As fueling system and convenience store equipment grow increasingly sophisticated, the advancements inevitably come with higher prices. As tempting as it may be to simply give into sticker shock and pursue a less expensive alternative, fuel retailers would serve their operations well to instead collaborate with a trusted equipment supplier to closely examine each product’s value story. Things may not be as they appear on the surface, and failure to obtain a wider perspective may ultimately short-change both customers and operational longevity. With that in mind, here are three things to consider when weighing costs and benefits of new equipment purchases.
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Future-Proof Your Station
From changing customer expectations to transitioning energy sources, the forecourt of the future is evolving to meet new demands. Consult with Source North America’s Retail Sales Solutions team to prepare for the future of fueling operations.
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1. Equipment value may be represented in ways that are more obscure than with past technologies.
Some new value-adding features are self-evident, such as a POS that can double as a customer-facing kiosk. But as digital solutions play a larger role in forecourt and convenience operations, station operators are forced to recognize the benefits of capabilities that exist in a somewhat abstract realm. For example, cloud-based solutions are integral to remote operations, scalability and reliability, and open architecture platforms resolve integration limitations created by proprietary-driven platforms. These digital advancements can have a profound impact on operations. Inquire about them to identify improvements that create a foundation for sustainable progress.
2. Solutions that improve the customer experience and drive higher-margin sales will be key to capturing meaningful return on investment (ROI).
Curb appeal has long been vital for attracting customers, but a modern, convenient and contactless experience—both inside and outside the store—has an even greater impact in today’s busy world. Customers want to feel like they are safe on the forecourt and that their data is protected, and they want to be able to complete transactions quickly.
The value from a dispenser or EV charger’s footprint and customer interface should not be underestimated. Consider the shape and size of new dispensers and EV chargers. Dispenser and EV charger footprints range from big and boxy to compact and sleek, which will affect customers’ perception of the station environment.
Additionally, the customer experience at the point of purchase is becoming more autonomous. Leveraging loyalty programs and utilizing connected media solutions will be crucial for driving foot traffic to the store and increasing basket size.
3. Total cost of ownership could surprise station operators—in a good way.
Although new technologies are often priced higher than their predecessors because of their advanced capabilities, they may actually have a lower total cost of ownership. When equipment maintenance, labor reductions and expanded functionality is factored in, the costs begin to drop and the runway for service life begins to grow. Ascertain how upgradeable the equipment will be in order to accommodate future needs, what wear parts have been eliminated, what expanded capabilities the equipment may provide and what benefits remote capabilities will yield.
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This post is sponsored by Source North America