For many years, fuel retail mostly meant this - a simple gas station with several fuel pumps and maybe a small store. Over the years, developments in infrastructure and automotive technologies, along with drops in demand and oil margins, have forced fuel retailers to re-evaluate their businesses and led to the modern gas station we know today- A multichannel business offering different products and services alongside fuel. This business model is undergoing another major transformation due to the rise of EV sales. The number of EVs on the roads is likely to skyrocket in the near future. By 2040 electric vehicles could outsell gasoline and diesel. For fuel retailers, offering EV charging is no longer optional, it's a prerequisite for survival in a world beyond gas.
source: Bloomberg new energy finance
Fuel retailers face new challenges as the EV market develops. Now, when EV charging points can be set everywhere and not only in gas stations, they need to give their customers a better experience at the forecourt. Also, they need to answer both ICE and electric vehicles' needs.
How fuel retailers can capture the attention of EV drivers
EV does not have to be a threat to fuel stations – instead, it represents a prime opportunity for fuel retailers. Fuel Retailers have the advantage of a strategic location and infrastructure.
1) Addressing Range Anxiety
Fuel retailers can serve longer-distance drivers and reduce "range anxiety". Range anxiety is the fear that an electric vehicle will not have sufficient battery charge to reach its destination, leaving its occupants stranded. Today, many potential EV drivers cite range anxiety as the primary deterrent to buying an EV.
2) Offering Fast Charging on-the-go
Early-day EV charging was ponderous compared to the refueling of ICE vehicles. Nowadays, DC fast chargers are significantly faster than regular AC charging stations taking between 15 and 45 minutes to charge. Unfortunately, fast charging stations are few and far between, and drivers often rely on slower charging stations. By offering DC charging stations to customers, fuel retailers can effectively fill in the gap in EV charging infrastructure: on-the-go charging.
Picafuel’s EV management for fuel retailers
While EVs are becoming more prominent, the industry lacks a comprehensive and efficient EV management solution for operational and business fueling needs. Picafuel’s EV management solution lets fuel retailers manage their EV network integrated with ICE vehicles. Leverage Picafuel to track and analyze vehicle information in real time. Reimburse your drivers if they charge at home, at work, or on the road.
Reach out to learn more.