As the market for electric vehicles grows, drivers’ judgments about where to buy will be affected more and more by a company’s EV charging infrastructure. Retailers need to prepare to handle EVs since, by 2040, electric vehicles are predicted to account for the majority of new car sales worldwide.
Fifty-eight percent (58%) of EV drivers who participated in a CleanTechnica study indicated that their household’s annual income exceeded $100,000. The median household income in America at the time of this study was $53,657. Clearly earning more money than the typical citizen, EV drivers are likely to spend more, and these are the customers that forward-thinking retail stores attract in order to boost their sales.
Here are five ways that EV charging might assist merchants in increasing sales.
1. You can draw in EV drivers to your retail store.
They are getting twice the value from your location, whether they noticed your EV charging station or they needed to buy something from your retail business. They will cross two items off their to-do list: charge their electric car and purchase anything they require. What drove them to your place is unimportant; it is the value they received that will increase your sales. When customers need to charge their EV and purchase anything from you, they will select your location over your rivals. As a result, you must guarantee that the consumer has a positive experience both in your business and at your charging station.
2. You encourage the customer to spend more time shopping.
EV charging takes time which means the customer’s time and financial investment in your shop increases. As a result, you can easily anticipate customers who would typically spend 30 minutes in your business staying for an hour or more to add at least 20 to 25 miles of travel while using a Level 2 charging station. Naturally, they will head to the store to kill some time or grab a snack inside your business. Consequently, you will earn more money.
3. You can market your retail store for free – here’s how!
Stores are practically being put on the map for having an EV charging station installed at their location. For rapid access to charging stations, EV drivers rely on smartphone apps that lead them to nearby charging stations. The availability of charging can influence EV drivers to pick a business over a competitor’s site because they frequently charge their vehicles while they shop.
4. You can foster brand loyalty.
You can be confident that EV drivers will choose your store over your rivals if your location offers electric car charging stations. Once you are able to provide a positive experience, you can bank on their loyalty and return business.
5. You can build brand awareness.
Every company today wants to be known as a supporter of a sustainable and green future. One of the simplest ways to accomplish that and uphold your business social duty is to install an EV charging station on your property. Whether or whether they possess an electric car, customers are more likely to choose your store when they know you are a supporter of green energy.
Frequently Asked Questions (FAQs)
Q. Is EV charging a profitable business?
A. Fast charging EVs are anticipated to be more profitable than gas stations, and EV chargers are anticipated to outperform gas stations in terms of commercial profitability.
Q. What are the key factors for success in the electric vehicle industry?
A. The two top-ranking crucial parameters, battery pricing, and range, as well as charging time and battery technology, demonstrate breakthrough success in the electric vehicle industry.
Q. Is EV charging a good investment?
A. According to Data Bridge Market Research, the worldwide market for investing in auto charging stations would grow by 48 percent between 2019 and 2026. Hence, EV charging can be concluded as a great investment, especially for retail stores and commercial businesses.
Q. How do you profit from electric cars?
A. The two main options to invest in electric vehicles are to acquire shares in EV-focused automakers or to establish a public EV charging station.
Q. How much we can earn from the EV charging station?
A. Surveys suggest that EV owners are willing to spend up to $3 to $4 an hour to charge at a public charging station even if they have an EV charging station at home.