The nature of society is changing—driven by global consumer, industry and technology trends, so fuel retailers need to understand how a number of emerging developments can help them build and improve their businesses. So are you ready for the future with the latest trends in fuel retailing?
Currently, the typical retail petrol station commands more sophisticated dispensers offering up to five grades at any one position, many featuring vapour recovery. Also on offer are Automatic Tank Gauges which feature intelligent leak and delivery detection, supporting an endless range of sensors and connection to submersible turbine pumps. Additional site equipment may include electronic price signs, secure payment systems, POS/BOS, refrigerated cool stores, coffee machines – the list continues to grow at a rapid pace.
New Trends in Fuel Retailing are disrupting the way people buy fuel and perceive fuel stations.
With the introduction of secure and scalable Cloud platforms coupled with IoT (Internet of Things) platforms which support smart edge technology, the future promises to bring valuable big data into Retail Petroleum.
Imagine when all of the “things” through a Retail Petroleum network are streaming live data – artificial intelligence coupled with machine learning will provide the business with new insights not imagined before. It would support and feed into a broader digital ecosystem to measure customer buying patterns and improve customer experience.
Challenges for the Fuel Retailers
Fuel Retailers are constantly going through significant changes due to various socio-political and commercial issues. Supply chain issues, security problems, pricing pressure, shifting business models, government regulations, etc. present challenges, but also opportunities for the industry.
Future fuel retailers would need to reinvent themselves and adopt future technology practices to respond to the challenges that face their business. Fuel retailers need to reimagine their vision and define a strategy that focuses on the consumer experience; embraces digital solutions; and re-orientates towards service-based offerings.
Superior Customer Experience – Next-generation fuel retail outlets would not only sell fuel to the customers, but they will be the ideal meeting point for the customers. Some retailers are currently holding competitions in the international forums to design their future retail stores. These stores not only sell fuel to its customers but provide a whole new experience to them.
Adopting Digitalization – The next-generation fuel stations would use digital solutions “Internet of Things (IoT) to offer customers a range of options, in a convenient manner and at a lower cost than their competitors. The digital solutions would provide the fuel retailers a “Single View of the customer”, thus enabling quicker and better service, improved customer experience and therefore improved loyalty from the customers.
Moreover, to stay ahead of the competition, fuel retailers need to embrace next-generation solutions including superior Wetstock management solutions like Fuelsuite. Advanced Wetstock management systems would enhance the fuel sites ability to keep their business profitable, reduce impact on environment, be compliant at all times and provide better solutions to provide better service to their customers.