offers or stock high-demand items at your store.
People who use c-stores to buy beverages, snacks, and essential items are likely to fill gas in their vehicles from the same shop.
Hence, it allows you to develop a regular customer base that will allow you to increase your sales and create a source of long-term profits.
Become EMV compliant
The 2020 EMV deadline is looming around the corner, as October is only a few months shy. You must upgrade before it’s too late.
Fuel stations who don’t switch to EMV will assume responsibility in case of fraudulent transactions and subject themselves to a significant risk (read: liability)
If you haven’t already to EMV-enabled POS system to accept chip-cards and protect your business against financial fraud.
It will also encourage customers to pick your gas station and c-store over other places and maintain profitability in the long run.
If you’re interested in buying Gilbarco Veeder-Root EMV solution or other gas station equipment, we can help! At John W. Kennedy Company, we provide a wide range of petroleum equipment and supplies, including the latest POS system. We have served the gas stations and convenience stores in the United States since 1930. To find out more, visit our online store.