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The rate of adoption of electric vehicles (EVs) continues to increase and many businesses are considering whether the shift represents a viable opportunity to attract additional revenue.

While some retailers are already placing chargers at their locations to attract new customers, others are still weighing up which locations are most suitable.

I thought it might be useful to consider a few ways retailers could turn EV into an opportunity – it’s actually quite diverse. First, most obviously, you can attract EV drivers – and, for the moment at least, the EV market is dominated by more affluent buyers. Second, because charging takes longer than conventional refueling, the consumer tends to be around longer so there’s greater potential to increase revenue – can you maximize each visit? Third, the charging network is still evolving, so EV drivers are always searching online for new places to charge. Locations with a charger will rank highly in ‘nearby’ search results; it puts you on the map, literally. Fourth, and perhaps most interesting, there’s an opportunity to tailor loyalty programs specifically for the EV customer to strengthen your relationships. We’re already seeing established brands and new entrants dip their toes into the water on EV loyalty schemes, so watch this space - they’re going to be big.

Further reading

To provide some early steer on the scale and viability of the opportunity, Kalibrate, the parent company of TAS, has conducted an extensive survey of 1,433 consumers and 520 business stakeholders in 10 countries to understand EV drivers and companies within the supply chain.

You can download your copy here.

 

 

Author
Greg Rutan