“Hi, my name is Austin. I’m a gas station owner in New York, experiencing a decline in business. The fuel pumps of my competitors are doing great and enjoying higher customer retention. I guess the landscape for gas stations has changed quite a lot, and I’ve been unable to keep up. Can you tell me about some emerging trends in the gas station industry in 2020 that I can follow to improve the performance of my gas station? Thank you.”
Hi, thank you for the question, Austin.
The landscape of the gas station industry has indeed transformed over the past few years. The evolving consumer habits and increased expectations for various services have forced fuel pump owners to change their business approach to meet customer demands. Here are three emerging trends of 2020 that are changing the gas station industry:
C-stores
In recent years, convenience stores have risen in popularity. They serve as a one-stop-solution for people who stop to fuel their vehicles to buy several items on the way.
Typically, c-stores stock essential items, food and beverage, snacks, and other products that people can buy quickly and continue traveling.
Many c-stores offer a breakfast menu in the morning to attract customers who don’t have enough time to prepare breakfast and prefer grabbing a quick bite on their way to work.
Some c-stores offer free Wi-Fi, stock gas station supplies, and other amenities to drive more sales. Discounts and promotion offer also help more foot traffic in the stores.
Customer experience
If we go back to the 2000s, the idea of customer experience in the fuel station was almost non-existent. People used to fill up gas in their vehicles and be on their merry way.
But fast-forward 20 years, and perceived consumer experience has become instrumental to the success of gas stations, and it’s not limited to a positive customer experience.
Customers prefer stopping at gas stations with upgraded fuel dispensers that pump fuel faster and well-maintained over old fuel pumps.
Electronic payments
According to CNBC, more Americans say they don’t carry cash and prefer paying using a credit card or a mobile wallet, especially at gas stations.
Due to increasing credit card frauds, gas stations are incorporating EMV technology into their point-of-sale (POS) systems to ensure secure transactions.
Modern consumers are also aware of credit card frauds and prefer shopping at gas stations and c-stores with EMV-enabled POS systems.
READ: EMV DEADLINE DELAYED Until April 2021! But Retailers Advised To Stay On Schedule
John W. Kennedy Company is your one-stop-solution to buy gas station equipment and supplies. We offer a range of petroleum equipment and supplies, including fuel management systems, EMV POS terminals, and other service station supplies at competitive rates. Visit our online store to browse our products.
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