How to earn revenue with EV charging at retail locations
In the UK, almost every 5th new car sold is an electric vehicle (EV). The UK government wants half of all vehicles and 70% of all newly sold cars to be electric by 2030.
How to earn revenue with EV charging at retail locations
In the UK, almost every 5th new car sold is an electric vehicle (EV). The UK government wants half of all vehicles and 70% of all newly sold cars to be electric by 2030. That is why businesses should start serving EV drivers now — or they might lose customers. Our years of experience working with retailers has shown that EV charging can be a big business opportunity for a lot of types of organisations, in terms of generating revenue and gaining customer loyalty. Here are some tips for how companies can attract drivers and grow revenue with EV charging and loyalty programs.
Align charging speed with your business model
There are different types of electric car charging speeds. AC fast charging can add 25 to 40 miles of range per hour. This is a good choice for businesses where drivers stay parked for an hour or more. This includes some retail locations, restaurants, theatres or stadiums. AC fast charging is especially good for workplaces, residential and hospitality locations where drivers stay parked for eight hours or more.
There are two types of fast chargers - those that add 150 miles of range in an hour, and those that add even more range. These chargers are good for locations where drivers will be parked for a shorter amount of time. This includes fuel retailers and convenience locations, as well as other retail locations such as fast food restaurants. To ensure a great experience for drivers and more revenue for your business, make sure that the charging speed matches your business model.
Make your retail EV charging location easy to find
People who drive electric vehicles use apps or in-dash systems to find places where they can charge their cars. They look for places that have their preferred charging brand, and also places where they can do some shopping or get some other services while they're charging. When you're developing your EV charging strategy, make sure to partner with a company that makes it easy for drivers to find your location using a popular app. The company should also be able to easily integrate with other services that drivers use, like Android Auto and Apple CarPlay.
Deliver a premium EV charging experience with a familiar charging brand
When EV drivers find your business, they'll expect a familiar charging experience. This means that they will expect a charging experience that is similar to what they are used to, whether it is a brand of charger that they are already familiar with or an in-vehicle experience that seamlessly integrates into their driving habits. By choosing a charging leader that EV drivers already rely on, you can bring in more revenue. In addition, you should make sure that your charging stations are easy to find and use, with clear signage and convenient parking.
If drivers can't find and use your stations, they'll choose another location and avoid your business. ChargePoint also makes it possible to brand your stations and display videos or offers right on the station, which will help bring drivers into your store and increase their identification with your retail or fuel retail brand.
Increase in-store spending with EV charging
Charging electric vehicles is a great business opportunity. Charging not only attracts customers to your store but also generates revenue. People waiting for their cars to charge will also spend more money in your store. One major retailer found that adding EV charging tripled customers’ time in their store and increased customer spend proportionately. If you do it the right way, charging can benefit your business just like it did for them!
Connect your loyalty program with EV charging
You can attract more drivers to your store by using loyalty programs and special promotions. You can advertise these special offers on the charging station or through charging apps that drivers are already using. This will give drivers more incentive to join your loyalty program and spend money at your business. Connecting EV charging data with your loyalty program shows how EV drivers are engaging with your brand. This information can help you understand how EV charging affects in-store spending and demonstrate the return on investment for providing EV charging.
Understand different EV charging pricing strategies
There are many ways to price the electricity you use to charge electric vehicles. The pricing strategy that is best for your business will depend on your business model, the rates offered by your electric utility, how customers are rewarded for charging at your location, and how long drivers spend at your charging station. Make sure you choose a provider that offers the flexibility to choose the pricing strategy that is right for you. When you're ready to begin generating revenue from EV charging, get in touch, and we'll help you choose the right pricing strategy for your business.