Electric Vehicle Charging Can Be a Revenue Multiplier for Retail Businesses

The world of transportation is quickly moving towards an electric future, with legislation everywhere from the USA to Europe helping catalyze this change. With the number of electric vehicles on the road continuing to grow, a significant opportunity arises for retailers to attract new customers and increase revenue by offering EV charging services.

It’s well known that malls, stores, office complexes, airports, hotels, and other commercial and institutional premises with large enough parking lots are installing commercial EV charging stations  in substantial numbers. However, despite tax breaks and other incentives for drivers to adopt electric vehicles, there are still various hurdles that people face. One of the biggest hurdles is the fact that, while there are more and more commercial EV chargers to be found, they are not always easy to use. This is because in order to pay for EV charging, most chargers require users to have a membership or use a specific app to access the service. This can be a major barrier for customers who are not willing to sign up for a new service, download another app, or who are in a rush to pay and go.

 

Electric Vehicle Charging Can Be a Revenue Multiplier for Retail Businesses

 

This is why open payment systems are crucial for commercial EV chargers. They allow customers to use their credit or debit cards, payment apps, QR codes, and prepaid cards to pay for EV charging services, making it much more convenient and accessible. This provides the kind of convenience that drivers look for in order make the shift from ICE vehicles to EVs. The ability to make cashless payments in multiple modes takes the range anxiety factor out of an EV driver’s mind.

This is a great opportunity for retail businesses. When retailers install EV charging stations in their parking lots, they can attract new customers looking for a place to charge their vehicles, and also add an additional revenue stream to their business. However, as mentioned above, it is crucial that these charging stations include an open payment system, which will enable customers to pay for charging easily and seamlessly.

Advanced EV payment systems enable you to offer both open and closed payment systems. With these solutions, retailers like you can leverage both new, spontaneous customers who just need a charge, and regular, returning customers. You can offer loyalty programs to regular customers, encouraging them to return more and more. For example, you can offer a discount for people who sign up to the loyalty program, or create a punch card campaign that provides a free charge or a discount on the 10th charge, for example. By offering discounts or rewards to customers who use their EV charging services, businesses can incentivize repeat visits and build customer loyalty. This not only increases revenue in the short term, but also helps establish a long-term customer base. On top of managing loyalty programs, these payment solutions also enable you to manage energy, sales, pricing, and more.

 

Ask us about our cashless payment solutions for EV charging

 

Furthermore, businesses can use EV charging as a way to differentiate themselves from their competitors. With more and more customers looking for sustainable options, businesses that offer EV charging services can position themselves as environmentally responsible and forward-thinking. This can help attract new customers who are looking for businesses that share their values. Mentioning your EV charging services on your website and social media as well as ensuring that they can be easily found on navigational tools or EV charger maps.

EV charging can be a revenue multiplier for retail businesses. However, in order to maximize profits from this new revenue stream, retailers need to ensure that they offer open payments, loyalty programs, have a good energy management platform, and that they make sure customers know about this service. By investing in EV charging services, businesses can differentiate themselves from their competitors and grow their customer base. If you want to get started, contact Nayax today.

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