Do you know what separates a successful gas station from an unsuccessful one? A lot of things, to be honest. But the biggest factor that comes into play is adaptability. In light of uncertain times, changes to the gas station industry are already in motion, mainly driven by consumer expectations and technology. It’s crucial for businesses to adapt and evolve to find success.
If you want to maximize the profitability of your gas station business, you must keep up with the latest developments. Here are some trends changing the gas station industry:
Multiple revenue streams
The uncertainty looming around the future of fossil fuel and the growing trend of electric vehicles means gas station owners can’t depend on fuel sales to sustain their business. They have started diversifying by introducing more products and services, including convenience stores and food and beverage services, ranging from sit-down spaces to takeaways.
Gas station owners have also started renting their space to non-forecourt businesses like laundromats. Many of them have partnered with e-commerce businesses to lease their extra space as distribution centers. We have also seen locker systems for customer storage and parcel pick-up in some fuel stations.
Discounts and promotions—digitalized
Discounts and promotions are two textbook sales strategies extensively used by gas stations in the past. While these tactics are excellent ways to generate more revenue, many gas station owners take these strategies up a notch by embracing technology. They collect customer data to send personalized offers to their smartphones.
The data also helps them understand consumer behavior and allows them to optimize their marketing strategy. They can introduce special discounts and promotions to boost traffic at specific times to maximize footsteps and increase their revenue. It also allows them to implement a loyalty program with personalized offers and rewards.
Image Filename: credit-card-customer
Image Alt Text: A customer handing a credit card to the cashier.
Electronic payments
In today’s digitalized age, customers are always looking to pay online. While cash payments make a significant portion of daily transactions, many consumers like to pay via their debit or credit card. Gas station owners are implementing EMV-compliant systems that can handle cashless transactions safely.
READ: EMV – What Happens When A Station Isn’t Updated
The EMV deadline at the pump is April 2021. Once the deadline is over, gas station owners will become liable for any fraudulent card transaction at their facility. Therefore, gas station owners, even those who conveniently ignored the deadlines before, are incentivized to upgrade their systems to become EMV compliant.
It’s perhaps the hottest trend changing gas stations in 2021.
Upgrade your gas station by purchasing the latest petroleum equipment and supplies at John W. Kennedy Company. We have an exclusive range of gas station equipment that will help you stay ahead of the competition and successfully run your business in 2021 and beyond. We also offer the best options from the leader in EMV forecourt and POS technology. Shop today!ALSO READ: 3 Ways of Reinventing the Gas Station Experience