In today’s retail world, customer loyalty is key. Jumping on the electric mobility bandwagon and adding EV charging to retail spaces brings a host of benefits – more sales, happy customers and motivated employees.
Electric mobility on the horizon
The European Union’s latest proposal foresees a shift away from internal combustion engine car sales by 2035, aligning with the ambitious goal of a climate-neutral continent by 2050. A crucial step towards this vision involves substantial actions, including the widespread adoption of electric mobility.
The commitment to electric vehicles (EVs) is underscored by a substantial investment estimate. The build-out of EV-charging infrastructure is anticipated to require a cumulative investment of over €240 billion by 2030.
Despite economic challenges in 2020 due to the Covid-19 pandemic, the electric vehicle market witnessed unprecedented growth. This positive trend signals a transformative era for mobility, even as traditional internal combustion engine car sales faced a decline.
But that’s just the beginning. The EU proposal and expert forecasts point to a promising future for electric vehicles (EVs). As governments step up efforts to meet climate targets, the potential for larger EV markets is growing.
In the Sustainable Development Scenario and according to the IEA Stated Policies Scenario (STEPS), the worldwide projection for the proportion of electric car sales, based on current policies and firm objectives, has risen to 35% by 2030.
Why should retailers join the EV revolution?
As the number of electric vehicles on the road increases, so does the demand for convenient and accessible EV charging. This surge opens up a wealth of opportunities, particularly for the retail sector.
Offering EV charging at your retail location can attract a new clientele – EV drivers. Additionally, it can attract customers from nearby stores, enhancing your sales potential. Currently, the most common places for EV charging are at home or at work. This is mainly because the public EV charging network isn’t as widespread as it should be. The fear of not having a convenient place to charge is a common concern among potential EV owners.
Convenience stores, as small retail businesses offering a wide range of everyday items in easily accessible locations, can greatly benefit from providing EV charging. This addition can increase foot traffic and sales, making them a crucial part of the retail landscape.
Independent retailers, who build their enterprises from the ground up, can also benefit from offering EV charging. Unlike larger chains, independent retailers manage all operations themselves, and providing EV charging can set them apart from competitors.
EV charging bliss: A win-win for customers and your business
It’s a perfect arrangement for them and for you. The longer EV drivers stay and recharge their car battery, the more they spend in your store. Both physical and online retailers can benefit from offering EV charging, as it encourages customers to spend more time and money. This creates the potential for a significant revenue stream for your business. The convenience of online shopping complements in-store EV charging by allowing customers to browse and purchase items online while waiting for their vehicle to charge. It’s a win-win situation.
While physical stores offer immediate access to products and the opportunity for in-person customer rapport, online stores provide the convenience of shopping from home and flexible payment options. This contrast highlights the evolving consumer landscape where shoppers can choose the most convenient purchasing channel.
Integrating e-commerce with a physical store enhances the omnichannel experience, catering to consumers who prefer the convenience of online shopping but also value the option to visit a physical store. A retail transaction occurs when a business sells a limited number of goods directly to the final consumer, emphasizing the direct nature of this type of sale compared to wholesaling.
Retailer benefits include fostering customer loyalty and satisfaction through in-person interactions, which can lead to repeat business. Additionally, retail stores provide immediate product access, appealing to customers who prefer not to shop online. EV charging can also reduce shipping costs for customers who prefer in-store shopping, as they can pick up their purchases while their vehicle charges.
Building customer loyalty with EV charging
Keeping satisfied and loyal customers is a top priority for retailers. Meeting customer expectations is critical to achieving this goal, and providing EV charging at retail locations is increasingly becoming one of those expectations.
Integrating EV charging into loyalty programmes can be a valuable strategy. Rewarding customers for plugging in and charging their EVs not only strengthens relationships, but also fosters strong brand loyalty.
Bringing sustainability to your company
Electric mobility plays a vital role in the fight against climate change, as evidenced by proposed regulations for ICE cars and various incentives to support the EV revolution. This awareness is increasingly resonating with consumers.
Customers value environmentally conscious businesses and prefer to support those that address environmental concerns. Installing EV charging points at your retail site positions your business as a sustainability leader, making it more attractive and resulting in greater customer satisfaction.
Increased Foot Traffic in Retail Stores
Installing EV charging stations can be a game-changer for retail stores, significantly boosting foot traffic and potential sales. EV drivers are always on the lookout for convenient places to charge their vehicles, and retail outlets that offer this service become prime destinations. This not only attracts new customers but also increases the dwell time of existing ones, as they spend more time in the store while their vehicles charge.
Retailers can capitalize on this increased foot traffic by creating a unique selling point that sets them apart from competitors. Environmentally conscious customers are particularly drawn to businesses that support sustainable practices, and offering EV charging is a clear demonstration of this commitment. By providing a necessary and convenient service, retailers can build strong customer loyalty and encourage repeat business, ultimately driving retail sales and enhancing the overall customer experience.
Competitive Advantage in the Retail Business
In the competitive retail business landscape, installing EV charging stations can provide a significant edge. Retailers who offer this service can attract a loyal customer base of EV drivers, who are more likely to return to stores with charging facilities. This not only increases customer loyalty but also sets the retailer apart from competitors who do not offer such services.
EV charging stations can serve as a unique selling point, attracting environmentally conscious customers who prefer to support businesses that align with their values. By providing a convenient and necessary service, retailers can increase customer retention and loyalty, ultimately driving retail sales. The increased foot traffic and potential sales generated by EV charging stations further enhance the retailer’s competitive advantage in the market.
How can EV charging benefit retailers?
Electric vehicle charging has immense potential and offers lasting benefits for your business. Beyond the obvious benefits of new revenue streams and increased customer loyalty, your customers will appreciate the convenience of EV charging and supporting an environmentally conscious brand.
While the wholesale market often limits inventory and supply options for retailers, EV charging can provide a competitive edge by attracting eco-conscious customers and differentiating your business from competitors.
Partner with EN Plus and we can accelerate the launch of your smart EV charging business. Our easy-to-use and cost-effective charging solutions allow you to focus on your core business while we handle the intricacies of running your EV charging operation.
