By 2030, forecasts by the National Grid Future Energy Scenarios suggest that electric vehicles (EVs) will account for one-third of all road vehicles. With more people going from A to B in an electric vehicle, more charging facilities will be needed in convenient locations.

This is creating a huge opportunity for retailers to add a new revenue stream and prepare themselves for the future of transport. Let’s explore how EV charging stations can benefit retail environments, and how they can make the most of this fast-growing opportunity to capitalise on new consumers.

Understanding the need for EV charging stations in retail environments

One of the current hurdles in encouraging more drivers to opt for an electric vehicle over an Internal Combustion Engine (ICE) for their next transport upgrade is concerns surrounding the convenience of charging. For those who can’t invest in their own charger at home, 37% of the public surveyed by Autotrader identified their reservations around public charging stations.

To make an EV purchase, prospective buyers need to see the convenience of charging. Reliability and availability needs to improve, that much is clear. Can they easily find a vacant charging station close to their homes and on the go? Are there options for how to use their time while they wait for their vehicle to charge?

These questions are why retail establishments have an opportunity to become destinations, by including locations for EV charge points, so shoppers can neatly dovetail their shopping commitments with their charging, presenting an opportunity to steadily increase footfall and sales.

The benefits of EV charging stations for retail environments

Installing EV charging infrastructure can be a big win for retailers, bringing a host of benefits that improve the bottom line and the customer experience. Let’s dive into the key advantages and how they can make a difference for any retailer.

1. Increased foot traffic

Think about it – EV owners need a place to charge their cars, and they’ll naturally gravitate towards locations that offer this convenience. By providing EV charging stations, you can attract a steady stream of customers who might not have stopped by otherwise. Are they going to sit in their car or will they venture to see what’s behind the shop window to pass the time? Studies suggest the latter. This increased foot traffic can lead to more browsing and, ultimately, more purchases.

2. Enhanced customer experience and loyalty

Providing EV charging stations adds an extra layer of convenience for your customers. They can charge their cars while they shop, dine, or run errands, making their visit more productive and enjoyable. This small convenience can turn into a big loyalty booster, encouraging customers to return time and again because they know your store caters to their needs.

3. Boosted sales and revenue

When customers spend more time at your store waiting for their vehicles to charge, they are more likely to make additional purchases. This captive audience can lead to higher sales per visit and improved conversion rates. Imagine a customer who comes in to charge their car and ends up buying a coffee, a snack, or even some clothing that they discovered when just trying to pass the time.

4. Promoting sustainability

Installing EV charging stations shows that you’re in step with sustainability and environmental responsibility, which is great for brand awareness and perception. This can attract consumers who appreciate businesses that support green initiatives. It’s a great way to enhance your brand image and align with the growing demand for sustainable practices.

5. Competitive advantage

Having EV charging stations can give you an edge over other retailers who don’t offer this service. Getting there first will position your retail environment as forward-thinking, inclusive and responsive one, in step with the evolving needs of customers. In a competitive market like retail, even the slightest advantage can help you stand out and attract more business.

6. New revenue streams

Of course, one upshot of EV charger infrastructure is that you can generate additional revenue through usage fees. This not only helps cover the installation and maintenance costs but can also contribute to your bottom line, especially if scaled. It’s a win-win situation where you’re providing a valuable service and boosting your income.

7. Data and analytics

With advanced EV charging management platforms like Fyma, you can gain valuable insights into usage patterns, customer behaviour, and charging station performance. This data can help you improve customer satisfaction and make informed decisions about whether to reposition, reduce or double-down on your EV charging infrastructure without the need for guesswork.

What challenges arise for retail EV charging stations?

While installing EV charging stations in retail environments offers numerous benefits, there are a few challenges to be mindful of.

First off, initial costs can be quite high, including the hardware and necessary upgrades. Ongoing maintenance to keep the stations functional and reliable can add to these expenses.

Space management is another issue. Dedicating prime parking spots for EV charging might reduce parking availability for other customers, which could be frustrating during peak times.

There’s also the issue of managing these spots to prevent non-EV vehicles from occupying them, a problem known as ICEing - when a traditional internal combustion engine (ICE) car occupies an EV spot. If you’re not monitoring your EV chargers, you need a system in place to detect this and stop it from happening.

How Fyma can help

Fyma harnesses the data needed to effectively monitor your EV chargers and to make the right decisions. All it takes is your existing cameras. Fyma taps into existing video feeds to provide insights, helping you answer important questions about usage, behaviour and performance.

Monitoring patterns and peak times can help reduce downtime and prevent underutilisation. Swiftly detecting and managing incidents like ICEd bays, failed charges and retries can help improve reliability and enhance user satisfaction.

Fyma can also help you understand foot traffic by analysing the impact of charger proximity on nearby shops, helping you effortlessly benchmark performance across locations and manufacturers. Through this, it’s easier to establish KPIs and identify improvement areas to ensure for long-term commercial viability.

Embarking on a retail EV charging infrastructure roll out offers a significant opportunity for businesses to attract new, loyal customers, helping to increase foot traffic and boost sales.

Embracing this future-focused initiative not only prepares your business for the growing number of EVs, but also creates a more engaging shopping experience. But be warned, making decisions on gut feeling alone is not the best way to manage EV charging infrastructure.

Put data at the forefront of your retail EV charging infrastructure with Fyma. To learn how we can support your existing chargers or a future roll out, book a one-to-one consultation today.